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

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










http://www.kitco.com

Energy futures

We've got a bounce today although I wouldn't be sure we're going anywhere with it. All Ords +0.6% and Financials are out in front, +1%. The only red sector is Utilities, -0.7%.

BHP and RIO are rebounding, up around 1% but there's quite a few taking the opportunity to sell. Golds still getting beaten up, down around 3-4%.

Oils are up around 1% on low volume.

Asia also doing the bounce thing: Nikkers +0.9%, Singers +1% and Sth Korea +1.2%.

Stocks, Commodities Tumble Worldwide on Rising Interest Rates

June 8 (Bloomberg) -- Stocks slumped worldwide, led by emerging markets, and commodities fell on concern that central banks will stifle economic growth as they raise interest rates.

The European Central Bank raised its benchmark rate a quarter point for the third time in six months. Denmark also increased borrowing costs. India, South Africa and South Korea lifted rates unexpectedly, and their stock markets tumbled. Federal Reserve policy makers this week signaled that U.S. inflation must be restrained.

Emerging markets have led global declines in equities in the past month as the prospect of higher rates led investors to favor safer assets. MSCI's emerging-markets index, tracking 25 markets, has fallen 21 percent from an all-time high on May 8.

I sure wish I hadn't been swallowing a mouthful of water when I read this.

On the positive side, my sinuses are now clearer.

If the low is in then Joke would keep going up and won’t let shorts cover their bets or if it doesn’t do that then it still need to build the base which means one should see double bottom.

It's curious how some markets got round tripped like nikkei, and orbs almost got negative mid session, and now an assblast in the morning.

No one seems to have a clue what's going on atm...churn 'n burn basically

All Ords closed +1% but it has every appearance of being a dead cat bounce. Financials kept the lead, +2% and there were no red sectors with Utilities having the least gain, +0.1%.

BHP and RIO did the rollercoaster, finishing up but lower than the morning highs. Golds slid a bit more.

Oils didn't do too badly: Santos +2.1%, Woodside +0.6% and Caltex +2.8%.

Oz doing a public holiday on Monday but I'll be opening the forum as usual....

Mostly up in Asia although China playing contrarian again, -2.1%.

A spectacular fall in UK/Europe yesterday, stand by for el bounco:







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

First trade of the day on EZM in Frankfurt was +17%.

Was cramerized yesterday. Guess the guy has fans in euroland, too.

Looking at the yesterday's USA action, seems like there are exhaustion hammers on all the major indicies. Plus largest volume day all year, especially on things like the SPY and the QQQQ's.

If they paint a long white candle today, that leaves all weekend for the bulls to get into a buying panic and the bears to get nervous and run to cover.

Think a long white candle today would leave the most number of pig-shank options available for next week's scam week.

I thought scam week was week after next?

Roger, there are many stoolies that would suggest EVERY week is scam week.



CBOE options always expire the third Friday of the month, unless there's a holiday, then they typically expire the Thursday instead.

I think that looking at what BB does with liquidity today will be most instructive. I would certainly like to check out the candles today as well but the liquidity numbers come out a little late for those that like to play early in the trading day. I couldn't sleep so I'm heading into the office now to take a shower and get some work done.

A cup of coffee, two pepsis and a coke kind of did me in yesterday. Too much caffeine to allow me to sleep. The other thing is that the local Toyota dealership may have forgotten to clamp something during some engine work that they did for me on Monday. Stuff like that annoys me to no end.

Big cap miners, like BHP, RIO and Xstrata catching some bids in euroland.

Nu-Yawk City June 8,2006

Short Selling commodity hedge fund found dead in Central Park. No clear entry or exit wounds. Victims legs were broken in several places. Forensic teams are still searching for missing knee caps.

A high ranking NYMEX official, who would only speak off the record, suggested that futures traders were being questioned about allegations of gang related violence leading to the death of Ospraie Point Fund.

Several eye witnesses reported seeing gangs of roving futures traders drink Grey Goose vodka and yelling "Demand from China and INdia, my ass. These clowns were short and we squeezed dem 'till dey heads popped off." Another, potentially armed futures trader, was heard to say "wait 'till they search Riverside and Bowery thats were they put the little ones."

Former hedge fund manager found in Washington Square Park, drinking maddog 20-20 and searching for half-smoked cigarrettes, may have been another victim of the violence. He remains in custody but so far has only provided random information. He was heard to wail; "motherf&*(*Y# greenspan..... Burnaaaaakke. ..... F&*^)(#& China!" Investigators fear he may have suffered permanent brain damage in the melee.

Citizens of Gotham remain on edge expecting more hedge fund related violence.


RIP
Ospraie Point Fund
-30% YTD May06
Largest position: short copper futures

http://www.nypost.com/business/67152.htm

World's biggest solar power field being built by GE:

http://www.physorg.com/news68826237.html

Is the solar power craze over?

Look at the German Solarworld "one decision" stock:

[attachmentid=65459]

Copper has a nasty storial of taking down huge short and long bets. Lots of Yasuo Hamanaka's around.
I wonder if the shorts are getting killed who's gonna fuel the movement up? Plenty more from where this one came from? Will there be more hedgefunds buying in to the Bernanke tightning against commodities?

