http://finance.yahoo.com/intlindices

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










http://www.kitco.com

Energy futures

Currencies/Au/Ag

Ok, all joy downunder as the dippers pile in to take advantage of "cheap" stocks. All Ords +0.8% with all sectors up moderate amounts apart from Consumer Discretionary which is flat. Telecomms are up the most, +1.5% followed by Energy +1.3%.

Miners looking fairly ordinary: BHP +0.9%, RIO +0.5% and in the golds, Newmont +0.9% and Newcrest -1.2%.

Steady buying in the oils: Woodside +1.7% and Santos +1.4%.

Japan's Industrial Production Unexpectedly Declines

June 28 (Bloomberg) -- Japan's industrial production unexpectedly dropped for a third month in May, the longest losing streak in almost two years, raising concern that the world's second-largest economy is slowing.

Production fell a seasonally adjusted 0.4 percent from a month earlier, the Ministry of Economy, Trade and Industry said in Tokyo today.

Manufacturing of electronic parts and devices led the slide, slumping 2.7 percent, the biggest drop since October 2004. Total inventories slipped 0.3 percent and those for electronic parts fell 13.3 percent, the report showed.

More dippers piled on in the arvo and it would have been a good day to bail out of longs imho... All Ords closed +1.3% with only Consumer Discretionary, Consumer Staples and Property Trusts not part of the buyfest, all up half a percent or less. Telecomms led the stampede, +2.7% with Energy next in line, +1.9%.

Miners did pretty well: BHP +2%, RIO +2.7%, Newmont +1.5% with only Newcrest, flat, missing out.

In the oils, Woodside closed +3% and Santos +1.5%.

Mixed results in Asia: China -3.3%, Honkers +1.3% and Nikkers +0.5%.

Over to UK/Europe:







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

http://stockcharts.com/c-sc/sc?s=$CPC...92026374&r=1949

Looks like market will grind higher in slow fashion like when joke was around 11k, above 12k and now above 13k. Some would say its building top I would say its building steam for 14k then 15k

Fast run will come when CPC (insurance) makes new high

This is article is dated 4.12.06, still timely.
Government drives milk prices up again



Like that will ever happen.

What is it? You can't keep a good man down or you can't cheat a honest man?

For the short term silver and gold recovering from being over sold.

What was the bottom of LW's range in gold?

SINGAPORE (AP) -- Oil prices rose in Asian trading Thursday following a U.S. government report that showed an unexpected fall in gasoline stocks amid peak summer driving season demand.

Light, sweet crude for August delivery gained 39 cents to $69.36 a barrel in electronic trading on the New York Mercantile Exchange mid-afternoon in Singapore. The contract climbed more than a dollar to end at $68.97 Wednesday.

Brent crude contract for August delivery rose 18 cents to $70.73 a barrel on the ICE Futures exchange in London.

http://biz.yahoo.com/ap/070628/oil_prices.html?.v=9

I guess that this shouldn't be too surprising. Lots of folks taking vacations and airlines doing reasonably well. I've looked for a driving class for our son for two weeks. I was amazed at how many schools were full and booking into September now. I see a trend towards smaller vehicles but we're still churning out new drivers.

Yep, I always wait for the new stuff too.

About 3 or 4 years after it's out.




Good to know you had good reasons for not posting after the down days, but sorry to hear about your friends.

As for your philosophy, I wholeheartedly agree about enjoying friends and family. They are life's only true treasure, and cost nothing more than love, which repays itself manifold.

I wish you well on your new path in life.

Good Morning!

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Many tanks for joining us!

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Intel was upgraded to overweight by Lehman this morning. They announced about 800 layoffs too as Marvell is switching suppliers after buying out Intel's X-Scale division.

Intel filled a gap and moved higher yesterday.

FWIW-

Small Craps leading today's meltup....

SmallOrds in Oz, Mother's Index in Tokyo and GEX in Frankfurt all up more than the overall indices.

thats right ....

CALGARY, June 15 /PRNewswire-FirstCall/ - (CNE.UN - TSX; CNE - NYSE) - Canetic Resources Trust is pleased to announce that a cash distribution of C$0.19 per trust unit will be paid on July 13, 2007 to unitholders of record on June 29, 2007. The trust units of Canetic will commence trading on an ex-distribution basis on June 27, 2007.

Nice to see the emerging market related sectors leading the bounce while China took a 4% dive (Muahahaha).

