26
Apr

Monday Morning – Earnings Calendar and An Updated Catalyst List

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Market Sentiment Watch: Slow week as economic data flow goes. Fears of a Greek debt restructuring and a break of the euro zone eased over the weekend. Financial reform efforts will remain on the front burner this week in D.C.  In Energy Land, earnings season accelerates this week, especially for the mid and small E&Ps (see Stuff section below for this week's earnings calendar). You'll also note considerable overlap between this week's earnings calendar and the newly updated Catalyst List.

 

The Week Ahead:

  • Monday 4/26: No ecodata scheduled
  • Tuesday 4/27: Consumer confidence (F=53.8)
  • Wednesday 4/28:  EIA Oil Inventory Report, no ecodata scheduled
  • Thursday 4/29: EIA Natural Storage Report, jobless claims (F=450K)
  • Friday 4/30: 1Q GDP (F=3.2%), Chicago PMI (F=60%), consumer sentiment (F=71, last read was 69.5)

In Today's Post:

  • Holdings Watch
  • Commodity  Watch
  • Stuff We Care About Today
  • Catalyst Watch Update
  • Odds & Ends

Holdings Watch:

ZCAT (Zman Catalyst portfolio, formerly the $10KP II):

  • $12,300 (4 positions)
  • 46% Cash
  • Positions are updated on the ZCAT, ZIM, ZLT.

ZIM (Zman Inefficient Markets portfolio)

  • $24,000 (2 positions)
  • 84% Cash
  • Positions are updated on the ZCAT, ZIM, ZLT page.

Commodity  Watch:

Crude oil rose 2% last week to close at $85.12. The 12 month crude strip is now trading at $89.68. Note that the 12 month crude strip finished at its highest level since October 2008 and looks to be filling a number of gaps down in that market that occurred as both equity and commodity markets retreated in panic that Fall. This morning crude up 30 cents.

Natural gas jumped 10% last week to close at $4.26. The 12 month strip is now trading at $4.96.  This morning gas is trading up slightly.


  • Weather Watch: Nothing to speak of yet. CDDs were a paltry 6 last week, milder than normal and last year.

 

Stuff We Care About Today

Energy Earnings Week 2

  • BEXP may not be reporting this week.
  • The following table has also been placed on the calendar tab.

 

Catalyst Watch Update


 

Note: New stuff is highlighted in yellow and this updated Catalyst List is archived on the Catalyst Tab.

 

Odds & Ends

Analyst Watch:

  • EOG - Barclays ups target from $136 to $155; stays Overweight. Better late than never.
  • SLB - Credit Suisse ups target from $79 to $86, stays Outperform.
  • STR - Barclays ups target from $51 to $55; stays Overweight.

Interesting Reading Watch:

98 Responses to “Monday Morning – Earnings Calendar and An Updated Catalyst List”

  1. 1
    zman Says:

    Analyst Watch – MHR

    Pritchard ups target from $4.50 to $6.00, stays Buy.

  2. 2
    zman Says:

    Analyst Watch – SLB

    Susquehanna target upped $6 to $81. EPS raised $2.96 and $4.00 for 2010/11.

    Street is at $2.87 and $3.82.

  3. 3
    ram Says:

    Here.

  4. 4
    zman Says:

    Analyst Watch – SLB

    RBC target upped $3 to $85.

  5. 5
    zman Says:

    Thanks Ram, glad to hear it.

  6. 6
    zman Says:

    Analyst Watch – SLB

    Citi target upped $8 to $92.

  7. 7
    zman Says:

    Merkel saying Germany will help Greece if necessary.

  8. 8
    zman Says:

    Analyst Watch: SLB

    Stephens goes from $80 to $100, takes 2011 to $4.05.

  9. 9
    zman Says:

    May add a little NFX if it will pullback from the Friday run. Earnings this week should be interesting there.

  10. 10
    zman Says:

    BEXP does not report this week, instead May 7. That one is making a run at $19 and could easily have 3 wells to talk about this week.

  11. 11
    tomdavis12 Says:

    Z: Do you think the NFX report is a tradeable event? From what level would you take the risk?

  12. 12
    zman Says:

    ZTRADE – ZCAT – WLL

    Sold the May $75 call for $12.60, up 30%.

    Added (5) May $90 calls for $2.15 with the stock at 87.30. Earnings later this week. See Catalyst List on site today.

  13. 13
    zman Says:

    Re 11. Yes. Probably $55. I may own some going in in the ZCAT and will definitely be watching for Eagle Ford, Bakken, Granite Wash, and SXL Woodford rates for a play in the ZIM.

