http://finance.yahoo.com/intlindices

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










http://www.kitco.com

Energy futures

Currencies/Au/Ag

Nothing like a brutal plunge to start the day. All Ords -1.1% with Energy -2.1%having the dubious honour of leading the way down. Not a green sector in sight but Utilities is down the least, -0.1%.

Miners tending to red: BHP +0.3%, RIO -1.4% and in the golds, Lihir flat, Newmont -1.2% and Newcrest -2%.

Oils heading south: Woodside -1.5% and Santos -2.3%.

Reposted

Australian Consumer Confidence Jumps to Record in May

May 16 (Bloomberg) -- Australian consumer confidence surged to a record in May, after the government cut income taxes and the jobless rate fell to a 32-year low.

The sentiment index jumped 7.5 percent from April to a seasonally adjusted 123.9, according to a poll of 1,200 people by Westpac Banking Corp. and the Melbourne Institute. The reading is the highest since the survey began in 1975. A number above 100 shows optimists outnumber pessimists.

Not sure how accurate that data on the am post was as the sector %s are way out on the live feed, so I'm using an alternative site for this post. All Ords clawed back into the green to finish +0.1%. A number of sectors popped into the green with IT up the most, +1.5% followed by Utilities +0.8%. At the red end, Consumer Discretionary and Telecomms closed -0.7%.

In the miners, BHP did ok, +1% although RIO slid, -1.2% and the golds were also down.

Oils remained gloomy: Woodside +1.6% and Santos -2.3%.

Mostly up in Asia...

Over to UK/Europe:







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

http://www.ft.com/cms/s/751c0f76-0312-11dc...0b5df10621.html

Anthony Bolton, Britain’s most feted fund manager, has fired a message of doom and gloom as his parting shot to the industry as his sparkling career spanning more than quarter of a century draws to a close.
“We’ve got a bull market that is four years old now,” he said. “I find it difficult to find cheap shares. The low risk and high risk [shares] have gone up together. That spells danger. You are seeing mergers and acquisitions tittle tattle that makes me concerned.”

Still holding my JUNE 42.5 puts from 2.6. Last trade at 3.7.
Stop if it close above the 5 dma.

On one of the biggest intraday reversals on the s&pee in over 2 months, M2M only had 3 pages of post? Wow!

I think people are burnt out.

Well, Mark hasn't been posting and that slows things down.

My favorite trader went to 10% long (which is essentially cash) yesterday. So he was big-time spooked by the action yesterday. I may bail on longs today too. We'll see how the open goes.

Good Morning!

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Doc


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I think everyone is burned out

which way today??

Yes, but the bear bus may be leaving the station ...

Way too early to look for a big down. Reasoning explained in the WSE Pro last night. Get a risk free trial and get in right now. Click the link below!

The Dow is the laggard at the open ... and the Dog is running ...

"Maybe our friends in Wall Street have come up with something NEW ... "

Flushed longs except for ONT. Actually had a fair amount of green in my positions this morning. Holding onto my AMD short for now. There's been a
little more volatility this week than my usual liking. I'm glad I stayed out of the miners this week.

Energy is looking quite perky this morning.

Looks like I bailed on my longs a little early. Oh well, I'll be on the road today and unable to watch for a few hours. Look at that green pouring in!

DJ Fed Accepts $4 Bln In Overnight RPs

Type of transaction: Overnight RPs
Total accepted: $4 Bln
Total submitted: $50.6 Bln

Agency Collateral Operation
Total accepted: $3.501 Bln
Total submitted: $22.85 Bln
Stop-Out Rate: 5.24%
Weighted Average: 5.24%
High-rate submitted: 5.25%
Low-rate submitted: 5.17%

Treasury Collateral Operation
Total accepted: $499 Mln
Total submitted: $20.5 Bln
Stop-Out Rate: 5.13%
Weighted Average: 5.13%
High-rate submitted: 5.14%
Low-rate submitted: 5.07%

Mortgage-Backed Collateral Operations
Total accepted: None
Total submitted: $7.25 Bln
Stop-Out Rate: N/A
Weighted Average: N/A
High-rate submitted: 5.25%
Low-rate submitted: 5.23%

Looking at GS carefully ... despite a marginal new closing high yesterday, it hasn't topped its intraday high of 5/7 yet.

With the DOW making new world lifetime universe since-the-dawn-of-time highs daily, Goldie is singing a slightly different tune, IMO.

And on the subject of gold ...

Chicago Tribune article I am unable to link.
Eddie Lampert got Confidential Treatment from the SEC to allow his fund to build C position WTF, How does a Billionaire get CONFIDENTIAL TREATMENT?

Maybe it's a little early yet, but if this pop fails, it'll be two massive opening squeezes during an opex week that have failed ...

am i missing something ?

