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Full Version: IDS World Markets Fri 8th June 07
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Speccy action in the US last session and Oz following suit today. All Ords -1.5% with all sectors down more than a percent. Energy is down the most, -2.2% followed by Property Trusts, -2.1%. Telecomms and Utilities are down the least, -1.3%.
Golds bearing the brunt of the selloff: BHP -1.2%, RIO -2.2%, Newcrest -2.5% and Newmont -3.1%.
Oils down on lowish volume: Woodside and Santos both -1.5%.
China's May Car Sales Gain on Discounts, New Models
June 7 (Bloomberg) -- China's passenger car sales rose 23 percent last month, the fastest pace in the past three months, as price cuts and new models attracted more people to showrooms.
Sales of passenger cars, including multipurpose vehicles and sport-utility vehicles, rose to 488,500 units in May, the China Association of Automobile Manufacturers said in an e-mailed statement today.
Hyundai Motor Co., Toyota Motor Corp. and other automakers are offering discounts while expanding production to help attract consumers in a market where 16 vehicles are sold every minute. China's total vehicle sales may rise more than 15 percent to 8.35 million units this year, according to the association.
June 7 (Bloomberg) -- China's passenger car sales rose 23 percent last month, the fastest pace in the past three months, as price cuts and new models attracted more people to showrooms.
Sales of passenger cars, including multipurpose vehicles and sport-utility vehicles, rose to 488,500 units in May, the China Association of Automobile Manufacturers said in an e-mailed statement today.
Hyundai Motor Co., Toyota Motor Corp. and other automakers are offering discounts while expanding production to help attract consumers in a market where 16 vehicles are sold every minute. China's total vehicle sales may rise more than 15 percent to 8.35 million units this year, according to the association.
Japanese Government Notes Slide; Yield at Highest Since 2000
June 8 (Bloomberg) -- Japan's government notes slid, pushing five-year yields to the highest since they were first sold in 2000, after U.S. Treasuries had the biggest drop in more than three years on concern global interest rates will rise.
Yields on Japan's five-year notes have climbed more than a third of a percentage point in the past three months. The yield premium of five-year U.S. notes over similar-dated Japanese debt widened over the same period on signs of strength in the world's biggest economy.
-----------------
Indian Bonds Advance as Yields at 3-Week High Attract Investors
June 7 (Bloomberg) -- Indian government bonds snapped three days of losses on speculation yields at the highest in almost three weeks lured investors back to debt as inflation slows.
The rate at which banks lend to each other stayed below 1 percent this week before rising to 3 percent today, suggesting funds in the banking system are ample. Bonds fell earlier this week on concern lenders would be left with less cash to invest in debt after the central bank and the federal government sold as much as 205 billion rupees ($5.04 billion) of bonds.
June 8 (Bloomberg) -- Japan's government notes slid, pushing five-year yields to the highest since they were first sold in 2000, after U.S. Treasuries had the biggest drop in more than three years on concern global interest rates will rise.
Yields on Japan's five-year notes have climbed more than a third of a percentage point in the past three months. The yield premium of five-year U.S. notes over similar-dated Japanese debt widened over the same period on signs of strength in the world's biggest economy.
-----------------
Indian Bonds Advance as Yields at 3-Week High Attract Investors
June 7 (Bloomberg) -- Indian government bonds snapped three days of losses on speculation yields at the highest in almost three weeks lured investors back to debt as inflation slows.
The rate at which banks lend to each other stayed below 1 percent this week before rising to 3 percent today, suggesting funds in the banking system are ample. Bonds fell earlier this week on concern lenders would be left with less cash to invest in debt after the central bank and the federal government sold as much as 205 billion rupees ($5.04 billion) of bonds.
Bank of England Keeps Rate at Six-Year High
June 7 (Bloomberg) -- The Bank of England left its benchmark interest rate unchanged at a six-year high, giving four previous increases time to slow inflation.
The nine-member Monetary Policy Committee, led by Governor Mervyn King, kept the Bank Rate at 5.5 percent today, as predicted by 58 of 62 economists in a Bloomberg News survey. The rest predicted a quarter-point increase.
June 7 (Bloomberg) -- The Bank of England left its benchmark interest rate unchanged at a six-year high, giving four previous increases time to slow inflation.
The nine-member Monetary Policy Committee, led by Governor Mervyn King, kept the Bank Rate at 5.5 percent today, as predicted by 58 of 62 economists in a Bloomberg News survey. The rest predicted a quarter-point increase.
Friday's open is gonna look like....
DOW:
Trendline and fib retracement levels.
It should trend lower.
Trendline and fib retracement levels.
It should trend lower.
