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May 3, 2013

The Mythical Flow From Bonds to Stocks, Greg Harmon: MoneyShow Traders Daily Alert May 3, 2013.

Traders Daily Alert

Tips for Traders

Options Idea

Currency Corner

Trading Idea of the Day
Gold Decline Not Over Yet, Przemyslaw Radomski

Today's Featured Videos & Exclusive Interviews

GATA I THE GATA DISPATCH May 3, 2013: Jeff Nielson: China's real gold reserves at 4,000 tonnes?

Jeff Nielson: China's real gold reserves at 4,000 tonnes?

3:20p ET Friday, May 3, 2013

Jeff Nielson of Bullion Bulls Canada writes today that China has probably raised its gold reserves to as much as 4,000 tonnes, far beyond the 1,054 announced in 2008 and reported officially today, and that it is probably talking gold down so it can get more metal inexpensively. Nielson's commentary is headlined "China's Real Gold Reserves at 4,000 Tonnes?" and it's posted at Bullion Bulls Canada here:

http://www.bullionbullscanada.com/gold-commentary/26166-chinas-real-gold...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.



DealBook P.M. Edition May 3, 2013: Scrutiny Falls on a Pioneer at JPMorgan


NYTimes.com Home |Business Day| Video The New York Times


Friday, May 3, 2013
TOP STORY
Scrutiny Falls on a Pioneer at JPMorgan Blythe Masters, the head of JPMorgan's commodities business who helped pioneer the use of credit derivatives, is cited in a Federal Energy Regulatory Commission document looking at the bank's trading in the California and Michigan electricity markets. DealBook looks at her storied career.
For the latest updates, go to dealbook.nytimes.com »
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DEALBOOK HIGHLIGHTS
Mario Gabelli, the $750 Million Man Mario J. Gabelli, the chairman and chief executive of Gamco Investors, has made more than three-quarters of a billion dollars in total compensation.
Fed Governor Pushes to Strengthen Large Banks Daniel K. Tarullo floated an idea that could affect banks that make heavy use of so-called wholesale markets by requiring them to hold extra capital.
I.S.S. Backs Elliott in Fight Over Hess's Board In a report published late on Thursday, Institutional Shareholder Services backed virtually every argument that Elliott has made for its five director nominees since beginning its fight earlier this year.
Man Group Faces Further Client Outflows Clients continued to withdraw money from the Man Group, as the world's largest publicly traded hedge fund announced plans to buy back almost $500 million of its own debt.
Glencore Shares Rise on Investor Optimism of Cost Savings In its first day of trading on Friday, the stock price of the newly combined Glencore Xstrata rose more than 4 percent, giving the company a market valuation of almost $70 billion.
BNP Paribas First Quarter Profit Falls 45% The decrease in earnings at the biggest French bank was slightly better than analysts expected and was partly due to one-off charges.
R.B.S. Prepares to Sell Shares as Profit Surges The Royal Bank of Scotland has signaled that it is moving closer to privatization as it reported its first quarterly profit since 2011.
Buzz Tracker
BC Partners Offers $1.3 Billion for Animal Identification Company The European private equity firm BC Partners has offered $1.3 billion to buy the electronic animal identification company Allflex from its private equity owners Electra Partners. If accepted, the bid would represent a $631 million pretax profit for Electra's clients.
For the latest updates, go to dealbook.nytimes.com »

Quotation of the Day
"We would do the American public a fundamental disservice were we to declare victory without tackling the structural weaknesses of short-term wholesale funding markets, both in general and as they affect the 'too big to fail' problem."
Daniel K. Tarullo, a Federal Reserve governor, in a speech at the Peterson Institute for International Economics.

MarketWatch I Wall Street at Close Report May 3, 2013: U.S. stocks rally to record highs after jobs data

By Kate Gibson, MarketWatch 
 
NEW YORK (MarketWatch)U.S. stocks on Friday rose to record heights, with the Dow industrials soaring above 15,000 and the S&P 500 index above 1,600, as Wall Street celebrated the April jobs report. 

The milestones, only one of which was sustained into the close, came after the government reported the U.S. economy added more jobs than projected in April and the jobless rate fell to a four-year low. 
 

Week ahead: China in spotlight
China's economic data will be closely watched next week, as will a speech by Ben Bernanke. Polya Lesova joins MoneyBeat. 


“A couple of months ago everybody was laughing at 1,600. But these [levels] are very important today, because of the individuals on the sidelines. It’s new money coming in, which helps push up stocks and to some degree feeds on itself,” said Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. 

The record-breaking rally comes on the heels of Thursday’s cut by the European Central Bank of its main refinancing rate, and the U.S. Federal Reserve a day earlier saying it would maintain its bond-buying program. 

Better-than-expected corporate earnings have also bolstered equities, with the S&P 500 index up more than 13% for the year, and Wall Street’s bull market in March entering a fifth year. 


U.S. jobs growth picking up steam
The U.S. unemployment rate dropped to 7.5% in April, as the jobs picture continued to 
improve. 


Up 1.8% from the week-ago close, the Dow Jones Industrial Average DJIA +0.96% hit a record intraday high of 15,009.59, before ending at a record close of 14,973.96, up 142.38 points.
After hitting an intraday record of 1,618.46, the S&P 500 SPX +1.05% gained 16.83 points to 1,614.42, giving it a 2% weekly gain. 

The S&P 500’s rise above 1,600 comes 13 years after the S&P 500 first closed above 1,500, a landmark hit in March 2000, near the end of the dot-com bubble. 

“We keep making highs, but we have not had a correction or an adjustment, which is concerning. You need to consolidate so people who want to get out can get out,” said Silverblatt. 

