http://finance.yahoo.com/intlindices

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










http://www.kitco.com

Energy futures

Currencies/Au/Ag

A bullish start but hard to say whether it will last. All Ords +0.5%, IT leading, +1.3% followed by Consumer Staples, +1.1%. There's only one red sector, Healthcare -0.2%.

Miners looking reasonable: BHP +1.5%, RIO +0.9% and the golds vary with Newmont doing the best, +2.5%.

Strong move on the oils: Woodside +1.4% and Santos +1.6%.

The arvo consisted of churn 'n burn action. All Ords closed +0.3% and the sectors did a reshuffle with Energy taking the lead, +1.3% followed by Materials, +1.1%. Two sectors finished red, Financials and Consumer Discretionary, both -0.3%.

In the miners, BHP moved up 2% on big volume. RIO was much more subdued, +0.5%. Newmont, in the golds, had a big day, +3.1%, Lihir +1.3% and Newcrest -1.1%.

Oils continued to move up: Woodside +1.6% and Santos +2.2%.

Asia mixed: China -1.7%, Taiwan +1.3%, Singers +1.2%.

Over to UK/Europe:







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

BP May Lose $18 Billion Gas Field Today Amid Russian Crackdown

June 1 (Bloomberg) -- BP Plc's Russian venture may lose its license today to a Siberian field with enough natural gas to supply Asia for five years as President Vladimir Putin cracks down on foreign energy projects.

The Natural Resources Ministry's license-revocation committee should annul BP's permit for the $18 billion Kovykta field when it meets later today, said Oleg Mitvol, deputy head of the ministry's environmental inspectorate.

The government of Russia, the world's biggest energy supplier, has used tax, license and environmental audits to restore state dominance over the industry. Mitvol led the attack on Royal Dutch Shell Plc's $22 billion Sakhalin-2 venture last year, which ended when Shell agreed to cede control to state-run OAO Gazprom.

German Retail Sales in April Increase Most in Four Months

June 1 (Bloomberg) -- Retail sales in Germany, Europe's largest economy, rose the most in four months in April.

Sales, adjusted for inflation and seasonal swings, rose 2.6 percent from March, when they fell 0.3 percent, the Federal Statistics Office in Wiesbaden said today. Economists forecast a gain of 0.8 percent, the median of 31 estimates in a Bloomberg News survey showed. From a year earlier, sales fell 0.6 percent.

China Manufacturing Activity Rises

June 1 (Bloomberg) -- China's manufacturing activity rose in May to the highest level in more than two years after a surge in bank lending, according to a survey by Hong Kong-based CLSA Asia Pacific Markets.

The Purchasing Managers' Index climbed to 54.1 from 53.3 in April, CLSA said today in an e-mailed statement. That is the highest since April 2005. A reading above 50 reflects an expansion in manufacturing.

Premier Wen Jiabao wants to stop the flood of export cash that drove foreign-currency reserves to a record $1.2 trillion from fueling inflation, asset bubbles and spending on factories that will stand idle in a slowdown. The central bank has raised interest rates twice this year and ordered banks to set aside more money as reserves five times to cool lending and investment.

How to identify a top via the tunneling method:

[attachmentid=84000]

Source:

http://www.nytimes.com/2007/06/01/nyregion/01truck.html

Smart guy.

Good Morning!

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The US gubermint released some number this morning, jobs, I think.

It's BULLISH!!!




What were the chances of that happening?

The barbarous relic and it's miners had an up day on a "Sell and head for the Hamptons" Thursday afternoon yesterday.

Come ooo-o-o-onnnnn, $670!

After recent market action Shorty decides to tie up traffic on the GWB for a few hours this AM......
-------------------------------------------
Upper Level Of George Washington Bridge Closed
Possible Jumper On Bridge
Last Edited: Friday, 01 Jun 2007, 9:11 AM EDT
Created: Thursday, 31 May 2007, 8:10 PM EDT

The upper level of the George Washington Bridge is closed in both directions.

The upper level of the George Washington Bridge is closed this morning because police are removing a man who apparently threatened to jump. Both directions of the bridge are closed.



