Ideas for further research: buy Japan, buy GSIG, buy JSDA, buy Natural Gas [PETD], buy CAL

Actual weighted operating reported (same companies) are 5.9% behind of estimates and 36.0% lower than Q2,08; As Rptd off 25.2%

July 2nd 2009 - This is a late notification but I'm taking a temporary hiatus from updating the headlines section. I have been sidetracked on a software project for a couple weeks but look forward to returning to regular updates. Thanks for reading!

We'll see you in the next life, buddy.

U.S. home prices fall 1.1% in March: FHFA

May Consumer Confidence 54.9 Vs Apr 40.8

Bank of America Raised To Conviction Buy From Neutral By Goldman Sachs

Core CPI 0.2% higher than expected at +0.3%. Mich Sentiment +2.8 to 67.9. Empire Manufacturing worsened "only slightly" in May.

S&P: 425 issues (88.94% mkt val) rptd: initial good reports long gone, actuals are -18% off ests, and -36.1% behind last year

Thursday (EST): Initial Claims 8:30, Productivity 8:30, Consumer Credit 3:00

ES overnight low 838.50 or -2%

Sam Zell comments ... Replacement costs are now the most important component in valuation. Land was the variable that changed prices during the credit bubble. There is now more debt than value until the lenders foreclose and ownership structure changes ... If the owner has no equity, the real estate won't trade ... 2-3 years before ownership structure changes (foreclosures, more owner equity) ... Bankuptcy courts do not respect maturities (how do you know how much money to put out if you don't know how much you're going to get back?)

In case anyone is reading this daily, I'll be back next week with more regular updates. I've been waiting for this weather for months.

IBM beats by $0.03 at $1.70 vs $1.65 last year

GS 1Q EPS $3.39

Earnings this week: Tue: GS, INTC, CSX, GWW -- Wed: ABT, PGR, BTU -- Thu: ISRG, GCI, LUV, PH -- Fri: C, GE MAT, BBT, FHN

Initial Claims -669k vs -650k expected

Tuesday (EST): Case/Shiller Home Price Index 9:00, Chicago PMI 9:45, Consumer Confidence 10:00

SPX 710: "You can't be irrationally oversold at this point"

FINAL ROUND

Jim Cramer is a guest on the Daily Show tonight (Thu 11 EST)

Thursday (EST): Initial Claims 8:30, Retail Sales 8:30

Money-losing REITs: TCO, CPT, VNO, WRI

Bespoke Market Timing Model back to neutral

Barney Frank: Uptick Rule Coming Back

Marc Faber: Don't Short The Market

Russell 2000 -5.88% Thursday

Projected 12% drop in shipments 'dwarfs' 2001 drop of 3.2%

Productivity surprises lower

Thursday (EST): Initial Claims 8:30

RUMOR: MARK-TO-MARKET HEARING TENTATIVELY SET FOR MARCH 12

ISM Services in line at 41.6

S&P futures print 681.50 after hours

Obama says "buying stocks is potentially a good deal" ... cites PE ratios

TALF lends $200 billion on March 25 for debt in autos, credit cards, education in exchange for equity

GE [$7.05] trailing PE: 3.92

Tuesday morning: David Faber says "it's pretty quiet out there...phones are not ringing...people are stunned"

Down 10/11 days

SPX reaches lower boundary of recent channel

World Gold Council supply/demand stats came out today and once again investment is completely eclipsing traditional usage demand for the metal (volatility+++). The imbalance indicates to me that it is already a bubble, but show these investors some inflation and they could launch it another +100%. Unsustainable situation.

