Closed







Closed





http://quote.yahoo.com/m2?u

http://money.cnn.com/markets/morning_call/










http://www.kitco.com

Energy futures

An across-the-board selloff today sending All Ords into a tailspin, currently -1% and thunking along sideways. Amazingly enough there is a couple of green sectors, Property Trusts and Healthcare, both +0.3%. Materials is down the most, -2.1%, Energy -1.9% and IT -1.3%. Financials also showing some strain, -1%.

Miners way down: BHP and RIO -2.2% and the golds even worse off in the -3 to 4% range.

Oils also getting slugged; Santos down the most, -2.4%.

NZ dropped like a stone, -2.3% and nothing much happening in Asia.

A drama going on in Oz at the moment:

Australian Miners, Trapped Nine Days, Await Rescue

May 4 (Bloomberg) -- Two Australian miners, trapped almost a kilometer underground for nine days by a rock slide that killed their workmate, may have to wait two more days before rescuers reach them.

Todd Russell, 35, and Brant Webb, 36, were trapped in a 1.5 square meter cage atop a telehandler when the rockslide occurred April 25 at the Beaconsfield gold mine in Tasmania state. Their colleague, Larry Knight, was killed.

Rescuers today are drilling a 2-centimeter pilot hole before boring a meter-wide tunnel through 16 meters of rock to reach the pair. Rescuers are in contact with the two, and have passed food, drinks, torches, magazines and iPods loaded with their favorite music through a 90 millimeter pipe.

------------

There was another famous rescue locally in 1907 when an Italian miner, Modesto Varischetti, was trapped in a small rise 320m underground for 10 days when heavy rain flooded the mine. A diver was sent for and in full diving regalia he was able to take food and water to the trapped miner daily until pumps lowered the water enough to enable a rescue.

Terrifying thought to be trapped in complete darkness for that length of time.

Quite a drop today with All Ords closing -1.5%. To be honest I can't really get bearish at this stage as it appears to be part of a consolidation and a much needed one to cool the market off a touch. Add to this All Ords is now back to support and it's a wait and see scenario. Materials and Energy led the market down, both -3% and Property Trusts remained remarkably resilient, +0.5%.

In the miners, BHP closed -3.7% and RIO -2.8%, a part of the consolidation they've been making for several weeks. Golds took a hammering, also well overdue.

Same story in the oils, ie a fairly violent correction back to support...

Not a lot of movement in Asia although Taiwan put in a good innings, +1.4%.

A fairly steep drop in UK/Europe in the last session, must be bounce time:







http://quote.yahoo.com/m2?u

I noticed two magazines on opposite ends of the rack, with two similar blaring headlines. One was "The New Tech Boom" (a business magazine), on down the rack was "The New Art Boom" (an art magazine).

The New Boom is everywhere. Nothing to worry about here folks, a real estate decline is not on the covers. Gold is certainly not on the covers.

Sit back and enjoy The New Boom.

Greenspan was such a freakin' genius.

Good thought...boom, bubble, bust...vernacular of extremes is pervasive.

Most here feel confident there is an inflection coming, and we fear to call it a downward one. I spent a few minutes lurking on PruBear tonight, it's become almost as bulllish as this place has. I can see a move back to 1318-20 into the middle of next week...

Turnaround Wednesday will turn the lights out on this travesty...

When all the bears have turned bullish, who's left?

I won't be going to QC after all next week. I'll be out Friday and Monday however. Nothing will be published Friday in the WSE Pro. Will do a brief weekend update on Saturday, and a brief update Monday night. The Precious Metals, Fed, Yield and Dollar reports will not be published Monday. An updated Yield report and Dollar Report will be posted later today. Precious Metals Report will be posted tonight instead of Friday Morning. Tuesday back to normal schedule.

Mark is down in Baja until next week. I'll open M2M tonight and we'll keep that thread open for Friday and the weekend.

Just EIGHT hours to go. Get your bids in now!

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FDG is up 2.70 pre-market, but on only 1,600 shares.