  14. 14
    tomdavis12 Says:

    Z: With the RIG tragedy, I thought of some questions BOP put out there. As far as insurance RIG gets back a depreciated value minus their deducible. I was wondering what BP gets. MMR said they had redrill insurance re DJ if a hurricane hits them. Do you know with the previous hurricanes in the GOM. Has the E&P (operator) been as messed up as the rig operators where it is common to have to redrill or not. Maybe Gmlgdc can chime in. He knows his drilling.

  15. 15
    zman Says:

    Market looks to be trading sideways on lack of ecodata and Greek headlines.

    re 14. Don’t know what BP gets other than sued multiple times. As far as E&P impact, it depends on the name and where the storm goes. Market generally gives E&Ps a get out of jail free pass on missing their numbers for a quarter or two. Anything beyond that and their multiple gets adjusted downward. NFX was derailed for a time by the 2005 season. EXXI took a substantial hit from Ike/Gustav. The Gulf operators have been working hard to harden structures though, especially since 2005.

  16. 16
    zman Says:

    SSN inching over $0.80 again, should have an ops update out there tonight. May see comments on Niobrara reentry as well as a post tubing install rate at their big Bakken well.

  17. 17
    zman Says:

    BEXP crossing $19, people must be thinking it’s time for a pre 1Q ops update. My May $20s are alive and kicking.

  18. 18
    tomdavis12 Says:

    Z: I was thinking of the history of hurricanes. Has is it been a much bigger risk for rig operators or the e&p operators. I always read about what happens to the rigs but not the hole. If you have an MMR that would be pushed back a long time if the DJ hole was messed with, I do not have a historical knowledge of how often the holes have to be redrilled.

  19. 19
    zman Says:

    Tom – Often it has more to due with surface infrastructure (platforms) and pipelines on the ocean floor. Pretty rare you have to redrill a hole. The older they are, the less likely it would be economic anyway. Should not be an issue with the DJ discovery well as that is TA’d with no rig on site. The appraisal rig could get hit but they would shut down drilling prior to a storm’s arrival and there is no pipeline or platform in place to damage.

  20. 20
    Wyoming Says:

    http://www.scribd.com/doc/30514022

    These are not chopper photos.

    http://www.scribd.com/doc/30514018

  21. 21
    zman Says:

    Re 20. Glad I have a desk job, that is awful.

  22. 22
    tomdavis12 Says:

    Z: From an insurance stand point it is the rig operators responsibility from the rig to the sea floor, so it sounds like much more bad happens to the rig guys than the e&p guys.

  23. 23
    zman Says:

    Tom – There are a little over 3,500 active platforms in the Gulf (that’s just the Federal waters) so chances are better that one of those gets hit versus a rig. That would be the E&P’s burden.

    If you are expecting a busy hurricane season your hedges might be OII (for subsea infrastructure repair and salvage) and PHII (for ferrying men away from approaching storms).

  24. 24
    Nicky Says:

    Good morning everyone.

    Still pushing higher in iii of v. Target area for me is 1220 – 1224. Then a pullback to 1210 – 1214 area. Then final push to 1230 – 1235 (could possibly stretch to 1244).

  25. 25
    zman Says:

    BEXP – Ok, BEXP now announcing they’ll post numbers on Friday. This is a “put up or shut up quarter for them.” They have to make the top line number, no excuses or the stock will retrench pretty sharply given the recent dilution.

  26. 26
    zman Says:

    Thanks Nicky, when is your cycle high due by?

  27. 27
    zman Says:

    EOG continue to push to new highs, earnings next week.

  28. 28
    Nicky Says:

    Cycle high could extend into next week.

  29. 29
    zman Says:

    Thanks Nicky. Watching the dollar head to new cycle highs and wondering at crude’s apparent lack of care there. Kuwait said yesterday that OPEC would increase rates if oil approaches $100 to forestall an oil price based economic pinch. If the euro zone sorts out its troubles you have to think that leads to some profit taking in the dollar and crude pushes to at least $90.

  30. 30
    VTZ Says:

    The dollar isn’t going anywhere. Rest assured that the dollar index is not going to rally. It’s going to be more than profit taking.

    The dollar has to weekly close above longterm downtrend line for me to remotely consider a rally. It has been unable to break the trend even with all the euro weakness.

  31. 31
    zman Says:

    WHX now pushing $22.