Linky

Zoomberg


Hey, it's date night tonight and a pig's gotta do what pig's gotta do . . .

this sure smells like 1987 all over, rates and stocks moving higher, weak dollar, and a republican president

another rabbit out of the hat

2007 Net Birth/Death Adjustment May 203K

nonfarm payrolls 157K


MEW vs profits - thought this was interesting, so posted it just in case anyone else wanted to have a look

Get ready for another triple digit day.....Dow 14,000 is a comin'....soon

or a reversal day made in heaven ... more GOOG and SPX puts just now ...

Massive pay day today....just dumped my 2,500 DJ shares (average cost $53.65) .....done for the day!!!!

DJ Fed Accepts $6.5 Bln In 3-Day RPs

Type of transaction: 3-Day RPs
Total accepted: $6.5 Bln
Total submitted: $41.05 Bln

Agency Collateral Operation
Total accepted: $983 Mln
Total submitted: $17.45 Bln
Stop-Out Rate: 5.26%
Weighted Average: 5.27%
High-rate submitted: 5.27%
Low-rate submitted: 5.2%

Treasury Collateral Operation
Total accepted: $5.478 Bln
Total submitted: $20.5 Bln
Stop-Out Rate: 5.1%
Weighted Average: 5.11%
High-rate submitted: 5.13%
Low-rate submitted: 5%

Mortgage-Backed Collateral Operations
Total accepted: $39 Mln
Total submitted: $3.1 Bln
Stop-Out Rate: 5.28%
Weighted Average: 5.28%
High-rate submitted: 5.28%
Low-rate submitted: 5.24%

(Data was provided by the New York Federal Reserve Bank).

Goldies look like they're topping. For what it is worth, like Merci man would say, "too fast too quick."

Anyone look at semis? OIH, gap and crap, its a daily routine now.

Fidelity.com is down this morning. I don't think that I've seen that before during trading hours. Dell is doing a nice fade from the highs last night.

New Era.

" We had, jobless recovery, and now full employment recession"

Reason why job #'s are called a lagging indicator.

http://wallstreetexaminer.com/trading/inde...indpost&p=31898

WSE Pro Fed and Treasury Daily report coming up shortly.

10YR
-12/32 96 18/32
Yield:4.93%

Dip buyers getting teased to grab a falling knife here ..

negatie divergences all over the place on my 60 minute chart for ES (mini s&p)

As most of you know, my frequent absences of late have been necessitated by the fact that I have been caring for my mother who has Alzheimer's. Beginning next week, other relatives will care for her for most of the summer, but I will be on call should any emergencies arise. Caring for a loved one with this disease has been quite a learning experience for me. I can now fully empathize with the millions of other families coping with this disease. We do the best we can, for as long as we can, and then some, understanding all the while that things will not get better.

I will be closing shop here in Florida next Friday. The following week 6/11-6/15 I will mostly be offline as we head north for our summer home in Quebec. After that things should return to a normal schedule until October.

One of the casualties of my recent schedule has been our Wall Street Examiner podcasts, which so many of you have enjoyed. I intend to resume those as soon as possible. Watch for an announcement on the WSE home page.

whats up with MU ??

im still in since last friday

Let's see if DUG can hold here. It's getting some volume.

[attachmentid=84002]

My empathies doc. I recently have taken over all the bill paying and associated stuff for my mother who is now bordering on dementia.

Its really a tough thing escpecially in a world where sharks are constantly circling the weak looking to separate them from what they strove to save.

Thank goodness for internet banking and bill paying so I can do it from a thousand miles away.

Have a safe trip and slip in a Lees cheese steak or two for me as you skid into town! (I know, you like that other place)

tak

Lee, you are much to be admired for taking your responsibility seriously in the care of your mother.

tech could be strong this summer

a couple months ago DELL was a dog and the out look was bleak.

Considering the fact that there should be a clear path for the SPX to reach its all-time highs, market action so far is rather underwhelming.

FDG news from this morning...