A distinctly bearish day. Dippers turned up but weren't quite as enthusiastic as yesterday. All Ords finished the day -1.3% and Energy fell the most, -2.1% with Telecomms and Healthcare sharing 2nd place, -1.6%. Consumer Staples saw the least damage, -0.5%.
Miners all down to varying degrees: BHP -0.2%, RIO -1.6% and in the golds, Newcrest -1.1% and Newmont -2.9%.
The oils got a hammering: Woodside -2.1% and Santos -1.6%.
Asia sank like a stone: Nikkers, Singers and Sth Korea all -1.5% with Honkers -1.4%. China the only one with a tinge of green, +0.6%.
Over to UK/Europe:
http://finance.yahoo.com/intlindices?e=europe
QUOTE(Jetlag @ May 30 2007, 04:03 PM)
QUOTE(elh @ May 30 2007, 03:27 PM)
Owner of the Boston Red Sox, John Henry was a farmer before he made billions playing agricultural futures. This guy is as sharp as they come, keen on the fundamentals and savvy on the technicals.
Even he has taken a beating. Offers some understanding for a lot of us, incl. shorty and bung. Excluding windy (congrats).
...
Henry had disastrous back-to-back years in 2005 and 2006 and his magic touch seems to have deserted him.
...
Even he has taken a beating. Offers some understanding for a lot of us, incl. shorty and bung. Excluding windy (congrats).
...
Henry had disastrous back-to-back years in 2005 and 2006 and his magic touch seems to have deserted him.
...
This isn't your pop's market anymore.
...
Now seriously, the only way to lose money since 2005 is by being bearish.
I guess the best strategy is long and strong until a blow-off top comes along
If it breaks down to 7000 does it qualify as a blow-off top?
Any Similarity is Absolutely Coincidental
DAX double'O top:
[attachmentid=84263]
Current action:
[attachmentid=84264]
LT view of '00 top:
[attachmentid=84265]
So a bounce into OPEX making a lower high would make it almost picture perfect for bears.
Of course % wise there is no similarity. In the '00 top the DAX went up 60% in little more than 4 months. This time the 60% move started in September '05. Probably can't call it a "blow-off"
Nice move in the Doolah,
Is it going to the 200 DMA before the final plunge, or the yield breakout is going to save uncle Bucky?
[attachmentid=84267]
The currency seems to lead the yield on the 10y, but this time the yield shot up before the USD?!
Is it going to the 200 DMA before the final plunge, or the yield breakout is going to save uncle Bucky?
[attachmentid=84267]
The currency seems to lead the yield on the 10y, but this time the yield shot up before the USD?!
10y yield log chart:
[attachmentid=84268]
the line in the sand is around 53.5
This line has been support/resistance in the following years:
1966!
1968
1971
1993
1995
1998
2001
2002
2007?
After this a cool 7% seems to be significant
Regarding the breakout of the DTL
It happened in the '00 top (broke out in Dec 99 and topped in Jan '00, lower high in May)
Broke out again in early '06 but bears got screwed anyway when the yield reverted trusters in June.
[attachmentid=84268]
the line in the sand is around 53.5
This line has been support/resistance in the following years:
1966!
1968
1971
1993
1995
1998
2001
2002
2007?
After this a cool 7% seems to be significant
Regarding the breakout of the DTL
It happened in the '00 top (broke out in Dec 99 and topped in Jan '00, lower high in May)
Broke out again in early '06 but bears got screwed anyway when the yield reverted trusters in June.
bullish !
______________
Bears Look Set to Trample Wall Street
AP - Stocks were poised to embark on their fourth straight decline Friday, as stock markets around the world retreated and investors kept an eye on the weakening Treasury market. The Dow industrials have lost more than 400 points in the last three days.
______________
Bears Look Set to Trample Wall Street
AP - Stocks were poised to embark on their fourth straight decline Friday, as stock markets around the world retreated and investors kept an eye on the weakening Treasury market. The Dow industrials have lost more than 400 points in the last three days.
wow 5.15!
i own this in the LT port and its going to be a HOT summer.....
From Tape Talk Live:
The drains to the system over the last seven trading days ($15B by the Fed and $42B in net borrowing by Treasury) have had their affects on the markets. BUT, last nights Fed funds rate averaged right on target at 5.25% and have only exceeded target by a couple of basis points once in those same seven days.
The Fed's quandary......
Do they liquefy the system?
We have $6B in expiring Fed repo's this morning. Friday is a traditional drain day and the TNX is gyrating wildly....
This is certainly a day to watch what the Fed does.
The drains to the system over the last seven trading days ($15B by the Fed and $42B in net borrowing by Treasury) have had their affects on the markets. BUT, last nights Fed funds rate averaged right on target at 5.25% and have only exceeded target by a couple of basis points once in those same seven days.
