*~1Best~*
16 years ago
TradingMarkets Most Overbought and Oversold ETFs for Monday
* TradingMarkets Research
* On Friday April 24, 2009, 4:25 pm EDT
Most Overbought
The following ETFs are the most overbought for Monday, April 27, 2009 and are due for a short term reversal. This analysis is based on research published in the book, High Probability ETF Trading, now available for pre-order.
Consumer Discretionary Select Sector SPDRS ETF (NYSE:XLY - News)
Energy Select Sector SPDRS ETF (NYSE:XLE - News)
Financial Select Sector SPDRS ETF (NYSE:XLF - News)
Industrial Select Sector SPDRS ETF (NYSE:XLI - News)
Materials Select Sector SPDRS ETF
Technology Select Sector SPDRS ETF (NYSE:XLK - News)
Dow Diamonds ETF (NYSE:DIA - News)
S&P 500 SPDRS ETF (AMEX:SPY - News)
PowerShares QQQ Trust ETF (NasdaqGM:QQQQ - News)
iShares Russell 2000 Index ETF (NYSE:IWM - News)
iShares MSCI Brazil Index ETF (NYSE:EWZ - News)
iShares MSCI Taiwan Index ETF (NYSE:EWT - News)
iShares MSCI Hong Kong Index ETF (NYSE:EWH - News)
iShares MSCI Japan Index ETF (NYSE:EWJ - News)
iShares Dow Jones Transportation Average ETF (NYSE:IYT - News)
iShares MSCI Emerging Markets Index ETF (NYSE:EEM - News)
iShares MSCI EAFE Index ETF (NYSE:EFA - News)
iShares S&P Latin America 40 Index ETF (NYSE:ILF - News)
http://finance.yahoo.com/news/TradingMarkets-Most-tm-15030618.html?.v=2
*~1Best~*
16 years ago
4 ETFs on Fire Right Now – UYG, UYM, UXI, TAN
April 10, 2009
By: Billy Fisher
Contributor, Stock Traders Daily
Not surprisingly, financial-focused ETFs have proven to be among the best performing ETFs over the past 4 weeks. Here is a look into one of these financial ETFs as well as 3 other ETFs that are on fire right now.
The stunning announcement Thursday by Wells Fargo (NYSE: WFC) that the San Francisco-based bank is expecting record first-quarter net income instantly added additional fuel to the broader banking rally as Wells Fargo shares soared 31.7% on the day. The company is one of the largest holdings of the Ultra Financials ProShares Fund (NYSE: UYG) which has been one of the best performing ETFs over the course of the past 4 weeks. This leveraged ETF has risen an eye-popping 88.8% during this time period. Investors of this fund should keep an eye out for when Goldman Sachs (NYSE: GS) reports its first-quarter earnings on Tuesday. The Wall Street Journal has reported that the company is considering an equity offering so that it can benefit from the recovery of its stock price and repay its TARP loan.
http://stocktradersdaily.com/News%20Release/News_release_TA_000020009000410fishetf.htm
*~1Best~*
16 years ago
re Alcoa Cutting 15,200 Jobs And Slashing Operations
Millions of Americans and USA are now in debt with ticking bomb after spending life-savings and home equities during the last few decades.
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Alcoa Cutting 15,200 Jobs And Slashing Operations
Reuters
| 06 Jan 2009 | 06:18 PM ET
Alcoa said it would slash more than 15,000 jobs, halve capital spending and sell four businesses as it reduces aluminum production in the face of the global economic downturn.
The largest U.S. aluminum producer said it imposed a global salary and hiring freeze as it seeks to cope with what Chief Executive Officer Klaus Kleinfeld called "extraordinary times."
The cuts, the third in as many months, come less than a week before Alcoa is scheduled to report its fourth-quarter results. Alcoa said it would take almost $1 billion in charges in the quarter. Analysts expect the company to post a 1-cent per-share loss, according to Reuters Estimates,.
In after-hours trading following the news, Alcoa's shares were down nearly 4 percent at $11.64.