[attachmentid=84005]

This merciful,decent and resonsible behaviour,Im sorry to say, are the last remnants of a dying way of life...It brings up visions within me starkly contrasting--


How many of you remember years ago the series of reports of an African tribe known as the Ik? So desparately impoverished did it become that at one point stories abundant came out of adolescents and young adults pulling food out of the mouths of their elders...

I remember my not feeling a sense of moral superiority, but rather a weaknessin my knees: the thought of a fellow human being performing such acts,although thousands of miles away, threatened my very existence....

Time has passed and with its passage so did the vividness of those events....

Fast forward ,as we videoshtunks would say; look West towards the state of Oregon; Josephine and three other counties have reached such financial conditions that they've shut down all of their library systems, fired the vast majority of their District Attorneys,emptied their jail cells except only for the most savage inhabitants...

All search and rescue missions will henceforth be performed on a purely voluntary Basis--

Guns,according to what I read, are now being distributed to citizens because its everyone for himself...Various plans for county unification are being explored, but this amounts to jumping aboard already crowded lifeboats...

How true the above is I can't tell--we'll know soon enough wont we....

Im an apocalypticist ,not by choice but by compulsion...Anyone who knows me knows that all the tales of envisioned woe radiating from my forehead are really modes of wood-knocking,the hope being, that the chances of the vision's realization will be dissolved as rapidly as they are formulated...

But now........Heeeeeeeeeeeeeeeeeeres Oregon!!!!!!!!!!!!!!!!!!!

beardrech

Goldies running right into planted gaps.

The market can take a breather now... after killing the last of the bears...

[attachmentid=84006]

Word!


There are those futurists (self-described) who seem sure that all large scale enterprises, corporate, government, etc., will fail in the coming decades as oil becomes more scarce. Distribution systems that must send things thousands of miles simply will not be feasible, and forget about your suburbs with 50 mile commutes. As you say, we will know soon enough.

There's a guy in the mortgage biz that much like Lee has seen the popping of the housing bubble coming. On his site he has a number of observations and lessons learned over his many years in the mortgage business. He is still in the business but is primarily a "conventional" loan person. Good reading if you have some time:

http://quiggleme.com/

Here is a small snipet:


So far I have been one hundred percent accurate in my predictions for the subprime lending industry, its effect on the housing market and its fallout into other economic sectors. And it didn’t take an MBA or PHD in economics to see it coming.

As I sit back and watch the unwinding of what will become known to future generations as the greatest asset bubble of all time, I now believe I have a handle on where this will all wind up. It’s going to be very interesting for me to look back on this post to see how accurate my predictions are.

One, housing prices across the US will correct to levels directly commensurate with 2000 to 2001 price levels on a regional basis and will take until year end 2008 and into 2009 to be fully absorbed into respective markets. The drag will also correlate to FNMA debt-to-income ratios for full income documentation loans taking into consideration median incomes versus housing expenses again on regional basis. Look to your local statistics and do the math.

Two, the foreclosure event of twenty-o-seven will cause a major recession in the US economy by 2010. Contributing factors will include a ‘dollar-protective’ stance on the part of the Fed. Their inability to sustain the dollar through the perpetual expansion of money will be replaced by higher interest rates and a tightening of overall consumer credit.

Headline news

To all 11 members here right now: Fascinating action in the miners going on today.

This guy sounds optimistic to me.

If you are playing MRVL wouldn't you sell some here and wait for a correction to buy it back?

FRANKFURT (Thomson Financial) - The European Central Bank said it has sold 37 tons of gold over the past two months, but that it has no plans for further sales in the current year of the central banks' gold agreement.

The ECB also sold 23 tons of gold in Nov 2006, so the recent sales take total sales for the current year of the gold agreement to 60 tons.

The current year of the gold agreement runs to Sept 26.

'It is not the ECB's intention to sell more gold in the current year of the agreement,' it said.

Forbes

Sorry Whadda... I can't tell if you are pulling my leg or not...

This guy is talking about 2000 to 2001 prices into 2009.....

Their trough runneth over . . .

Sorta joking Bungster, I think it will be worse than his forecast with a recession already in the beginning stages. If we are starting a downturn and it lasted until 2010, that wouldn't surprise me in the least.

Wow, we may get to 4 pages today without Drano or Wndy.