http://finance.yahoo.com/intlindices

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










http://www.kitco.com

Energy futures

Currencies/Au/Ag

Not quite the drop that the US saw but the punters are nervous. All Ords currently down -0.3% with every sector in the red except for IT, up a feeble +0.2%. Energy, -1%, is down the most.

In the miners, BHP is only just hanging in, +0.1% but RIO has thrown in the towel, -1.5%. The golds are down in the region of 1%.

Oils down: Woodside -0.3% and Santos -1.2%.

Japan Trade Surplus Widens as Export Growth Quickens

June 21 (Bloomberg) -- Japan's export growth almost doubled in May, buoyed by shipments to China and the European Union and a rebound in U.S. demand.

Exports rose 15.1 percent from a year earlier, compared with 8.2 percent in April, the Ministry of Finance said today in Tokyo. The gain beat economists' estimates, helping the trade surplus widen 9.3 percent to 389.5 billion yen ($3.2 billion).

Manufacturers including Honda Motor Co., Japan's second- largest automaker, are enjoying higher demand from Asia, helping exports rebound after growing at their slowest pace in 18 months in April. Shipments to Europe rose at the fastest pace in nine months, helped by the yen's drop to a record against the euro.

Verrrry touchy market today. All Ords closed -0.1% giving the feeling that it's all over red rover, short term anyway. IT came in +1% followed by Materials +0.5% and the rest were in the red with Consumer Staples down the most, -1%.

BHP, quite surprisingly, had a green one, +1.6% and RIO closed -1%. No joy in the major golds: Newcrest -1.4% and Newmont -0.2%.

In the oils, Santos closed flat and Woodside -0.8%.

Mostly up in Asia but Europe not convinced:







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

It's all good, any way you spin it:

"China Medical Device Stocks Lure Investors on Demand, Diseases"

"The government is spending more on everything from syringes to ultrasound machines to prepare for an impending health-care crisis. That's driving up shares of Chinese medical-equipment makers, putting them among the best performers in the industry."


http://www.bloomberg.com/apps/news?pid=206...HUjg&refer=home

We have such a great group of posters here. What sets you apart is both the quality of your observations and analysis, but also the respect you show for one another, for the well reasoned arguments of both bull and bear (except for Shorty of course ), and your fantastic, good natured senses of humor.

Very rarely, I delete posts which veer too far astray from those high standards you almost always meet, especially when I feel a post falls short of that standard of respect for either the bear or bull case.

Let's face it, there are a whole lot of people out there who have no respect whatsoever for the bear case and who feel that it's ok to attack those of us who thoughtfully espouse it. They have no business here, and we aren't going to give them a platform. There are plenty of other places on the web for that, and if that's your cup of tea, that's ok, just not here. From my perspective, it's not personal at all. It's just for the purpose of maintaining the extraordinary quality of discourse that sets you apart from the crowd. So I want to encourage all points of view here, as long as they are made thoughtfully, with a sense of humor, and respectful of the fact that there are other points of view that may ultimately prove to be correct.

I congratulate you and I thank you for what you have created here, and what you continue to create every day.

And now, On with the show! (And many tanks as always to Aussiebear for opening IDS every day!)

Try the Wall Street Examiner 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.

Another HUGE gap up for PTR.
151.73 in prehour.

DJ Fed Accepts $5 Bln In 14-Day RPs

Type of transaction: 14-Day RPs
Total accepted: $5 Bln
Total submitted: $31.101 Bln

Agency Collateral Operation
Total accepted: None
Total submitted: $9.35 Bln
Stop-Out Rate: N/A
Weighted Average: N/A
High-rate submitted: 5.25%
Low-rate submitted: 5.18%

Treasury Collateral Operation
Total accepted: $5 Bln
Total submitted: $10.85 Bln
Stop-Out Rate: 4.91%
Weighted Average: 4.96%
High-rate submitted: 5%
Low-rate submitted: 4.73%

Mortgage-Backed Collateral Operations
Total accepted: None
Total submitted: $10.901 Bln
Stop-Out Rate: N/A
Weighted Average: N/A
High-rate submitted: 5.27%
Low-rate submitted: 5.24%

*DJ WTO G4 Talks Appear To Have Collapsed - Trade Officials

NEW DELHI (Dow Jones)-- Talks among World trade Organization members-- U.S.,
E.U, Brazil and India--to revive the stalled Doha round have failed following
differences over farm subsidies, India's Commerce and Industry Minister Kamal
Nath said Thursday.