The Fed's quandary......
Do they liquefy the system?
We have $6B in expiring Fed repo's this morning. Friday is a traditional drain day and the TNX is gyrating wildly....
This is certainly a day to watch what the Fed does.
Flight to safety into the same overpriced stocks, AAPL GOOG, AMZN while selling the rest of the market.
TNX another gap up.
QUOTE(crazy_ate @ Jun 8 2007, 01:01 AM)
Friday's open is gonna look like....
nasty...i'm nursing a bit of a hangover. almost lost it.
QUOTE(try2win @ Jun 8 2007, 07:28 AM)
bullish !
______________
Bears Look Set to Trample Wall Street
AP - Stocks were poised to embark on their fourth straight decline Friday, as stock markets around the world retreated and investors kept an eye on the weakening Treasury market. The Dow industrials have lost more than 400 points in the last three days.
______________
Bears Look Set to Trample Wall Street
AP - Stocks were poised to embark on their fourth straight decline Friday, as stock markets around the world retreated and investors kept an eye on the weakening Treasury market. The Dow industrials have lost more than 400 points in the last three days.
Try2win,
I've noticed you've been buying since Thursday...are you basing it on sentiments or technicals? If it's on technicals we are getting sell signals all over the place. I'll be very carefull here.
I exited all my ES dong from yesterday's close at 1507 at about 2am. I'll wait for another spike low.
It's a Green Day Opening
Pre-opening volume is nicely shaping up to the upside on most stuff I look at except miners. Integrated oils and tech should have a good day. There are definitely more eager buyers than sellers.
Last night, I watched Mad Money and Fast Money on Crapvision® and all the Wall Street shills were advising viewers to be very careful AND not to buy any bounces, just yet----right
In my opinion, if this is a longer term correction, the market should finish up today and next week.
Pre-opening volume is nicely shaping up to the upside on most stuff I look at except miners. Integrated oils and tech should have a good day. There are definitely more eager buyers than sellers.
Last night, I watched Mad Money and Fast Money on Crapvision® and all the Wall Street shills were advising viewers to be very careful AND not to buy any bounces, just yet----right
In my opinion, if this is a longer term correction, the market should finish up today and next week.
Good Morning!
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Many tanks for joining us!
Doc
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Welcome to Intraday Stool! Thanks to aussiebear for her daily opening!
You can join the discussion by registering (PG rated user names only, please) and posting here as well.
Registration is easy. Just click the Register link above, enter your email address (which you have the option to keep confidential), and enter a user name. To keep out spammers and scammers, I'll send you an email with a few Monty Python type questions. Just reply with your answers, and I'll approve your registration as soon as I receive your reply.
If you have questions about how to register and post, use the Help link in the menu bar at the top of the page.
If you know others who might be interested in joining us, use the email to a friend link above the thread.
Many tanks for joining us!
Doc
Try the Professional Edition risk free for thirty days. If, within that time you don't find the information helpful, I'll give you a full refund. It's that simple!Click here for more information.
Subscribe to the Wall Street Examiner Professional Edition Precious Metals Daily, just $39 quarterly. Try it risk free for 30 days!
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Looks like we are getting our gap up afterall.
QUOTE(linrom @ Jun 8 2007, 08:10 AM)
In my opinion, if this is a longer term correction, the market should finish up today and next week.
A stick save Friday you say?
History may not repeat itself, but it does rhyme a lot.....
- Mark Twain
QUOTE(linrom @ Jun 8 2007, 08:10 AM)
It's a Green Day Opening
Pre-opening volume is nicely shaping up to the upside on most stuff I look at except miners. Integrated oils and tech should have a good day. There are definitely more eager buyers than sellers.
Last night, I watched Mad Money and Fast Money on Crapvision® and all the Wall Street shills were advising viewers to be very careful AND not to buy any bounces, just yet----right
In my opinion, if this is a longer term correction, the market should finish up today and next week.
Pre-opening volume is nicely shaping up to the upside on most stuff I look at except miners. Integrated oils and tech should have a good day. There are definitely more eager buyers than sellers.
Last night, I watched Mad Money and Fast Money on Crapvision® and all the Wall Street shills were advising viewers to be very careful AND not to buy any bounces, just yet----right
In my opinion, if this is a longer term correction, the market should finish up today and next week.
Cramer to sell at the open if we gap up and buy the open if we have a 100 point gap down. How often is he right again?
CAVEAT EMPTOR:
ES (Sep) had an overnight low of 494.25 (SPX equivalent = ~480). ZB dropped another 1¼ points around the same time. Don't be surprised if these levels get tested today.