    BEXP launching higher, not sure there will be much upside left by Friday at this rate as the name is already expensive. Caveat would be if they have early news in east Montana to share.

  32. 32
    VTZ Says:

    Got any new HK thoughts? or just biding time?

  33. 33
    zman Says:

    V – the latter, tough “hurry up and wait” kind of love there. I think they beat on the topline due to production and better prices. I think they allude to good things at the Analyst Day in May. They may have news from one more well at Red Hawk (Zavalla Cnty w. TX) and potentially 3 wells at Black Hawk on the north east side of the Eagle Ford oil fairway. The name is still gassy obviously but also well hedged and these days of profit taking on a slight dip in gas are, I believe, unwarranted. If Reef is right and the punt their interest in the Fayetteville Shale, which is a much less economic play than either the Hayensville or the EFS then I think the stock goes to $30 in short order.

  34. 34
    zman Says:

    NFX going ahead and breaking out on the daily chart. I own the common in the ZLT but have no options at the moment.

  35. 35
    zman Says:

    WRES = wow. Niobrara rumors abound.

  36. 36
    tomdavis12 Says:

    Z: What would your top 3 – 4 Niobrara Nuggets be?

  37. 37
    zman Says:

    Niobrara:

    EOG for large cap exposure.
    PETD for mid cap.
    SSN for the little name that could be most leveraged to it from a potential vs current reserves standpoint.

    The whole list is DBLE, WRES, CXPO, CHK, NBL, CRZO, APC, ME, DPTR.

  38. 38
    choices Says:

    This is definitely in the FWIW column but the weakening of Shanghai cannot be healthy for global markets (Shanghai was off a tad last night):

    http://www.stocktiming.com/Monday-DailyMarketUpdate.htm

    http://stockcharts.com/h-sc/ui?s=$SSEC&p=D&yr=1&mn=0&dy=0&id=p34896083269&a=169079550&listNum=16

    http://stockcharts.com/h-sc/ui?s=$HSI&p=D&yr=1&mn=0&dy=0&id=p16849280215&a=191213615&listNum=16

  39. 39
    zman Says:

    Choices – I’ve been watching the HSI, which looks to me like it is marching back towards recnt highs, also reading that that has been leading.

  40. 40
    zman Says:

    BEXP up 6%, um, that’s odd.

  41. 41
    italyinvestor Says:

    Got a tiny BEXP exposure so i’m watching it. Two big volume spikes today so someone’s switching sides. Z – saw your valuation comment so i’ll be looking for an out sooner than later.

  42. 42
    jiveyjr Says:

    #35…yep..I got back in and its wunnerful

  43. 43
    zman Says:

    Italy – I think it can go low $20s depending on the news but then it’s extremely fully valued. If they have a good well at Ghost Rider that changes things.

  44. 44
    zman Says:

    V – sent you something via email.

  45. 45
    JD Says:

    SLB: while it is hopefully breaking out above the 200-day on a weekly chart, the spike seen on a daily chart appears at least poised for a pullback, in that the last two times the RSI has been above 80, the stock has receded from approx 70 to 60 in both Oct 09 and Jan 2010.

  46. 46
    zman Says:

    BEXP investor taking profits fast off those volume spikes. Stock made a new all time here and that gives me increased comfortability on the May $20s or even a bit of wildZ on the $25.50s. Mulling. Market pretty trendless.

  47. 47
    zman Says:

    Thanks JD, don’t be a stranger. I think it needs a day or two to digest Friday’s move and then onward and upward, broader market picture willing.

  48. 48
    zman Says:

    Meanwhile, WHX at new highs, $22.24.

  49. 49
    zman Says:

    ZTRADE – ZCAT – BEXP

    Added (10) July $25 calls for $0.40, (on the low side of the mid) with the stock at $19.10. Just in case something is brewing around the stock action today. I continue to hold the 40 May $20 calls and the common in the ZLT.

  50. 50
    dij Says:

    Z,
    Did you mean there are new Niobrara rumors today or just that they are around in general?
    Thanks.

  51. 51
    zman Says:

    Dij – in general, haven’t heard a new one today but the name is on a list of Niobrara names going around. I don’t think they have plans to spud a well this year but maybe that has changed.

  52. 52
    zman Says:

    ECA inching higher. I punted the higher strike calls on Friday out of the ZIM and will take profits in the lower strikes today as I think it was a good quarter but one that also didn’t really wow people and the ZIM doesn’t sit around waiting to wow. The ZIM will have a lot more to look at later this week in E&P earnings.