(MORE TO FOLLOW) Dow Jones Newswires

"A sale would give banks, brokerages and investors the one thing they want to avoid: a real price on the bonds in the fund that could serve as a benchmark. The securities are known as collateralized debt obligations, which exceed $1 trillion and comprise the fastest-growing part of the bond market."

Ah, I just love the smell of synthetic CDO squareds blowin' up in the morning...

Equity tranche holders are going to be dropping like flies

http://www.bloomberg.com/apps/news?pid=206...7Bpw&refer=home

Do you think this is the straw that will break the bulls back, or is it possible for the markets to swallow this too and keep chugging?
Seems that if the BSC CDO's get marked to market, this will change a lot of book values and lead to more liquidations. Could cause widespread institutional selling of equities and bonds also?

DJ Fed Accepts $8.75 Bln In Overnight RPs

Type of transaction: Overnight RPs
Total accepted: $8.75 Bln
Total submitted: $31.3 Bln

Agency Collateral Operation
Total accepted: $3.91 Bln
Total submitted: $9.55 Bln
Stop-Out Rate: 5.23%
Weighted Average: 5.24%
High-rate submitted: 5.25%
Low-rate submitted: 5.19%

Treasury Collateral Operation
Total accepted: $1.128 Bln
Total submitted: $9.05 Bln
Stop-Out Rate: 5%
Weighted Average: 5%
High-rate submitted: 5.02%
Low-rate submitted: 4.9%

Mortgage-Backed Collateral Operations
Total accepted: $3.712 Bln
Total submitted: $12.7 Bln
Stop-Out Rate: 5.25%
Weighted Average: 5.25%
High-rate submitted: 5.25%
Low-rate submitted: 5.21%

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

Buying the closing LOD doesn't work anymore.

Ooops, I guess too many blackboxes were playing that.

Well said and sorry I caused the problem

DJ Brazil Intl Reserves Ready To Surpass Sovereign Foreign Debt



SAO PAULO (Dow Jones)--When Brazil began to accumulate foreign-currency
reserves in earnest at the end of 2005, few analysts expected the South
American giant to build them to a level matching foreign medium- and long-term
debt, but that is exactly what is likely to happen.

Brazilian foreign reserves reached $143.3 billion as of June 19, the
country's highest level in history, according to central bank figures released
Wednesday night. By comparison, the country's medium- and short-term external
debt totaled $147.8 billion at the end of March, the latest data available.

Had a feeling it was going to be different this time around.
The AMEX issue was the warning sign.

FXI rallying.
Incredible!

Like some brazilian president or minister once said "Brazil's problem isn't external debt, it's internal debt"

But with the likes of Pimpco and Japanese deranged house wifes leveraging into Brazil's local currency and debt, maybe that won't be a problem in the near future.

SMH still attracting support. A possible sign of complacency, everyone and their dog is going to try and pay the bounce off 1500.

Yeah, it's a little too obvious. Question is do they stop the carnage before it gets there, or just blast right through?

S&P bounced off of the 50DMA again.
Mark might have nailed this move to the tee..

Well all I can say is thank goodnes for AAV. It has gained enough to make up for everything else. So for the last month I have just been treading water. I did buy a few July QQQQ 48 calls yesterday at .71, they are .60 now, so we will have to see. But being even for a month and collecting divvies is not too awful.

This is smelling more and more like the japanese cross holding/loss hiding book cooking that led to a 10year + depression.

"``We're not surprised to find the principal circle of players is pretty interconnected,'' said Roy Smith, professor of finance at New York University Stern School of Business and former head of Goldman's London office. ``What we're looking for is whether the interconnection creates a negative domino effect: Whether Hedge Fund A creates a problem for other hedge funds, which in turn creates a problem for the prime brokers that are lending to them.''"

The CDO structuring is also very prone to domino effects, there was an article some time ago explaining how the diversification in CDO assets wasn't that diversified when you looked at them as a group (lots of CDO's holding the same bonds)

I remember some phrase along the lines, "you knock on the door enough times eventually it opens"

=DJ Blackstone's IPO Well Oversubscribed On Eve Of NYSE Debut

By Yvonne Ball
Of DOW JONES NEWSWIRES

NEW YORK (Dow Jones)--Analysts are reporting overwhelming demand for shares
in Blackstone Group's $4.6 billion initial public offering on the eve of its
stock exchange debut.

Blackstone's offering is scheduled to price Thursday, ahead of its debut on
the New York Stock Exchange, under the symbol BX, on Friday.

So many possibilities for the market to take? But, Occam Razor was a very smart guy. Tomorrow is FRIDAY and next week is the End-Of-Quarter.

You guys and others may want to look at REED. I saw it on an Agora post and looked it up on Schwab. Here is a snip of a newswire story.