ES (Sep) had an overnight low of 494.25 (SPX equivalent = ~480). ZB dropped another 1¼ points around the same time. Don't be surprised if these levels get tested today.
$5.5B weekend repo by the Fed. $0.5B drain. No hurt, no help.
We're at SPX 50dma, also Windy's bottom of correction
I'm seeing bounces on the 5 and 10 minute charts this morning...
Who ran that cover with the picture of USD washington face on life support?
DJ Fed Accepts $5.5 Bln In 3-Day RPs
Type of transaction: 3-Day RPs
Total accepted: $5.5 Bln
Total submitted: $56.85 Bln
Agency Collateral Operation
Total accepted: $2.376 Bln
Total submitted: $24.45 Bln
Stop-Out Rate: 5.26%
Weighted Average: 5.26%
High-rate submitted: 5.26%
Low-rate submitted: 5.19%
Treasury Collateral Operation
Total accepted: $3.124 Bln
Total submitted: $27.15 Bln
Stop-Out Rate: 5.17%
Weighted Average: 5.17%
High-rate submitted: 5.18%
Low-rate submitted: 5.1%
Mortgage-Backed Collateral Operations
Total accepted: None
Total submitted: $5.25 Bln
Stop-Out Rate: N/A
Weighted Average: N/A
High-rate submitted: 5.26%
Low-rate submitted: 5.23%
(Data was provided by the New York Federal Reserve Bank
*DJ Fed's Moskow: Growth To Strengthen In 2Q -Crapvision
*DJ Fed Moskow: Concerned That Mkt Was Underpricing Risk-Crapvision
everything is just grrrrrrrrrrreat
*DJ Fed Moskow: Concerned That Mkt Was Underpricing Risk-Crapvision
everything is just grrrrrrrrrrreat
looks like an ordinary Dow-worship Friday: gov't gold and crude slapdown, shlock fraudex weekend showgreenprint
no inflation, economy strong, all is well
no inflation, economy strong, all is well
QUOTE(shorty @ Jun 8 2007, 09:11 AM)
looks like an ordinary Dow-worship Friday: gov't gold and crude slapdown, shlock fraudex weekend showgreenprint
no inflation, economy strong, all is well
no inflation, economy strong, all is well
Markets are controlled well by the Politiboro....
Just getting to my computer this morning.
Looks like the ALL CLEAR has been given.
We now resume our regularly scheduled programming.
Looks like the ALL CLEAR has been given.
We now resume our regularly scheduled programming.
Not exactly a bounce worth writing home about
QUOTE(Jetlag @ Jun 8 2007, 08:53 AM)
Who ran that cover with the picture of USD washington face on life support?
I think it was a dutch financial magazine... can't remember exactly
Who else thinks we go red in the next 15 mins?
QUOTE(shorty @ Jun 8 2007, 07:11 AM)
looks like an ordinary Dow-worship Friday: gov't gold and crude slapdown, shlock fraudex weekend showgreenprint
no inflation, economy strong, all is well
no inflation, economy strong, all is well
What I find amusing is that the Ponzineers are trying to calm J6P by telling him that the economy is strong which I guess is meant to suggest that the market will return to its ever-increasing ways.
When in fact, a strong economy could be the death blow to this market because of the higher interest rates that should ensue.
It the interest rates stupid!
typical breadth boost not two seconds after I open my big mouth
A warm day in late Spring on Fraud Street. The Gang of 22 has met and planned what Al Gore Rhythm to lay on markets, and I got change and a stock tip from my bootblack.
Like a kidney stone this calm in the markets shall pass... 
Today's high will come right at the 10:45 Rydex time.......
I think the bottom pickers might get a nasty suprise today. Holding short the YM contract (at least until the afternoon ramp job starts or we get a panic plunge).
As Doc drove out of Florida in his new car, this sticker was seen on his rear bumper.
I am watching the BKX for clues on where we will go, not a great showing so far.
QUOTE(Sudaca @ Jun 8 2007, 09:29 AM)
QUOTE(Jetlag @ Jun 8 2007, 08:53 AM)
Who ran that cover with the picture of USD washington face on life support?
I think it was a dutch financial magazine... can't remember exactly
Thanks.
Trying to track down this relatively obscure cover I found this article on cramer:
http://nymag.com/news/features/32382/
"Then there’s the second group of “Cramer-haters,” as I call them on the show. This group is supremely well intentioned, and for the most part right. They’re skeptical about my ability to make people money."
Posted this chart from ContraryInvestor here earlier in the week. Yesterday's close = 107. Par looks like a done deal to me.
Next contestant, please. Who's wants to catch that knife?
Next contestant, please. Who's wants to catch that knife?
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