Structured notes sales ban

Singapore's central bank banned 10 financial institutions from selling structured notes for improperly marketing US$655 million of the bonds that were linked to U.S. brokerage Lehman Brothers Holdings Inc.
The banks and brokerages can't sell structured notes for between six months and two years, the central bank, known as the Monetary Authority of Singapore, said in a statement late Tuesday.
The bank said some of the financial institutions assigned risk ratings that were inconsistent with warnings stated in the notes' prospectus, and salespeople were ill-trained to sell the notes.
The structured notes were linked to the risk of a bankruptcy occurring to one of the reference entities, such as Lehman.
The Lehman collapse last fall led to a default on the dividend payment of some of the bonds, most of which had a maturity of 5 to 7 years and a yield of about 5 percent.
About 10,000 investors bought the notes, and financial institutions have compensated about 4,000 of them, the bank said.
Similar structured notes were sold in Hong Kong, Taiwan and Indonesia.
The 10 financial institutions banned by the central bank are DBS Group, UOB Kay Hian, OCBC Securities, ABN AMRO's Singapore branch, Maybank Singapore, CIMB-GK Securities, Hong Leong Finance, DMG & Partners, Phillip Securities and Kim Eng Securities. -

Tracking the Dow on Tuesday,07/07/09
9:30am:--A bearish 20.0 point gap down followed by graveyard doji.

There are no market-moving earnings announcements, economic data, or Fed speakers scheduled for today.

10:30am:--Session low with bearish engulfing.

President Obama said a second stimulus package could be a possibility.

11:30am:--Three bearish crows at another low.

Losses are steepest among energy stocks (-1.2%). Oil prices is now at $63.50 per barrel.

12:30noon:--Another 3 black crows

Health care is the only major sector to trade with a gain.

1:30pm:--A technical rebound to only the bear pivot to end the morning session with a graveyard doji.

Optimistic and encouraging comments from Alcoa's (AA 9.59, +0.33) chief executive have won support for shares of the metals and mining giant.

2:30pm:--A double graveyard doji mourning the death of king of pop icon.
Michael Jackson memorial currently held at the Staples Center in downtown Los Angeles.

3:30pm:--Bearish harami.

Mariah Carey and Trey Loenz sing "I'll be there" but the market said "Beat It"
4:00pm:--A closing bearish hammer again.
The afternoon sell-off was generally an extension of the market's recent weakness, which became more recognizable following last week's disappointing jobs report. Buyers are also showing reluctance ahead of earnings season.

Whenever the market got no economic news nor Federal speakers,the market will always sing to the tune of "Beat It"

It's the beginning of the raining season and wall street is going to be very slippery with the beating of the falling rain.
This is going to be a bearish month with a long black candlestick.Any rebound will be near to the MAV line and another hammer.
The bulls are being cornered and left in Islands in the Stream.