DJ Fed Accepts $10 Bln In 14-Day RPs

Type of transaction: 14-Day RPs
Total accepted: $10 Bln
Total submitted: $21.2 Bln

Agency Collateral Operation
Total accepted: $2.51 Bln
Total submitted: $5.6 Bln
Stop-Out Rate: 5.23%
Weighted Average: 5.25%
High-rate submitted: 5.26%
Low-rate submitted: 5.19%

Treasury Collateral Operation
Total accepted: $1.322 Bln
Total submitted: $6.6 Bln
Stop-Out Rate: 4.96%
Weighted Average: 4.99%
High-rate submitted: 5%
Low-rate submitted: 4.6%

Mortgage-Backed Collateral Operations
Total accepted: $6.168 Bln
Total submitted: $9 Bln
Stop-Out Rate: 5.26%
Weighted Average: 5.28%
High-rate submitted: 5.3%
Low-rate submitted: 5.2%

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

Totally out of the blue

"The net loss for the three months ended May 31 was $148.7 million, or $1.93 a share, compared with net income of $205.4 million, or $2.45, a year earlier, Los Angeles-based KB Home said today in a statement. Revenue fell 36 percent to $1.41 billion."

"KB Home, the fifth-biggest by sales, was projected to report second-quarter net income of 7 cents a share, according to the average estimate of analysts in a Bloomberg survey."

http://www.bloomberg.com/apps/news?pid=206...oV6M&refer=home

The construction companies that fill up Mark's posts are in a pickle.

More heads rolling:

"Caliber is the second U.K. fund this week to report fallout from rising defaults by American homeowners, following a $91 million annual loss for Queen's Walk Investment Ltd., a fund managed by Cheyne Capital Management Ltd. in London. At least eight companies postponed more than $3 billion of bonds this week because a slump in investor demand for riskier assets."

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

The effect of these news should be similar to a bank run by everybody who has (had?) money "invested" in this kind of hedge funs. Gotta love leverage. The heard of elephants is heading to the door at an increasing pace.

"The stock is trading below net asset value of between $6.50 to $6.60 per share, based on estimates for May 31, the company said today."

Trading below net asset value? I can't understand that, it's like Japanese to me.

In the good old days stuff like Sub prime,CDO problem would have meant financial crises and a plunge...

I think FCB's have a say on the solution you're proposing.

Got to love this!

GDP at a 4 year low..came in at .7%.
http://biz.yahoo.com/ap/070628/economy.html?.v=15

Oil at 70 bucks!!!

Looks like the pain is spreading.

Capital One Financial (Charts, Fortune 500), the credit card issuer and banking company, said Wednesday it expects to eliminate about 2,000 jobs, or 6 percent of its workforce, as it struggles with mortgage banking losses and higher credit costs. Its shares rose 1.5 percent in after-hours trading following the announcement


http://money.cnn.com/2007/06/28/markets/st...sion=2007062809

Oil's at 70 bucks because global growth has been the highest since the 70's the last few years. Oh, and it's also running out, although it remains to be seen the price level it would achieve on a global slow down brought on by the curtailing of consumption in the US.

DJ Fed Accepts $7 Bln In 5-Day RPs

Type of transaction: 5-Day RPs
Total accepted: $7 Bln
Total submitted: $19.05 Bln

Agency Collateral Operation
Total accepted: $1.973 Bln
Total submitted: $4.3 Bln
Stop-Out Rate: 5.26%
Weighted Average: 5.28%
High-rate submitted: 5.3%
Low-rate submitted: 5.2%

Treasury Collateral Operation
Total accepted: None
Total submitted: $7.9 Bln
Stop-Out Rate: N/A
Weighted Average: N/A
High-rate submitted: 4.8%
Low-rate submitted: 4.4%

Mortgage-Backed Collateral Operations
Total accepted: $5.027 Bln
Total submitted: $6.85 Bln
Stop-Out Rate: 5.3%
Weighted Average: 5.31%
High-rate submitted: 5.32%
Low-rate submitted: 5.21%

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

The fix is in. With $10b in 14 days and $7b overnight against $15b expirations = +2b net add. Based on the correlation I posted yesterday, today should end higher (possibly much higher). I'll be really surprised if it doesn't. Get the launch pad ready.

big cha ching from the Fed today


DJ Fed Accepts $3.75 Bln In Overnight RPs

Type of transaction: Overnight RPs
Total accepted: $3.75 Bln
Total submitted: $13.6 Bln

Agency Collateral Operation
Total accepted: $2.233 Bln
Total submitted: $4.1 Bln
Stop-Out Rate: 5.26%
Weighted Average: 5.29%
High-rate submitted: 5.3%
Low-rate submitted: 5.18%