  53. 53
    zman Says:

    The ZIM may play VLO or FTO off the VLO call tomorrow. Thoughts on the space will be in the Tuesday post as usual in the Cracks section but here’s the advance copy:

    1. Margins continue to improve seasonally
    2. Demand is picking up at a good pace considering unemployment
    3. Expectations for 1Q earnings season are set very low. Misses are likely to be already priced into the stocks
    4. Light-heavy differentials have improved, this favors the upgraded refining assets of VLO which can handle the lower grade crudes and take advantage of the wide spread relative to the competition that is forced to pay up for lighter, sweeter crude.
    5. Note that in the Gulf Coast and Mid-continent regions, VLO’s backyard, cracks are outperforming year ago levels. This is due in part to a surplus of crude at Cushing.

  54. 54
    italyinvestor Says:

    Z – on BEXP – even for the ZCAT, JUL seems pretty far away. Can you share why you went out longer?

  55. 55
    zman Says:

    Italy – Good question. Sort of long answer. I was perusing the premiums, IVs, and deltas of the various sort-of-near-the-money calls. June seemed costly for both the 22.50s and 25s. I started thinking about building a position in July based upon the fact that I expect to have news by then on the East Montana well, either from them, or from EOG’s Caret well which is not too far away and which would color investor perspective for the Ghost Rider acreage. Having heard a little about cores in the area and logs from vertical wells it looks similar to some Ross data (so no reason to think it won’t work).

    Anyway, back to the July’s. I figure if it fails to pop this week on earnings and the ops update I’ll come out of the May’s, which could easily get hurt, and add to the July’s which shouldn’t get hurt too much unless they say something stupid or really fowl up. If it does pop, the delta is 0.18 so a dollar move in the stock gets me a 50% gain on my July’s. I still come out of the now pretty profitable Mays and average up into more of the higher strike sleepier July’s. EOG then can still say something nice about Caret next week and I have exposure.

  56. 56
    italyinvestor Says:

    Z – Thanks. I actually understood about 90% of that on my first read so my Zman school tuition seems well spent.

  57. 57
    zman Says:

    Italy – good, then I won’t have to run it by Petra who is infinitely bored by such things but is a good logic-proof reader.

  58. 58
    zman Says:

    CLNE down 10%, anyone see a cause? Did Barron’s write yet another piece telling everyone it’s over-valued?

  59. 59
    skimo Says:

    Might have something to do with the delay in “climate” legislation.

  60. 60
    zman Says:

    Hmmm, perhaps. Good thought that.

  61. 61
    zman Says:

    Jerome – Thanks for all the updates. Looks like WLL is breaking out today. Did you remove all your text comments from your site?

  62. 62
    VTZ Says:

    WHX has been bulletproof.

  63. 63
    zman Says:

    re 62. Yeah, not exactly the mellow, pay-me-while-I-wait vehicle I was looking for but I’m not complaining. Am wondering if some yield analyst has been pushing it hard the last couple of weeks as it has differentially outperformed the other RT’s.

  64. 64
    Gtinvest Says:

    Z ref. 58 No news that I can find. My analysis is stock ran thursday and Friday in anticipation of climate bill announcement. Bill delayed thanks to immigration reform. Earnings due may 6 amc. I have been buying the june 20 calls just for a margin of error. Hope this helps. Should run to 25 on postive news surrounding earnings. IMO

  65. 65
    zman Says:

    GT – thanks much for the input, mulling my first entry there.

  66. 66
    zman Says:

    VTZ or anyone with Canadian stock research, did you see any post call comments on ECA. This is one story I plan on staying closer to this year.

  67. 67
    RMD Says:

    Tech note if you hook an external monitor to a laptop, you activate the connection by hitting Fn and F8 bottons at same time (Fn is bottom left of keyboard).

  68. 68
    VTZ Says:

    I haven’t seen any research and I don’t get RBC reports anymore.

  69. 69
    zman Says:

    RMD – if you need more than 2 on a laptop check out:

    http://www.evga.com/products/moreInfo.asp?pn=100-U2-UV16-A1&family=USB

  70. 70
    zman Says:

    ECA cresting $33. Again, I plan to be gone from that ZIM position today.

    The ZIM position, SLB is also near it’s HOD and will be gone either today or tomorrow.

    OK, thanks for trying V.

  71. 71
    elduque Says:

    z check your email re ECA

  72. 72
    zman Says:

    Eld- Got it and thanks. Just responded. It was a great quarter and better outlook despite the fact that the pr said reaffirming guidance. The guidance was clarified as worst case and they are hitting on all cylinders. I will still punt this one from the ZIM soon but will be looking for reasons for the ZCAT to get long.

