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Tax On Financial Transactions
post Nov 8 2011, 12:44 PM
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Daily Market Commentary for November 8, 2011

UK Chancellor of the Exchequer George Osborne called for the European Union to shelve its plans for a tax on financial transactions, saying it would hurt competitiveness and result in business leaving Europe. (read more at Millennium-Traders.Com) http://www.millennium-traders.com/news/newscommentary.aspx

Labor Department reported that job openings at U.S. workplaces rose to 3.35 million during September from 3.13 million in August. Overall from same time period in 2010, job openings rose 22% with private openings up 23% to 2.99 million and government openings rose to 366,000 from 326,000. In December 2007, there were nearly 4.4 million jobs open. With approximately 13.99 million unemployed people during the month of September, there were nearly 4.2 potential job seekers for each job opening compared with an approximate number of 4.5 potential job seekers during August. During September, the number of separations such as quits and layoffs, rose to 4.15 million from 3.96 million in August with the total number of hires increasing to 4.25 million from 4.06 million.

With less than an hour before the scheduled weekly press conference by Penn State football coach Joe Paterno, officials canceled the regular weekly conference. Coach Paterno and Penn State university are embroiled in a sexual-abuse scandal involving longtime assistant coach Jerry Sandusky and allegations of a cover-up by the school. Paterno's son Scott reported that his father was disappointed by the cancellation and was prepared to take questions about the scandal. Penn State President Graham Spanier postponed a dinner that was scheduled for Wednesday, at which he and his wife were to be honored for contributing greatly to the Penn State and State College Pa. communities. Spanier is under scrutiny for his role in the Sandusky scandal and on Monday, Pennsylvania Atty. Gen. Linda Kelly refused to rule out prosecution of Spanier for his alleged failure to act after learning of Sandusky's sexual assault of a young boy.

Italian Prime Minister Silvio Berlusconi won approval of a routine budget item in parliament today after opposition lawmakers abstained. Berlusconi fell short of an absolute majority as pressure mounted on him to resign amid mounting fears Italy could be overwhelmed by the euro-zone debt crisis. A report on Italy’s 2010 public finances was backed by 308 lawmakers but the tally left the embattled Berlusconi short of the 316 votes needed for an absolute majority in the 630-seat Chamber of Deputies. Berlusconi reportedly was set to weigh a decision whether to step aside. Italy’s bond yields have stoked fears the nation may face difficulty meeting funding needs, while the rising spread versus Germany and other AAA-rated euro bonds underlines concerns margin requirements could soon be raised, prompting further liquidation of Italian bonds. The 7% level for Italy’s 10-year bond yield is seen as a crucial level. Moves for the bond yield above 7% were seen as effectively shutting out Greece, Portugal and Ireland from credit markets and forcing them to seek bailouts. Potential actions will leave Italy under huge pressure to default, regardless of who is in power, unless the euro zone comes up with years of financial assistance.

The Standard & Poor’s 500 Index has risen within striking distance of notable technical territory at its 200-day moving average. Considering that the S&P closed last year at 1,257, it has edged nominally into positive year-to-date territory and within view of its 200-day moving average, currently 1,273. Modest support is holding near 1,240, matching this week’s low. The Dow Jones Industrial Average near-term backdrop is slightly stronger which has edged atop its 200-day moving average, as it currently holds at 11,975. The Dow's next notable overhead holds at 12,284 matching a three-month peak. The Nasdaq Composite has edged atop its 200-day moving average, currently 2,689 with modest overhead holds at 2,716 which is referred to at its gap resistance, is followed by its three-month high of 2,753. The 200-day trending indicator generally indicates a longer-term market bias with a slightly bullish divergence.

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post Nov 24 2011, 09:25 PM
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Relating to the title of the thread - If the UK allowed this it would decimate the economy. Hard for many to believe but life would be a lot harder than it is now.

Shows you what a mistake it was to allow the economy to be dominated by financial services. Still all that tax in the good times was nice for the Treasury thumbup(1).gif
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