All Ords doing the new recent high thing again however looks like its rolling over atm. Getting a bit tired now and not enough new buyers coming in. DOW firmly below the all important trendline but bounced off the 9k support last night so that's the next hurdle to some decent downside. All Ords currently +0.4%, off the high.

Golds looking good, up 1-2%. My Lihir Gold call back in the money (where it should be).

Asia mixed....nothing much happening there...

Hmmm well, an interesting day in some ways. First off All Ords tried to make a new high and failed, closing below the last recent high. Then it was sideways for over 3 hrs with low volatility and a sharp drop just before close. Could have been a big seller jumping ship but I didn't see which stocks hit. All Ords closed +5.9 (+0.2%), pathetic effort really and my guess it was only the banks and Newscorp holding the market up. Some real signs today that this execrable uptrend is about to reverse...

Golds hung in but lost interest as the day wore on..

Singers up almost 2% but the rest of Asia drifting in the red...

Moanin' from A'dam.

Today our little pile is up as much as the DAX is down.Unusual
but explained by apparently good numbers from Aegon and ABN-Amro.

Both are index heavyweights,so an increase of 0.75% in the index is not
fantastic.ABNAmro bank has some mortgage financing in the US--so I suppose
that it should be up, but soon not to be!

Aegon claims a profit of 360 million and I suppost there's 250 million of that from the
sale of Transamerica--which, as I pointed out yesterday,was really a loss of $1.75
billion.Just depends on the year in which write-offs are done.

Now we're down to break-even on the index,so it looks like the euphoria was pretty
short-lived.

Looks to me that like this market is being held up--wonder if the Singaporeans are
doing that too as their index seems to have a direction of its own.
Here,I suspect that the open option interest is a significant factor.All those puts at 300 and calls at 320.And we're now hovering around 310 and have been for weeks.
Unfortunately,that same open interest goes right through to October.

Still,we're no longer in the uptrend !

Yoo-hoo world markets

Uncle Buck



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AM Market Call By CNNMoney

From Bloomberg 0515 Stool HQ Time
U.S. Stock-Index Futures Little Changed; Intel Shares Decline in Europe
U.S. stock-index futures were little changed. Intel Corp., the world's biggest computer-chip maker, fell in Europe after saying it is in a dispute with the U.S. Internal Revenue Service that may have a ``material adverse impact'' on earnings.

European Stocks Pare Gains as Chemicals Maker BASF Drops; Barclays Climbs

Asian Stocks: Japan's DoCoMo Falls; SingTel, Telkom Shares AdvanceBloomberg

QUOTE (The brown one @ Aug 7 2003, 06:18 PM)

Looks to me that like this market is being held up--wonder if the Singaporeans are doing that too as their index seems to have a direction of its own.

Singapore bears burned by caustic soda as aniline stinks up the place...........

Singpu's sizzling debut stuns short-sellers

The stock closes at a 12-cent premium over IPO price, with its turnover making up one-fifth of overall market volume

By Colin Tan

SHARES of Singpu Chemicals, which made their trading debut yesterday, overcame the gloom generated by Tuesday's Jakarta bombing to surge 29 per cent above their offer price on the back of strong volumes, catching short-sellers off-guard.............

Some players speculated that syndicates were behind the relentless buying, which saw the counter's volume exceed its entire free float within the first half hour of trading.

.....One of them remarked that it was surprising that Singpu not only overcame the poor market sentiment but was also able to attract investors during the supposedly inauspicious month of the Hungry Ghost festival.......

The public tranche of its IPO, which closed on Monday, was 88.2 times subscribed.

Singpu plans to use the net proceeds of $13.7 million to increase its annual production capacity of caustic soda by 50 per cent to 150,000 tonnes. It will also raise its aniline output by 13,000 tonnes to 55,000 tonnes. Straits Times?

Alceringa>

Tanks for that about Singpoo!

Sounds like a real high-tech biz.Didn't Agfa and BASF start out
doing similar about 100 years ago?