Ponzi Scheme

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Daily Market Commentary for December 16, 2008 from

Picard is directed to liquidate Bernard L. Madoff Investment Securities. ()

Economic data released today:

Consumer Price Index (CPI):
U.S. November Consumer Prices fell 1.7% compared to consensus of a drop by 1.3%; U.S. November CPI Excluding-Food & Energy Remain Unchanged compared to consensus of an increase by 0.1%; U.S. November CPI Unrounded fell 1.684%; U.S. November CPI Unrounded Core rose 0.022%; U.S. November CPI Energy Prices fell 17.0%; U.S. November CPI Food Prices rose 0.2%; U.S. November Real Average Weekly Earnings rose 2.3%; U.S. November CPI Drop is Largest on Record; U.S. November CPI rose 1.1% on the year and matches Smallest Rise since February 1965.

Housing Starts:
U.S. Building Permits in November were down 15.6% to 616,000; U.S. October Housing Starts Revised to a drop by 6.4% from a drop by 4.5%; U.S. November Housing Starts fell 18.9% to 625,000 compared to consensus of a drop by 5.2%.

Federal Open Market Committee (FOMC) voted on interest rates today:
Fed Cuts Discount rate 0.75 points to 0.50%; Fed sets Fed Funds target range of 0% to 0.25%: shifts policy; sees rate at 'exceptionally low levels' for some time; voted 10-0 for Fed Funds rate action; labor market conditions have deteriorated; financial markets remain quite strained; outlook for economy activity has weak end further; reviewing benefits of buying longer-term Treasury Securities; will consider ways of using balance sheet further; inflationary pressures have diminished appreciably; will use all tools to promote growth, price stability; inflation to moderate further in coming quarters. Key passages from the Fed's statement: "The focus of the committee's policy going forward will be to support the functioning of financial markets and stimulate the economy through open market operations and other measures that sustain the size of the Federal Reserve's balance sheet at a high level. The Federal Reserve will continue to consider ways of using its balance sheet to further support credit markets and economic activity." FOMC says it is reviewing the benefits of buying longer-term Treasury securities to conduct policy, and expects funds rate to stay at "exceptionally low levels" for some time. Fed Moving toward quantitative easing.

Companies in the news today:
Goldman Sachs Group Incorporated (NYSE: GS) moved to first ever public loss during 4Q. The current widening financial crisis, drew blood from the 139-year-old investment bank as it reported its first quarterly loss since becoming a public company 10 years ago. For the period ended November 30, Goldman reported a fiscal fourth-quarter net loss of $2.12 billion or $4.97 a share, compared with net income of $3.22 billion or $7.01 a share one year ago in 2007. Farmers Capital Bank Corp. (NasdaqGS: FFKT) received preliminary approval to sell $30 million in preferred stock to the U.S. Treasury, for $30M under TARP. Best Buy (NYSE: BBY) posted gains despite a drop by 77% of 3Q profits.

At the NYSE closing bell on the New York Stock Exchange, here is how the major world indices and major U.S. stock indices ended the trading session on the world markets as well as the emerging markets including the stock market closing bell price:
DOW (Dow Jones Industrial Average) triple digit gain of 359.61 points to end the trading session at 8,924.14
NYSE (New York Stock Exchange) triple digit gain of 307.07 points to end the trading session at 5,804.97
National Association of Securities Dealers Automated Quotations (NASDAQ) gain of 81.55 points to end the trading session at 1,589.89
S&P 500 (SPX) gain of 44.61 points to end the trading session at 913.18
FTSE All-World Index data excluding U.S. (AW01UK) gain of 6.15 points to end the trading session at 150.61
FTSE RAFI 1000 triple digit gain of 184.27 points to end the trading session at 3,507.09
BEL 20 (BEL20) loss of 10.43 points to end the trading session at 1,862.68
CAC 40 (CAC40) gain of 66.00 points to end the trading session at 3,251.66
FTSE100 (UKX100) gain of 31.52 points to end the trading session at 4,309.08
NIKKEI 225 (NIK/O) loss of 96.64 points to end the trading session at 8,568.02

Advanced stock prices 2,670, declined stock prices 511, unchanged stock prices 65, stock prices hitting new highs 8 and stock prices hitting new lows 58. NYSE quotes for volatile stocks and market trends, as well as stock quotes, stock prices and stock symbols of Day Trading Stock Picks on the New York Stock Exchange stock market for Day Trading online and active Day Trading for those who are or would like to be Day Trading for a living: ProShares Ultrashort QQQ (NYSE: QID) stock price shed 6.68 points on the trading session, high on the trading session $69.24, low on the trading session $63.10, with a closing stock price at $63.63.