MBA purchase apps up; US trade gap widens

ADP employment -532K vs -525K consensus

GM, Citigroup To Leave DJIA; Travelers, Cisco To Join

US Chicago Purch Mgmt Adj May Index 34.9 Vs Apr 40.1; 10-point selling in S&P futures

Gold hits 975 980

Durable Goods strong at 1.9%; Initial Claims +5K from in-line at -623K

Bill Gross says US will eventually lose AAA rating

FOLLOW THE MONEY: May 7 China Investment Corp Likely To Buy Bank of America Corporation Shares ... May 8 Bank of America Registers To Sell Up To $11 Billion In Common Stock ... May 19 Bank of America said Tuesday that in less than two weeks it has raised $13.47 billion through the sale of 1.25 billion shares at an average price of $10.77 each

DAVIDOWITZ: We're now in Barack Obama's world where money goes into the most inefficient parts of the economy ... We're in a complete mess and the consumer is smart enough to know it ... We have 8,000 banks, we probably need 5,000 ... CRE headed into depression .. Accounting chicanery: "please, spare me!"

Rogers: Planning to sell bonds short; still buying agriculture

Is Anyone Home At The Fed?

Thursday: Wal-Mart reports earnings

Pending Home Sales +3.2% (0% expected); Construction Spending +0.3% (-1.6% expected)

ISM Index 10 EST

GDP Wednesday 8:30 EST, consensus -4.7%

Monday earnings (EST): HAS 8:30, HAL 9:00, BAC 9:30, WFT 10:30, IBM 4:30

Tuesday (EST): Retail Sales 8:30, PPI 8:30, Business Inventories 10:00

Alcoa (AA) reports today after the bell

Marc Faber sees a 5-10% correction and then continuation higher on S&P...banks bouncing further...C at $5..."a wonderful world"...bear market in treasuries for 15-20 years...better value in Asian stocks than S&P...mark-to-market essential...war and conflict before recession ends...Geithner, Summers, Bernanke "rotten apples"...commodities bull.

Day's data points worse than expected: Case/Shiller Index, Chicago PMI, Consumer Confidence

Delinquencies still rising

New Home Sales 337K vs 300K expected

Wednesday (EST): Durable Goods 8:30, New Home Sales 10:00, Crude Inventories 10:30

Michigan Sentiment 56.6 vs 55.0 expected

Initial Claims -654k (-640k expected), Retail Sales -0.1% (-0.5% expected)

SP500 trend line is broken, opening up a new trading range

Trend started Feb 11th, test Feb 26th, test March 10th...

S&P downtrend begun Feb 10th still intact; currently ~725

The Week Ahead: Thursday the 12th is a potentially big news day as Initial Claims and Retail Sales are out. Retail Sales were unexpectedly higher in January and traders will be watching to see whether that is a trend. Also the Mark-To-Market debate is rumored to begin the same day.

GE CDS more expensive than Russia CDS

Friday (EST): Unemployment Rate 8:30 [7.9% expected], Non-Farm Payrolls 8:30 [-650k expected]

Did you know? From 1933–35 Home Owners Loan Corp. (federal agency) took over 200,000+ mortgages. 92% of original capital was recovered by 1951.

REUTERS SOURCE: Tentative Subcommittee Hearing March 12th

SPX significant volume increase as prices reach 700

Futures 42.75 pt 24-hour range or 6%

SPX 860: "I would not want to be short this market right now"

Wednesday (EST): ADP Employment 8:15, Feb ISM Non-Manufacturing 10, Geithner 10, Same-Store Sales after close, Fedspeak all day

Is 740 Becoming Resistance?

Pending Home Sales -7.7% vs -3.5% consensus

Bespoke's Market Timing Model is mildly bullish

Tuesday: Pending Home Sales 10 ET, Auto Sales 2 ET

GE [$7.78] trailing PE: 4.35

World Record: AIG loses $61.7B in Q4 2008

Hang Seng -5.5%, Nikkei -3.8%, FTSE -3.5%

Monday: ISM Index 10 EST, HSBC to report earnings of $10.9 billion to $18.4 billion, AIG to report abysmal loss 6 EST

Dow seasonality: +0.56% March +1.26% April in last 100 years