"Alcoa is going to get hit by some really big metal price declines and the only way to fix it is to reduce output," said analyst Charles Bradford, of Bradford Research/Soleil.
"I think they need to do more. That's the only thing you can do to get the price going." Kevin Kruszenski, head of listed trading at KeyBanc Capital Markets in Cleveland, said the cuts could help Alcoa in the long run.
"As demand dropped off in the fourth quarter of 2008, steel companies were quick to cut production," he added. "I think the market will reward them for taking this capacity off line and cutting staff. It's smart in this environment."
Alcoa said targeted reductions, curtailments and plant closures and consolidations, mostly in the United States and Europe, including Russia, would reduce its headcount by more than 13,500 employees or 13 percent of the worldwide workforce by the end of 2009. An additional 1,700 contractor positions also will be eliminated.
Also, smelting reductions of more than 135,000 tonnes per year will be implemented, resulting in reduction of total primary aluminum output by more than 750,000 tonnes, or 18 percent of annualized output.
In November, Alcoa said it would cut 350,000 tonnes of production and in October it curtailed output at its 265,000-tonne smelter in Rockdale, Texas. Production of alumina, which is refined from bauxite and smelted into aluminum, also will be reduced accordingly to a total of 1.5 million tonnes in response to market conditions, Alcoa said.
Curtailments will be fully implemented by the end of the first quarter 2009.
Alcoa said total charges for the fourth quarter due to restructuring, impairment and other special charges are expected to be between $900 million and $950 million after tax, or $1.13 to $1.19 per share, of which about 80 percent is non-cash.
The restructuring and divestiture program is expected to save about $450 million before taxes on an annualized basis, it said.
Capital expenditures in 2009 are projected to be down to $1.8 billion, a 50-percent decrease from 2008.
Alcoa said it also intends to divest four non-core downstream businesses: Electrical and Electronic Systems; Global Foil; Cast Auto Wheels; and Transportation Products Europe.
The businesses had 2008 combined revenues of $1.8 billion and an estimated after-tax operating loss of about $105 million.
Expected net proceeds for the divestitures are estimated to be approximately $100 million.
The price of aluminum has slumped some 50 percent since peaking at $3,380 per tonne last July as the global economic downturn has hit demand for the metal which is used for aircraft and auto bodies and products such as kitchen foil and beverage cans.
On Tuesday, aluminum was selling for around $1,600 per tonne.
Alcoa's shares hit a 52-week high on the New York Stock Exchange of $44.76 in May 2008 and a 52-week low of $6.82 in November.
It was the second-weakest performer in the Dow Jones Industrial Average during 2008.
Copyright 2009 Reuters. Click for restrictions.
URL: http://www.cnbc.com/id/28527314/
*~1Best~*
16 years ago
BIG Monster Scam ~ SEC Wants Internal Investigation of Madoff Case
Price hype melt is coming.
http://www.cnbc.com/id/15840232?video=967459777&play=1
~~~
SEC Wants Internal Investigation of Madoff Case
Posted By: Scott Cohn | Senior Correspondent, CNBC
CNBC staff and wire reports
| 16 Dec 2008 | 05:57 PM ET
Securities and Exchange Commission Chairman Christopher Cox will ask the agency's inspector general to investigate the SEC's conduct with regard to the alleged Ponzi-scheme linked to money manager Bernard Madoff, CNBC has learned.
The Inspector General's office declined to comment on the request, which is expected to come as soon as today.
The inspector general, David Kotz, has issued a number of reports in recent months critical of the agency for being too close to entities it regulates. (See more below.)
The 70-year-old Madoff (pronounced MAY-doff), well respected in the investment community after serving as chairman of the Nasdaq Stock Market, was arrested last week in what prosecutors say was a $50 billion scheme to defraud investors.
Should the Inspector General decide to investigate, it would become one of a number of probes taking shape in Washington into whether the SEC gave any sort of preferential treatment to Madoff's firm.