Somebody got hosed.

With BHP and RIO getting mini-smack downs on the ASX, both are out bullhorning copper, iron ore and all the other ususal suspects.

http://tinyurl.com/q32qh

Both trying to make their own news/noise what with annual contract renewal negotiations just starting with China (aka the world's largest LLC) and all their angry steel makers.

Gold! Like trying to hold a beachball under water

Anyone know what happen to the site marketscreener.com? They had the coolest charts ever with the free built in updating engines....metamucil used them alot..

Wow, just look at the trannies, up 86 in 5 minutes! Unbelievable

Just look at MSFT, frozen in time not able to get up more than .18 (current).

Doesn't look so promising there.

Hoo boy, whoever bought FDG premarket at nearly three bucks higher than current levels really got hosed major bigtime. So much for buying "at market" after hours.

http://www.marketscreen.com/

MSFT finally getting some traction now, along with the usual suspects.

So, I guess no one's going to need any products from the energy sector any more?

I thought that brokerages only allowed limit orders for trading pre and post normal trading day.

goog flashing signals again... tempting...tempting.

Kicked QLGC out of the Chart of the Day list yesterday, tankodd. Phew!

Influential analyst, who has been long energy for a few years, put a ripcord rating on the energy complex

Ahh...Thanks!

yur velcom!

Rusty busting out of that giant triangle it's been forming since Apr 18. Works to 800, unless the old highs hem it in. Looks like a potentially super-fast move is brewing.

When they "break out" near the apex of the triangle like that, the move usually doesn't amount to much. The power has been lost.

Thanks. Good to know.

Bleah.

Rigor mortis rally.

Yeah, I did make some negative comments in yesterday's podcast.



http://www.streetiq.com/dir/CAPITALSTOOL.shtml

LONG CME

also rumors floating that a large health care fund is being liquidated as an explanation for heavy hmos

NJMC is now up hugely again, on more volume than it usually trades in a day.

I report, you say "WTF????"

Just my two cents.
Just a trap to suck in the last of the late comers.
Added shorts @ 775 in Rusty

Could either be good for me
Or bad if it gets pushed higher

If it does back off here soon Id guess the best test would be consolidation above the breakout area....Id guess this scenario would conclude with a final pigman gap down for the best entry! Best suited for options expiration week.

Speaking of touting penny gold stocks, which I have relaxed the rules on, I wonder what would happen if I, being an "influential anal yst" mentioned that I had bought some _ _ _ in my personal account because it had a nice pattern and was lagging the group.

I guess we won't find out.

Besides, nobody listens to me anyway.

Put/call 0.55-- guess the public thinks this is the one. Wasn't it around 0.80 on the last attempt?

I have R2 on the sp emini around 1221.50... just dumped my shorts. perma bear-turned bullish. this must be the top!

...well not so bullish that i am buying...trading acct 100% cash....first time in 5 years.


something about this market isn't right.

Sorry, I'll shut up about NJMC.

Although it's over a buck now.

rdkyote-

yeah, it's the rigor mortis.

New high on the Dow, as usual. But only one CONponent making new 52-week highs (MMM).

There are definitely some people on this board who move markets.

The day after Mark talked about the chicken stocks on our podcast last weekend ( http://streetiq.com/dir/CAPITALSTOOL.shtml second item ) they all exploded to the upside.

JPM downgraded CI today to neutral.

Gap fill watch to 490...i'm on the may 470 calls.

yup. i think too many traders are on the same page. flipping from one side of the channel to the other instantaneously with no entries. you just close your eyes and pull the trigger. i think i'd rather go play 5000 slot machines like my favorite golf pros.

Beg yer pardon. That was the podcast week before that triggered that.

Da boyz are gettin better and better all the time.

Sucking in the last of the bulz

Dead market walking.

Hey wait - I am a bull and a bear
Just happen to be bearish on Rusty, Mid-Caps and SnPee

Boolish on PM, crude, sugar, corn, beans, etc

pigmen pinball