  73. 73
    zman Says:

    Thanks for all the ECA reports, got 3 different ones in five minutes. All positive, some more than others, numbers going up, remains kind of sleeper name due to low gas prices but with outperformance on production likely by next quarter.

  74. 74
    Jerome Blank Says:

    #61, the text comments get dated…I also reduced the number of stocks a bit tying to list those stocks most in play or referenced in the site…I was having a bit of a time keeping all the stocks updated, so that the comments were always accurate and relevant…my thinking was to keep all the chart patterns up to date and save most of the comments for our site…If anyone wants a stock added back, please let me know…typing from a handheld so there may be typos…

  75. 75
    zman Says:

    RMD telling me SM is in the Rocky Mountain journal with a 1200 to 1500 bopd Niobrara find.

  76. 76
    zman Says:

    JB – sounds like a good plan. Thanks for all the work you do, voted.

  77. 77
    elijahwc Says:

    from West last Friday. This might be the well.

    West Says: SM has excellent Niobrara horizontal well on south edge of Silo Field in Wyoming. You can look at EOG’s recent presentation to see the area. The well is testing at between 1200 and 1500 bopd from a 5k ‘ lateral. Possibility that this well has not even been fraced yet but hit an overpressured highly fractured zone. Jonah Gas has staked 19 drill sites in this area.

  78. 78
    zman Says:

    Eli – yep, guess RMD gets the west coast addition of the paper, lol. SSN acreage is just north of EOG’s.

  79. 79
    Jerome Blank Says:

    Re: #76, Zman, thanks much….

  80. 80
    cargocult Says:

    The refiners sure look cheap, maybe for good reasons. But there sure is a lot of cash flowing through the sector. Do you see anything that could change the profit equation in the near term? And if so, Is the best way to play individual companies or an ETF that owns a bunch?

  81. 81
    zman Says:

    Cargo – they’re cheap for the reason that earnings estimates keep falling and they are likely to miss those this summer. The widening of the spread between light sweet and heavy sour crudes is good for guys like VLO. If they talk about that tomorrow on the call as a sustainable situation (and I think they will given Iran and others are parking a lot of heavy oil in tankers at the moment) then you could see earnings for those able to take advantage of the spread stabilize. That’s VLO and FTO for the most part. I think picking an individual name there will be better than a basket but if demand for gasoline remains robust through Spring I would imagine all of the indie refiner names will benefit. Later this week we also get a couple of majors reporting and they could jump as well (having both downstream and upstream working at this time for them instead of just the upstream (E&P) side).

  82. 82
    zman Says:

    Beerthirty

  83. 83
    zman Says:

    NFX on tape with an operations update, couple of days early.

  84. 84
    zman Says:

    NFX shifting capex oilier, confirming high end of guidance for 2010 but with oilier profile.

    Two big Bakken wells (over 3,000 bopd and recall that until now most of NFX’s Bakken drilling has been on the lower end of the IP range for the play), details in the post tomorrow.

  85. 85
    zman Says:

    NFX spud their first Alberta Bakken well this week.

  86. 86
    BirdsofpreyRcool Says:

    ummmm…. DBLE terminated their VP of Operations, Robert Reiner, on Friday. Guess that partially explains the down 4% day they had today. Who fires their Senior Engineer when everything is going swimmingly??

  87. 87
    skimo Says:

    SSN getting a little antsy, looking to perhaps sell a partial interest in Niobrara:
    DENVER–(BUSINESS WIRE)–Samson Oil & Gas Limited (ASX: SSN – News) (NYSE AMEX: SSN) provides advice on the Niobrara Formation project in the Denver-Julesburg Basin, Wyoming.

    Samson holds a considerable acreage position (40,800 net acres) in Goshen County in southeastern Wyoming, where it has been pursuing the development of the Upper Cretaceous Niobrara Formation as an oil productive horizon. The evaluation of this acreage began in 2006, when the London Flats well was drilled as a horizontal completion. The well was not economically successful, but a recent review of the engineering of the well by Samson indicated that, as drilled, the well design had several shortcomings. In light of the development of horizontal completions in the Bakken Formation, Samson has determined that it would be appropriate to re-enter that well and fracture stimulate the Niobrara in order to determine its productive capacity. This would then be followed by a new well, which would be completed in line with the most recent technical developments that have been successful in the Bakken Formation.