Senate Banking Committee Chairman Christopher Dodd has already reportedly asked the SEC for information regarding the scandal. The ranking Republican on the Senate Finance Committee, Charles Grassley of Iowa, has been sharply critical of the agency—especially in light of the recent Inspector General reports—and could also jump into the fray.
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Among the key questions facing the agency: why the Madoff firm was not examined by the agency after it became a registered investment advisor in 2006, and why earlier inquiries into Madoff's operations did not turn up the alleged scam.
Madoff's alleged victims include the family charitable foundation for Sen. Frank Lautenberg, D-N.J.; a charitable trust tied to real estate magnate Mortimer Zuckerman; and a charity of movie director Steven Spielberg.
The Wall Street Journal reported DreamWorks Animation SKG Chief Executive Jeffrey Katzenberg and the foundation of Nobel laureate Elie Wiesel also took hits.
As the scale of the alleged scheme was realized, attention turned quickly to Madoff's connections to Washington regulators responsible for monitoring investment funds like the one Madoff operated.
For Investors:
# For After-Hours Dow 30 Quotes, Click Here
He knew everyone, former SEC chairman Arthur Levitt said in an interview with The Associated Press. Levitt said he did not invest any money with Madoff.
The director for enforcement at the SEC, Linda Thomsen, said the government was working with federal prosecutors and the FBI to understand the case, "to pursue the case we've got, to preserve assets to the extent we were able and to bring everyone who was responsible for the conduct at the Madoff firm."
At one SEC hearing in April 2004—during the period when Madoff is accused of carrying out his $50 billion fraud—Madoff joked with then-commission chairman William Donaldson about Madoff's own extraordinary profits and teased that he wasn't inclined to provide any advice that might help his business rivals.
"Our firm has made a fairly decent living as a fast market competing with a slow market," Madoff said, "so I'm not sure it's in our own best interest for everyone to become a fast market."
Video: Madoff asks for more time to find signees for his $10 million bond.
Commissioners laughed openly as Madoff agreed "to take off our selfish hats here and speak for the public good."
As a former Nasdaq chairman, Madoff was an expert sought by Washington regulators who asked for advice on any number of regulatory issues over the years.
In 2000, Madoff served on the government's Advisory Committee on Market Information, established to protect investors by ensuring accurate and full public disclosure of information to them.
Financial analysts raised concerns about Madoff's practices repeatedly over the past decade, including one letter to the SEC as early as 1999 that accused Madoff of running a Ponzi scheme, but the agency did not conduct even a routine examination of the investment business until last week, The Washington Post reported on its Web site Monday night.
Inspector General Has Cited Lax Enforcement
Questions have been raised in two earlier cases about the SEC's handling of investigations involving influential figures on Wall Street or powerful investment firms.
Inspector General Kotz, in a report issued this fall, said there were "serious questions" about the impartiality and fairness of the SEC's insider-trading investigation in 2004 and 2005 of hedge fund Pequot Capital Management.
A former SEC attorney who worked on the probe and was fired by the agency told Congress he was blocked by agency superiors when he tried to question John Mack, now chairman of the Morgan Stanley investment house. The SEC took no enforcement action in the Pequot case. The hedge fund and Mack have denied any wrongdoing.
In another report, Kotz determined the head of the SEC's Miami office failed to properly enforce securities laws in the investigation of now-defunct Bear Stearns' pricing of complex investments it sold, and found that he shouldn't have closed the inquiry in the summer of 2007 without enforcement action.
Bear Stearns nearly collapsed into bankruptcy in March and was purchased by rival JPMorgan Chase with a $29 billion federal backstop.
Last month, an administrative law judge at the SEC rejected Kotz's conclusions and his recommendation for disciplinary action against Thomsen, the agency's enforcement director, and two other officials in the matters.
The judge, Brenda Murray, wasn't acting in her capacity as an administrative law judge but rather as an SEC official asked by the agency's executive director to assess the inspector general's findings.
- AP contributed to this report.
© 2008 CNBC
URL: http://www.cnbc.com/id/28253164/
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17 years ago
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