Friends don't let friends trade scam week, and friends don't let friends EVER, take their cars to a dealer for mechanical work.

So far, the Fed has not tightened. They have maintained the SOMA in the same 5% growth band it's been in since 2004 and 7% growth band since 2002. We will find out in the next couple weeks if they have any intent of really tightening. Discussed in yesterday's Wall Street Examiner Report podcast. http://www.streetiq.com/dir/CAPITALSTOOL.shtml

Ah, I thought it was the third friday of a full week within the month. Didnt think the partial week Fridays at the beginning of the month counted.

Uncle Ben speaks in a few minutes along with trade numbers

I think we ramp hard here. Check out BRCM volumes yesterday. The big volume was gaming a bottom it seemed.
Did you notice the across the board hammer formations?

disclaimer: Bernarke has the power to knock the world down and break all TA patterns it seems.
Im loaded load for a possible opex jam.

but will turn on a dime...

I got a feeling he'll soften his tone today which might help the market.

I'm buying IVAN. Already bought FNSR

Everytime I see EZM I think E-Z money! Not that its the case.
Waiting for the Bernarke blast. Perhaps he knows he can slam the markets today so will be a little more careful with his wording.

Oops! You beat me to "da hammers"

RSP - equal weighted spx - still in an uptrend
http://www.StockSharePublishing.com/ChartL..._1149856926.png

AMG showing $2b outflow over the last 7 days

Very strange given the 1st of the month inflows are usually automatic.

No, it hasn't even started yet. IMO.Interesting articles as seekingalpha. Tax benefits and other considerations have them getting more steam in 2-3 years at the current rate but not financially a win at the current moment. Buying now and holding thru 80% retracements may pay off huge in a decade.
I had a solar powered helicopter as a kid. Just some thing in a base that turned in the sun. Thought it was the coolest thing I had ever seen. Ironically I got it at a garage sell for 50 cents!!
Bought one of those solar powered yard house number thingies. Its pretty cool.

No kidding. Took my Toyota to the dealershp for some issues. The ignitor had blown out. They said the computer was wasted and other things and it was 2,500 to repair. I went to the junk yard and found parts but simply replaced ignitor and it worked fine. Cost 200 bucks. Computer was fine. Went back to them screaming and they basically said tough crap.
Unethical for the mechanics to actually get paid commisions. They had motive to find more damage and commit fraud. Can you freakin believe that....unreal.

The "service writers", ie the greeters at the service department are paid commissions. Upselling is also endemic. Come in for an oil change and they tell you that you need to replace half the engine. It's all a scam.

Usually, if you know enough people you can use your social or business network to find a local mechanic who is honest and cheap. Many are crooks, but you stand a much better chance of finding an honest mechanic if you look only at small independant repair shops. I have found some very good ones through the years just by asking around. The dealers are all crooks. They prey on people's ignorance. And their prices are double to begin with. NEVER take a car to a dealer for service.

By the way, most dealers make more profit from service than they do from selling cars. I've appraised luxury car dealers with service departments as big as football fields with Taj Mahal like setting. Stay away from those especially or your $30 oil change is going to end up costing you $700.

Keep in mind that Toyotas, Lexuses and Hondas almost never break. If they tell you that you need to replace something, just tell them that you'll wait till it breaks, thanks. There are just a handful of parts that need to be replaced every 100k miles or so. See your manual.

The problem is the increasing usage of electronics in cars requires proprietary machinery to solve some problems.
It's a smart move from the makers to protect dealers.

closing all longs[ASX,DAX,FTSE] at whatever levels are reached on these indices when the DOW is up 25-50points.

All are already in profit of course and I will be going short on the same indices as soon as my limits are reached[DOW +25 to +50points]

Of course needless to say I'm frothingly bearish.

BDK

Going short over the weekend? Guess it is safer than long

Nice move on FDG. Miners looking good!

Ethanol stocks moving.

oops. misread.

It does depend on the dealer, too. I have an all-wheel drive vehicle (SMALL, not an SUV) and I prefer to have mechanics who have been trained in the specific trickier needs of the car. I have never, ever had to pay for anything but routine maintenance on my Subaru, because so far nothing has ever broken, and the dealer always sends coupons for a $21.95 oil change and discounts on the recommended service.

Thats why I bought/ own a Honda.

NTAP looking good. Will buy later if it retraces.

Seems we may have the shorts run for cover soon causing a large ramp up.

NOW I know why Shorty's been so busy during the day.

First he had the operation, then he opened this boutique. The article really is titled

Shorty's Loft doesn's skimp on style

XLNX says profits will be up for the quarter but margins will drop from 62.5% to 62%.

Down.

Funny how my PQ is leading the port and is 7xs smaller than my primer positions.

FDG has negotiated contract with steelworkers. Up 1.45

Ok, well IWM just took the lead.

Crapvision:

"They cant handle 3-5% inflation?? Girlemen."

Kidding aside about, as Shorty so memorably posted in the words of a Yahooligan, "that fat bald Cramer," you guys who have been following EZM -- wondering if the CramerPump™ requires that I sell here. Anyone got any thoughts?

That move on XLNX must have been to run the last few stops. Looks like a rocket ride from here on.