It is from the LA Times. Trader Joe's sells the product and I for one like it.


Reed's, Inc. (OTCBB:REED), is the number one sugar and fructose sweetened soda brand in the natural channel, beating out international brand names like San Pelegrino and Orangina. According to SPINS, a market research and consulting firm for the natural products industry (SPINSscan Natural, 52 Weeks Ending 4/21/07), Reed's Ginger Brew Extra is the top selling sugar and fructose sweetened soda item in the natural products industry, within the United States, followed by Virgil's Root Beer, Reed's Ginger Brew Premium and Reed's Ginger Brew Original - all Reed's, Inc. products. Not only did Reed's and Virgil's beverages make the top four of over 600 sugar and fructose sweetened sodas, it claimed seven of the top twelve spots.

The question isn't whether they'll bounce at the 50 day MA once or twice. That's an absolute given. The question is how many times they'll bounce, and how high, before the breakdown. It's important to keep an open mind and watch for signs of technical deterioration that will tell whether the market remains under accumulation, or is in distribution.

I have learned my lessons the painful way, when a trade seems way too easy it is usually when I have gotten scorched

Picked up more AMR this morning at 26.61.

Maybe a moon shot to 150?

Sumptin happening on the SOX?

[attachmentid=84709]

[attachmentid=84711]

V for Vendetta..

Maybe it's the last gasp before the prison shaft, like in May.

Long the NDX from this mornings bounce off the 20DMA...Why do I feel so dirty?

[attachmentid=84713]

They have insurance policy like most nation in USD and bond issues in their currency which is backed by Printing machines…(In the old days balance of trade was balanced by shipping the gold now its done with printing machines) Don’t forget there are tons of dollars floating around and they all have to be balance…IMHO

I am ready for Doom and Gloom, temple of Doom, Death of Butt wipes and end of the world…Bring it on

Government sponsored enterprise

That 50 MA is catching up to the current resistance level. They would need to juice this thing to a higher plateau.

Equity P/C ratio still down at 52 week lows and looking like it wants to go higher

I doubt there is going to be any "crash" when these low grade hookers are on a roll......

Move on in Congress to stop the Blackstone IPO.

http://www.washingtonpost.com/wp-dyn/conte...d=moreheadlines

Well, nobody is talking about a crash, but the last stage of a bull market is usually marked by flying pigs, so I wouldn't take anything for granted here.

This is a snippet from one of the Agora daily e-mails.
The giant stock market rally has brought the broad market put/call ratio to the levels that prevailed at prior market tops," observes the seasoned options pro, Jay Shartsis. "One such ratio is the 21-day 'dollar-weighted' put/call ratio for the S&P 500 futures. Now standing at about 44 cents of puts traded for every $1.00 in calls, this ratio is way down from levels near $3.25 in puts per $1.00 of calls at last summer's market lows and $2.40-to-$1.00 at the market low in early March, 3 months ago. The current level, therefore, represents the lowest level of put-buying – hence highest level of option trader optimism - in several years and is of course contrarily bearish. One of these fine days all these 'Fearless Fosdicks' are going to get smacked real hard on their snoots and sent home crying to their mommas."

Furthermore, Shartsis concludes, the "Titanic Indicator" triggered last week. This powerful sell signal occurs whenever "within 7 days of a new Dow high, there are more new lows than new highs on the NYSE. This indicator has quite accurately identified past market tops."

flying pigs... how's my avatar for prescient?

another perspective on PMCS. 8.25 is the key.

Recycling Butt wipes is a big business and may get bigger if Imperial America does nothing to stop the deficit….

Speaking of flying pigs, the semis are moving up today and the sexy SOX is about to make a new 52-week high---although the move might qualify as The Slowest Rally Ever (TSRE™).

I'm long a few names as well as the PSI etf which best tracks the sexy SOX. Also holding KLIC-KLAC which the crooks use to goose the SOX since it's by far the biggest weight.

That said, the semi rally could meet its maker a few points higher. The SOX will fill its May06 downside gap around 518, just 2% higher. Or it could mosey up towards 540 or even to 560 again.

The key upside "breakout" level is 560, the 2004 and 2006 doubletop. Even if it breaks thru 560, it has a ton of chart congestion to chew thru between 560-750ish.

So I plan to let these fine names go quite soon, today's outperformance notwithstanding. The semis have been excellent trading sardines for the past four years. I hope the crooks continue to crank/shank them between SOX 350-560 for another 10 years. Technically speaking, it's been one of the easiest, lowest-risk groups to milk bidirectionally since 2004. Why kill off a good thing?

Doc,
The soldiers are merely following the general.
INTC looks like it's got more upside.