    Activities by other companies, approximately 15 miles to the south on the border of Platte and Goshen Counties have raised the profile of this prospective formation. Evidence of increased competitor activity and successful completions are abundant, which Samson believes are largely responsible for the keen interest that the industry is showing in its Niobrara Formation project.

    Over the last several months, Samson has been engaged in discussions with various industry partners with a view toward sharing a portion of the exploration expense of the project via a farmout. These discussions have resulted in an offer to purchase a portion of Samson’s interest at a substantial premium over Samson’s original purchase price for the acreage. While Samson has not made any final determination to sell a portion of its interest at this time, such a sale could provide additional working capital that would then be available to drill several new wells, to pay down debt or for other purposes. It is, however, Samson’s intent to retain a significant interest in the project in any event.

    The Niobrara Formation is seen by some commentators in the industry as having characteristics similar to the Bakken Formation, but the Niobrara Formation has not yet had the completion technology that has been developed recently in the Bakken Formation applied to it.

  88. 88
    zman Says:

    Yep, sell it down to drill it up. Not surprising and wait a moment, it was on the Catalyst today. Man that thing is handy.

  89. 89
    skimo Says:

    Indeed it was!:)

  90. 90
    mimster90 Says:

    Jerome, Great charts, where is the link to them?

    thanks,
    Mimster

  91. 91
    zman Says:

    Mim – there is always a link to JB’s charts at upper right in my link list.

  92. 92
    mimster90 Says:

    I must be blind or just up to late but I cannot see a links list.

  93. 93
    zman Says:

    Mim – it’s in the blogroll just below the google checkout buttons at upper right under JB’s Charts.

    Or you can use this:
    http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID3724280

  94. 94
    mimster90 Says:

    Does anyone else do verticles?

    I was looking at the HK Jan 11 30/40 for ~$0.90 verticle.

    But as there is no catalyst for HK until May 24. I am thinking of being patient.

  95. 95
    mimster90 Says:

    zman, for me under the Google checkout buttons is the Blogroll, weird.

    I will try it with Firefox when I am more awake.

    Thanks for the chart I will save the link directly.

  96. 96
    BirdsofpreyRcool Says:

    BedTime Market Strategist

    Nail Biter.

    For at least the next 24 hours, the environment has once again reverted to all politics, all of the time. The big news after the close tonight was the down to the wire vote on the motion to proceed with debate on Senator Dodd’s Restoring American Financial Stability Act (RAFSA). Republicans managed to hold their ranks to sustain the 41 votes necessary to filibuster the bill. They were also joined by Democrat Ben Nelson of Nebraska who voted no after the Financial version of the “Cornhusker Kickback” was stripped from the legislation. Nelson had been pushing a measure that would grandfather in light capital requirements for derivatives contracts already outstanding. Among other financial firms, Omaha based Berkshire Hathaway stood to benefit from the measure. The Democrats viewed the potential for the vote as a win-win. If they get the votes, they advance the legislation. If the Republicans filibuster financial reform, it is political ammunition for the election. Now that the votes are on the record, and that bridge has been crossed, it should become harder to for the Democrats to peel off defectors. For the Republicans, Nelson’s vote switch will play politically for them. They will say it is evidence that without the backroom deals such as the “Cornhusker Kickback,” Health Care reform would not have passed.

    Almost reminiscent of Health Care reform, within their own caucus the Democrats are having trouble reaching consensus on important issues. The squabble over the derivatives reform between the White House, Agriculture Committee and Banking Committee has become comical. The plan, which calls for Banks to spinout their swaps desks, is viewed as so extreme that the Fed is trying to stop it. Fed staff offered official guidance on the impact of the measure. It is impressive when your Central Bank comments that an aspect of your financial reform will “impair financial stability and strong prudential regulation of derivatives; would have serious consequences for the competitiveness of U.S. financial institutions; and would be highly disruptive and costly, both for banks and their customers.” No wonder Americans have such little faith in their elected officials. At this point, financial regulatory reform should have been as easy to pass in this country as the Patriot Act. Instead, the Administration has taken the “It’s my way or the highway” approach, the Republicans have sustained their voting block and those areas of the financial markets desperately in need of reform continue to lack transparency.

  97. 97
    Jerome Blank Says:

    RE: #90,#91 mimster,Zman…thank you…updated HK chart perspective and weekly added…

    http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID3724280

  98. 98
    jiveyjr Says:

    chudda bot my waist size full of that WHX instead of my hat size; but thankful I gotta big head and that I bot at all

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