http://finance.yahoo.com/intlindices?e=asia

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










http://www.kitco.com

Energy futures

Currencies/Au/Ag

Drifting down in an aimless fashion today. All Ords -0.2% and in the sectors, IT is the only one on the move, +1.7%. Telecomms and Materials are down the most, -0.6%.

Mostly down for the miners: BHP -1.3%, RIO -0.9%, Newmont -1.4%, Newcrest -0.7% and Lihir -0.3%.

Oils flat.

Fairly quiet in Asia with a slight downward tendency....

I can think of a couple of ex-boarders who'd do something like that..

All's quiet on the western front at this stage. Currently I have a young woman who has done a runner from her husband and kids because "I need my own space" and a 20-something bloke whose girlfriend gave him the boot. She's still got his car and most of his possessions. I lent him my 35 yo clockwork clanger alarm clock and he gazed at it with the same lack of comprehension as I have when I'm confronted with a new technological marvel

Couple of nights ago I had an aboriginal woman banging on the door at midnight demanding to see Mrs.... (some long gone previous owner) and I sent her on her way. She went across the road and banged on John's door and he told me later that she thought it was 1978 and couldn't understand what was happening. He said an aboriginal police patrol cruised past and picked her up so I think she might have escaped from a carer.

One can't complain of boredom here, that's for sure....

A reversal mid morning to take us to another record closing high although the action dropped off a touch in the arvo. All Ords finished +0.6% with Materials leading the way, +2% followed by IT, +1.9%. Consumer Discretionary was down the most, -0.5% and Financials didn't do that well either, -0.1%.

Rumours flying around that BHP may make a takeover bid for RIO and that sent RIO screaming up around 8% at one point although it closed +6.5%. BHP ended the day +2.4% but didn't quite make a new record high. Newcrest and Lihir gained 1% and Newmont remained red, -0.2%.

Oils brightened up: Woodside +1.4% and Santos +0.6%.

Asia fairly static with most bourses up slightly.

Over to UK/Europe:







http://finance.yahoo.com/intlindices?e=europe

Doesn't Kalgoorlie/Boulder have the highest concentration of Pubs and Brothels in the Southern Hemisphere?

Second in the world only to London for Pubs and Amsterdam for the other?

Did you miss the idyllic suburban lifestyle in Maylands (or was it Graylands?) where the chooks hide under the house during the heat of summer?

Gap and crap in europe.
Doolah trying to climb out of the crapper

Chooks=Female Chickens

So in OZ if your name is Henry (or "Hank") you're nickname Is "Chook" as follows, QED-

Henry=Hen"y"

Hen"y"=Chook.

Chook=Henry

That was Maylands, which is fairly urban being only 10 mins from the CBD. I lived in a pocket that time forgot but the Yuppie invasion was about to happen. I sold my place to one for an outrageous sum.

And no, I don't miss it at all

I'd believe the pub bit but the number of brothels has dropped off considerably in the past decade. Too many enthusiastic amateurs I believe

DNDN down over 65%!!!

Toll brother lowers outlook.

http://biz.yahoo.com/ap/070509/toll_brothe...tlook.html?.v=1

U.K. April Consumer Confidence Rose to Six-Month High

May 9 (Bloomberg) -- U.K. consumer confidence rose to a six- month high in April as three interest-rate increases failed to curb households' optimism about employment and income prospects, the Nationwide Building Society said.

An index of sentiment advanced to 90 from 88 in March, according to a report from Britain's third-biggest mortgage lender today.

Growth in the service industries and record employment have helped drive consumer spending in the U.K., which the Bank of England says poses a risk to inflation. As policy makers begin a two-day meeting, investors are betting the Bank of England will tomorrow raise its key rate to a six-year high of 5.5 percent.

Pre-Market: 7.66 -10.08 (-56.82%)



Any MOMO dolts that bought since April 1st are gonna have one......

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Well, did any of you blokes buy Crisco after the skid? Still on the WSE Pro chart pick list. Now's the time to get in with the pigmen!!!



Anyway, we'll see where she stands at the bell. Will my theory of the 4th question be upheld?

(From last night's M2M, starting here and the three posts after.

Finally some redemption!!! My April 10 puts turned to dust, but not the May 10s....

The fund below (available to Cali residents) pays a nice fat divi.....could there be any downside....well let's see...
----------------
Residential Capital has created the Residential Capital Mortgage Income Fund to allow individual investors the opportunity to participate in a diversified real estate-secured investment, with either personal funds or IRA/retirement funds. The Residential Capital Mortgage Income Fund invests in a large number of diverse loans, secured by deeds of trust and mortgages on California real estate at low loan-to-values.

How does a Mortgage Fund Work?
An investor purchases shares of the Mortgage Fund. The Mortgage Fund then lends the money out to borrowers. Borrowers make interest payments to the fund each month, and the Fund pays out a dividend to investors. The Mortgage Fund contains a large number of highly diverse trust deed loans as security for the investment, similar to a "mutual fund" of loans.

------------------
The Residential Capital Fund paid 11.68%* average annualized return for 2006, and 13.91% cumulative return, with dividends reinvested, since inception. The annualized returns for the last 3 months were as follows:

January '07 February '07 March '07
11.00% 11.00% 11.00%


Quarter-End with Dividends Reinvested*

Q3 2004 12.24%
Q4 2004 12.24%
Q1 2005 12.17%
Q2 2005 12.19%
Q3 2005 12.17%
Q4 2005 12.23%
Q1 2006 12.15%
Q2 2006 12.14%
Q3 2006 11.78%
Q4 2006 11.10%
Q1 2007 11.10%

Back in early April someone here (who shall remain nameless) was yammering on about this POS hitting new highs....uh?......nothing like a 37%+ haircut in one month, eh?!?!?!