National Association of Securities Dealers Automated Quotations (NASDAQ) stock market indicators for the trading session today:
Advanced stock prices 2,415, declined stock prices 560, unchanged stock prices 99, stock prices hitting new highs 4 and stock prices hitting new lows 89. NASDAQ quotes, volatile stocks and market trends, as well as stock quotes, stock prices and stock symbols of Day Trading Stock Picks on the NASDAQ stock market for Day Trading online and active Day Trading for those who are or would like to be Day Trading for a living: Citrix Systems Incorporated (NasdaqGS: CTXS) stock price gained 1.62 points on the trading session, high on the trading session $24.66, low on the trading session $22.89, with a closing stock price at $24.62; C .H. Robinson Worldwide Incorporated (NasdaqGS: CHRW ) stock price gained 2.73 points on the trading session, high on the trading session $51.70, low on the trading session $48.76, with a closing stock price at $51.40; Baidu.com Incorporated (NasdaqGS: BIDU) stock price gained 13.90 points on the trading session, high on the trading session $133.49, low on the trading session $126.58, with a closing stock price at $131.99.

Market trends on the American Stock Exchange (AMEX) and stock market indicators for the trading session today:
Advanced stock prices 388, declined stock prices 243, unchanged stock prices 78, stock prices hitting new highs 1 and stock prices hitting new lows 40.

Chicago Board of Trade Futures Market for the day, at time of this posting for March 2009 Contracts and December 2008 Contracts for E-mini S&P Small Cap 600:
E-mini S&P 500 (ES): End of trading session price 913.50; Change for the trading session 41.50
E-mini NASDAQ-100 (NQ): End of trading session price 1,241.00; Change for the trading session 46.50
E-mini DOW $5 (YM): End of trading session price 8,896; Change for the trading session 317
E-mini S&P MidCap 400 (MF): End of trading session price 523.40; Change for the trading session 23.30
E-mini S&P Small Cap 600 (HS): End of trading session price 258.00; Change for the trading session 13.60

World Currencies for the Forex Market, for Forex Trading by active Forex Traders, at time of this posting:
Euro 0.7093 to U.S. Dollars 1.4098
Japanese Yen 88.950 to U.S. Dollars 0.0112
British Pound 0.6409 to U.S. Dollars 1.5602
Canadian Dollar 1.2047 to U.S. Dollars 0.8301
Swiss Franc 1.1192 to U.S. Dollars 0.8935

COMMODITY MARKETS:

Energy Sector - Nymex:
Light Crude (January 09) shed $0.91 on the trading session for a closing price of $43.60 per barrel ($US per barrel)
Heating Oil (January 09) no change on the trading session for a closing price of $1.48 a gallon ($US per gallon)
Natural Gas (January 09) gained $0.12 on the trading session for a closing price of $5.80 per million BTU ($US per mmbtu.)
Unleaded Gas (December 08) no change on the trading session for a closing price of $1.04 a gallon ($US per gallon)

Metals Markets - Comex:
Gold (February 09) gained $6.20 on the trading session for a closing price of $842.70 ($US per Troy ounce)
Silver (March 09) gained $0.09 on the trading session for a closing price of $10.71 ($US per Troy ounce)
Platinum (January 09) gained $10.30 on the trading session for a closing price of $849.50 ($US per Troy ounce)
Copper (March 09) shed $0.03 on the trading session for a closing price of $1.38 ($US per pound)

Livestock and Meat Markets - Chicago Mercantile Exchange (cents per lb.):
Lean Hogs (October 09) shed 0.13 on the trading session for a closing price of 62.40
Pork Bellies (February 09) gained 3.00 on the trading session for a closing price of 83.98
Live Cattle (February 09) gained 3.00 on the trading session for a closing price of 86.80
Feeder Cattle (January 09) gained 3.00 on the trading session for a closing price of 90.93

Other Commodities - Chicago Board of Trade (cents per bushel):
Corn (March 09) gained 18.75 on the trading session for a closing price of 394.00
Soybeans (January 09) gained 13.50 on the trading session for a closing price of 863.00

BOND MARKET:
2 year Bond closing price 101 5/32, change 6/32, Yield 0.64, Yield change -0.09
5 year Bond closing price of 103 4/32, change 21/32, Yield 1.34, Yield change -0.14
10 year Bond closing price 112 26/32, change 1 30/32, Yield 2.29, Yield change -0.21
30 year Bond closing price 133 21/32, change 3 13/32, Yield 2.81, Yield change -0.14

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