Treasury Collateral Operation
Total accepted: $1.156 Bln
Total submitted: $5.9 Bln
Stop-Out Rate: 4.97%
Weighted Average: 4.99%
High-rate submitted: 5.05%
Low-rate submitted: 4.9%

Mortgage-Backed Collateral Operations
Total accepted: $361 Mln
Total submitted: $3.6 Bln
Stop-Out Rate: 5.3%
Weighted Average: 5.3%
High-rate submitted: 5.3%
Low-rate submitted: 5.25%

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

Whoops - they're still pumping! Now we've got $10b in 14 days, $7b in 5days, and $3.75 in overnight = $20.75b add v. $15b expirations.
See you on the moon!

Ammo for Fed "words", expecting usual blast at FOMC decision.

Picked up some NYX July 80 calls at .90 and .95.

Got stopped out a few days back with the stock.
Giving the options a try here.

Financials look very weak today.
It's all red...

That explains the difference between the $COMP and the $SPX - weak financial stocks. Money flowing from financials to tech?

Yepper. The Fed came off the bottom of the 5% channel on the SOMA just like always. Every single time. Nothing has changed.

More to come in the Wall Street Examiner Professional Edition Fed report a little later.

i like the set up on that one.

man, glad i sold those AMZN puts yesterday !

whats up with NTO today .... ?? should i hold that one ? appreciate comments on it

Why buy C and collect 4% when you can own AMZN

AUY to buy NTO & MDG.
Maybe someone big will jump in and you get a bidding war?

I like 13 week T bills at 4.65%. Rate will probably come down a little as Treasury pays down a little debt in mid July. After that, rates should head higher until mid September st least.

Cramer was pumping it in the 90s.
Yesterday he was telling everyone to sell it because he thinks it's going to the 60s.
Oh that cramer guy!!!

Are T-Bills tax free?
I see savings account north of 5% in alot of places.

Why I'm Not Getting an iPhone



http://tech.yahoo.com/blogs/hughes/14081

bits:

Plans: ? At least now we know getting an iPhone isn't going to be cheap. Chris Null outlined the cost of each service plan, the cheapest plan being $60/mo for 450 minutes. He says that in two years, you'll end up paying close to $2,000 for service alone. Plus there is that $36 activation fee, and a two-year contract on top of that. Those who already have an AT&T account can expect to pay an additional $20-$30 for the "iPhone plan" which includes Visual Voicemail, 200 SMS text messages, and unlimited data since there is no voice-only plan. And if you think you can get the iPhone to use without service, think again. Apple's web site says a two-year agreement is required for iPhone activation including iPod features.

On top of all the above reasons, there's still some doubts about about the lack of keyboard, inability to sync with corporate internal email systems, and battery life. So lets get this straight. We're expected to pay for an overpriced phone, an expensive service plan, sign a new two-year contract, and still wait in line hoping to get one? No thanks.

Ordinary income. FDIC insured savings accounts are fine, especially at that rate. What bank is offering that though. I think it's just for 6 month or 12 month CDs. So you can't get your money if you need it.


T bills are still the safest and most liquid.

Anyone else has the feeling that this market could pull back, especially Nasdaq. They're painting all these crappy semiconductor earnings as fabulous and improving. MU, should put an end to this shenanigans, unless they totally sandbagged last quarter numbers.

I will consider it if they offer a Pay-As-You-Go plan. AT&T/Cingular already offers this kind of service so it's certainly doable technically.

I'm not a big phone user but am a big PDA user and wouldn't have a problem with the price if the functionality justified it. For comparison purposes, my current PDA cost $600 with accessories and it paid for itself in the first two months of use on a 3,500 mile roadtrip.

I'm keeping my mobile phone too



It has a G.Gekko feel to it.

Hi! First time poster.

Income from T-bills, notes and bonds are free from state and local tax. If you live in FL like Doc that might not do you any good. But if you live in California like me that can save you around 9% if you are in a higher bracket. So when comparing CDs to T-bills make sure you adjust the income for your state tax rate.

If you want totally tax free investments look at bonds issued by your state or local government. But these only make sense if your federal tax rate is around the mid 20% range or higher in the current market.

I hope that helps.

that would be sweet. i got one buyout under my belt in EAS ! i dont know if NTO is really worth a bidding war but its not really about what something is worth more so than what some company wants. then they will pay some absurd price.

i may take a stab at NYX