I guess we can officially mark May 8th as the day that investors decided to "go away"

I had a look at their report and it's a good report but it looks like market expectations for the company were and are higher than what was delivered and projected. It sounds like they are factoring a slowdown in the economy in their projections. It sounds like they're moving a lot of equipment but that they're being cautious.

I've been working on an interesting math problem on another board:

What is the probability of rolling a die so that it hits 1,000,000 exactly?

Zero. The highest number you can roll on a die is 6.

I know. That's not what you meant.

A musical prelude to the upcoming FOMC meeting

"Entrance of the Gladiators" composed by Julius Fucik

http://www.youtube.com/watch?v=i0C0SQxkD9E

What a gift yesterday on CFC.
Thank you PIGMEN!

On CSCO skid, # to watch is overnight low of 26.77.

DJ Fed Accepts $5.5 Bln In Overnight RPs

Type of transaction: Overnight RPs
Total accepted: $5.5 Bln
Total submitted: $24.65 Bln

Agency Collateral Operation
Total accepted: None
Total submitted: $11.1 Bln
Stop-Out Rate: N/A
Weighted Average: N/A
High-rate submitted: 5.16%
Low-rate submitted: 5.08%

Treasury Collateral Operation
Total accepted: $5.5 Bln
Total submitted: $11.2 Bln
Stop-Out Rate: 5.09%
Weighted Average: 5.09%
High-rate submitted: 5.11%
Low-rate submitted: 5.05%

Mortgage-Backed Collateral Operations
Total accepted: None
Total submitted: $2.35 Bln
Stop-Out Rate: N/A
Weighted Average: N/A
High-rate submitted: 5.17%
Low-rate submitted: 5.09%

Sow down 6.66.

I would have to say the surprise would be down today......everyone is long bears are crapping their pants....and if the market did tank everyone would then say it was expected since we have been straight up lately...yet few would of actually been short

Picked up some DNDN jun 7.5 calls at .85.
I think it's a buying opportunity.

China Junior Gas play on the breakout.

bellwether update posted in WSE Pro.

Everybody aboard? Sure looks like it.

Hurray!!

I wonder what should happen if everyone and their dog expects the market to rally from here?

Gapped up over .50 and got sold down.
Coming right back to .495 again.

This thing is going alot higher.

looks like they are going to knock the price of gasoline down for memorial day weekend....

GPXM just tagged .52...
Check out the volume!

From a BPI standpoint, definitely "as good as it gets" or very close. And the persistent boner leg up since March looks visually similar to the final run to the 03/04 top. Back then, the Sow went vertical from late Nov03 to early Jan04, eight straight weeks up, and gained 12.1% and 1,168 points. Then it spent another 6-7 weeks or so in a topping pattern.

This time, the Sow has also risen in vertical fashion (+11.5% since the March low and 1,378 points) and has been up seven of the past eight weeks (counting this week as "up").

Note that the daily RSI on the Sow is 80 right now. Back in 03-04, the daily RSI topped out at 80 in late Dec 2003. Then the BPINDU topped out at 93 in late January 2004 while the RSI made a lower high. The actual price top came in late February 2004, about 1% higher. The SPX high came in early March 2004.

So the entire topping process (BPINDU, RSI, and price) took about two months or so in late 03 and early 04.

We have not yet seen an RSI divergence on the Sow daily chart yet. So if we repeat the 03/04 process (big if), a price top in the fraudexes may not come for another couple of months, a few pct higher.

Looks like an educated pump&dump.

They shuffle the shlocks between off-shore accounts, bidding them higher then distribute, more shuffling, more distribution. Wash rinse repeat, in 2002 same process but inverted to buy back the stocks.

Looks like mid 25s is the play for entry.

me and my dog remain skeptical ... we are of one mind.

d*mn hot poodle just moved in next door, too ...

Buy all dips haven't failed yet.

Check this. According to SP, the bottom is in inRE

http://www2.standardandpoors.com/spf/pdf/m...lump_041707.pdf

Will the real S&P stand up.
S&P to Require More Protection on Second-Lien Debt (Update4)

By Jody Shenn

May 8 (Bloomberg) -- Standard & Poor's joined Moody's Investors Service in requiring more protection for investors in bonds backed by second mortgages, as late payments and defaults exceed expectations on such debt to borrowers with poor credit.

Second-lien mortgages often have been obtained by homeowners in lieu of down payments. Subprime versions of such ``piggyback'' loans have performed worse than subprime housing- debt overall, putting some AAA rated securities sold by Goldman Sachs Group Inc. at risk of downgrades from Moody's and leading HSBC Holdings Plc to set aside more reserves for losses.

``People are taking out these loans and then realize they can't make payments on them,'' said Terry G. Osterweil, an analyst at New York-based S&P, one of the two largest credit- rating services. ``The first one they're going to default on is the second lien, not the first lien, because many times a servicer will write off the second lien and not foreclose.''
http://www.bloomberg.com/apps/news?pid=206...id=a5fh0edyc_CM

Step back a bit. Looks like resistance coming up at .60

Some things never change

"A sound banker, alas, is not one who foresees danger and avoids it, but one who, when he is ruined, is ruined in a conventional way along with his fellows, so that no one can really blame him."

John Maynard Keynes, "Consequences to the Banks of a Collapse in Money Values", 1931

True, but that one hellava J-Lo.