NBS, the BOTTOM is in in Homebuilding

ECONOMIC REPORT
Building permits drop to a 10-year low
Housing starts gain 2.5% in April to 1.53 million annual rate
By Rex Nutting, MarketWatch
Last Update: 9:56 ET May 16, 2007


WASHINGTON (MarketWatch) -- U.S. builders pulled back on filing for permits to build homes in April, but started construction on more houses than they did in March, the Commerce Department reported Wednesday.
In mixed data on the housing market, the government said building permits fell 8.9% to a seasonally adjusted annual rate of 1.429 million, the lowest since June 1997.
It was the largest percentage decline in 17 years. And it was much lower than the 1.51 million pace expected by economists surveyed by MarketWatch. See Economic Calendar.
Meanwhile, the number of new houses started increased by 2.5% to a seasonally adjusted annual rate of 1.528 million, higher than the 1.48 million pace expected. Read the full government report

http://www.marketwatch.com/news/story/buil...e&dist=printTop

It's scam week. Look for the jam between 11:00 and 12:00. If it isn't there, then it's probably safe to short. Here we all are talking about how much weakness there is and the indices are up!

Though many of the tech stocks that I watch are not really looking strong.

I do expect some kind of decent bounce in the miners this week. Except for TRE of course.

It's funny that last time this year, there was panic in the streets.

I know; I bailed though maybe a week earlier. It was panic and mayhem in the miners and energy stocks.

We need housing permits dropping to zero. Then we can definitely say that the bottom is in.

Housing permits can go negative can' they? As in "we gave you a permit to start building last year and nothing has commenced so we are going to take it away"

XHB homies now RED. Looks like PP is on target, another opening squeeze.

Still holding short S&PEE short.
Looking to add if we get above 1515 on ES.

Trading range.

Gold loves 666

OPPSS!

NEM breaks 40...
OHHHH FAAAAA..

Is that ET's language for ohhhhh faukkkkk

Info babe on CNBS in the RED, down from ATH but every thing is OK cause Gold is down

From McHugh email service.....

Subject:
was McHugh has been bullish 87% of the Time the Past Year

body:
Dear Friends,

Did you know that McHugh's indicator has been Bullish 87 percent of the time, the past year? That's right, McHugh's key trend-finder indicator has been on a "buy" signal 217 out of the past 251 trading days, catching all of the rally since May 2006. The only times McHugh was Bearish was the last half of the month of May 2006, and a few days at the end of February 2007, when significant stock market corrections occurred. However, his Purchasing Power Indicator immediately turned Bullish again at the bottom of those declines.

Why miss out on success? Give yourself the trading and investing advantage.

http://www.bloomberg.com/apps/news?pid=new...id=asxDKo4T6UL0
They're buddies now:

Looks like "no worries" for the yen carry. Since the late Feb explosion, the yen has been walked down relentlessly. Now back to where it was in late Feb again. Hard to believe a "one-way" trade like this can keep working day after day, month after month, year after year. But for now, carry on boyz.

Went to take a shower and el-tankerola when I get back.

SPG continues to head south. Not a good sign for the retailers.

Time to hit the road.

What a deal.......


DJ Fannie Mae $1 Bln Reopened 10-Yr Notes Price At 5.071% Yield


NEW YORK (Dow Jones)--Fannie Mae (FNM) priced $1.0 billion of reopened
10-year notes Wednesday, according to the government-sponsored enterprise.
Terms were as follows:

Amount: $1.0 billion
Maturity: May 11, 2017
Coupon: 5.0%
Issue Price: 99.448
Yield: 5.071%
Spread: N/A
Settlement: May 18, 2005

TTEK
Looks like a dong.

Looks like a bottom on PWI.
Currently yields a handsome 13% dividend a year.

I get these emails from Zacks:


Today's Topics: Wednesday - May 16, 2007

1) ZACKS RANK BUY STOCKS - Today we highlight four new stocks with a short-term "Buy" or "Strong Buy" recommendation: Mobile Mini (MINI), Reliance Steel & Aluminum (RS), Companhia Vale do Rio Doce (RIO) and Merrill Lynch (MER). Get these stories below.



Either these are total scams or by the time they put these picks in they are topping..

[attachmentid=83405]

[attachmentid=83406]

SRS three days up off 76 support

short housing

Good to know there's a bear market somewhere !

Peru down 5 days in a row.

First time in history, seems like.

Tick tock tick tock.

Mutual fund inflows slowing down to a trickle.

A couple more days like this and we'll se redemptions..

With no one to buy.

Oh my.

Coulda fooled me.

"You have to smack it down before cutting rates Ben"

NYSE A/D still negative

NYA goes red