“If you’re an institution, you need to be in the market to make money; those returns get reported regularly and you need to produce. If you’re an individual, you don’t want to get in at the top. Chasing returns is typically not a good idea,” he added. 

Shares making notable moves included LinkedIn Corp. LNKD -12.93% , down nearly 13% after projecting second-quarter sales below estimates, and Kraft Foods Group Inc. KRFT +5.11% , which rose 5.1% after reporting first-quarter profit that topped market expectations. 

The Nasdaq Composite COMP +1.14% added 38.01 points to 3,378.63, with the technology-laden index posting a 3% weekly rise. 

For every stock falling, roughly three gained on the New York Stock Exchange, where 713 million shares traded. 

Composite volume neared 3.6 billion. 

“It’s more psychological, that [level of] 1,600 points. The same with the Dow at 15,000; they’ve never made landmarks together,” said Silverblatt of the milestones, reached by the S&P 500 at the open and by the Dow an hour later. 

U.S. nonfarm payrolls increased by 165,000 last month after an upwardly revised 138,000 hike in March that was larger than initially estimated, the Labor Department reported on Friday morning. 

The U.S. unemployment rate fell to 7.5% from 7.6%, with the current reading the lowest since December 2008. See the jobs report in charts.
 
The upbeat jobs report lifted Treasury yields and prospects for energy demand, with the price of oil futures rising $1.62 to end the session at $95.61 a barrel on the New York Mercantile Exchange.
Friday’s other economic reports proved weaker than expected, with factory orders down 4% in March and a gauge of the nation’s services sector expanding in April, but at a softer-than-anticipated pace. 

Kate Gibson is a reporter for MarketWatch, based in New York.

BIV Today's Business News May 3, 2013: Mining and Energy Sectors I Enbridge vastly underestimates likelihood of oil spill: SFU study


Mining and Energy

Enbridge vastly underestimates likelihood of oil spill: SFU study

A Simon Fraser University report released May 2 claims that there is at least a 93% probability of an oil tanker spill if Enbridge's pipeline ... READ MORE

Hospitality and Tourism

 

Good news for the gastronome-on-the go: more food trucks

There will soon be more options for Vancouver's fast-foodies looking for something different at lunchtime. Vancouver City Council announced the approval of 15 ... READ MORE

Real Estate and Development

 

Metro Vancouver
home sales continue
to plummet

Metro Vancouver home sales fell 6.1% in April to the lowest total sales for the month since 2001, the Real Estate Board of Greater Vancouver announced May 2 ... READ MORE

Technology

 

Vancouver company unveils world's smallest HD dome camera

Vancouver's Avigilon Corp. (TSX:AVO), a video surveillance equipment and software company, announced this week that it has created what it says is ... READ MORE

More News...

   

Local brewery to set up test brewpub location – in China

Real-estate marketer sues for alleged unpaid bonus

This Week's Issue

 

Six major Metro municipalities set to implement long-awaited inter-municipal business licence

An April 3 memo circulated by Brenda Prosken, general manager of community services for the City of Vancouver, finally contained ... READ MORE

The Conscience of a Liberal Varieties of Academic Temptation, by Paul Krugman: NYT I Opinion Today May 3, 2013.

The New York Times

May 3, 2013

Opinion Today

House of Un-Representatives
Opinionator

House of Un-Representatives

This Republican House is almost like a parallel government, sitting in for some fantasy nation created in talk-radio land.
Op-Ed Contributor

Why Maliki Must Go

The Obama administration should work with Iraq's neighbors to get Prime Minister Maliki out, and save the country before sectarian violence overwhelms it.
Rogue Philosopher, Great Communicator
Opinionator | The Stone

Rogue Philosopher, Great Communicator

Soren Kierkegaard's strategy of "indirect communication" is not too far removed from the "dog-whistling" of modern political campaigns.
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Op-Ed Contributor

Obama Can't Go It Alone in Syria

The United States should not intervene unilaterally in Syria. It needs to have Russia and the Arab League on board.
Flee Sweatshops or Stay and Change Them?
Room for Debate

Flee Sweatshops or Stay and Change Them?

In the face of serious concerns about worker safety at factories abroad, is it best for companies to pull out?
The Fresh Princes of Phnom Penh
Latitude

The Fresh Princes of Phnom Penh

Prime Minister Hun Sen and his associates are ruling Cambodia like a dynasty.
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Editorial

Putting Politics Ahead of Science

The Obama administration's compromise on reproductive rights will hurt girls and women and is bound to undermine the president's credibility.
Editorial

One Step Forward

The Arab League offers an improved proposal for peace in the Middle East, a welcome announcement.
Editorial

Movement on the Death Penalty

While Maryland became the 18th state in the country to abolish capital punishment, other states are trying to speed up executions.
Editorial

The Importance of Testing for H.I.V.

If the virus is detected early, people can be treated with antiviral drugs before symptoms develop.

The Opinion Pages

Read the full opinion report, including editorials, columns, op-eds and Opinionator. Go to the Section »
Meet the New N.R.A. President
Taking Note

Meet the New N.R.A. President

He called Barack Obama a "fake president," Eric Holder "rabidly un-American," and referred to the Civil War as the "War of Northern Aggression."
Varieties of Academic Temptation
The Conscience of a Liberal

Varieties of Academic Temptation

It's not always about the money.
On 'Unburnable Carbon' and the Specter of a 'Carbon Bubble'
Dot Earth Blog

On 'Unburnable Carbon' and the Specter of a 'Carbon Bubble'

Can climate forecasts and campaigners convince the world's nations that some carbon is unburnable?