Closed













http://finance.yahoo.com/intlindices

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










http://www.kitco.com

Energy futures

Currencies/Au/Ag

Today it's pretty much a non-event, a typical Monday. All Ords +0.3% with minor moves in the sectors. Consumer Staples is up the most, +0.8% and there's a sprinkling of reds of which Materials and Property Trusts are down the most, -0.2%.

In the miners, BHP has blipped down a touch, -0.6% but RIO seeing a heavy selloff, -3.1%. Golds are looking slightly more cheerful, Newmont +0.2% and Newcrest +1.1%.

Oils are green: Woodside +1.3% and Santos +0.4%.

New Zealand Prices Rise More Than Bollard Forecast

July 16 (Bloomberg) -- New Zealand consumer prices gained more than the central bank forecast in the second quarter, adding to signs Governor Alan Bollard may raise interest rates. The nation's currency increased to a 22-year high.

Consumer prices rose 1 percent from the first quarter, Statistics New Zealand said in Wellington today. The median estimate of economists surveyed by Bloomberg News was for a 0.8 percent gain. Bollard expected 0.7 percent.

A loss of interest as the day progressed. All Ords closed -0.1% with Financials coming in with the most gain, albeit an unimpressive +0.5%. IT was down the most, -1.9% followed by Materials -1.4%.

RIO and BHP both got a pounding: RIO -4.2% and BHP -2.5%. In the golds, Newcrest squeezed out +0.4% and Newmont -0.4%.

In the oils, Woodside -0.2% and Santos +1.6%.

Mostly down in Asia: China -1.1%, Sth Korea -0.7%, Taiwan -0.6%.

Over to UK/Europe:







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

BIG SLIDE IN ASIAN CHIP STOCKS AND CONTAINER SHIP STOCKS BUT ASIAN STEEL STOCKS UP



Link to Bloomberg Article



Bloomberg talking up record short positions, but no article?

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my little pig is up today PRE markit

http://finance.yahoo.com/q?s=MRVL

``Tech stocks are pulling back because people are taking profit on the recent jumps, not because there's a problem with their fundamentals,'' said Jeon Jeong Woo, who manages $540 million at Daehan Investment Trust Management Co. in Seoul.

Samsung Electronics, the world's biggest computer-memory maker, slipped 5.4 percent to 650,000 won, paring this month's advance to 15 percent,. Today's decline was the biggest slide since June 2004. Hynix Semiconductor Inc., the second largest, lost 4 percent to 37,550 won.

The Dramexchange Index, which tracks prices of the most widely used computer memory chips, fell 0.5 percent to 3332.79 in Taiwan on July 13, according to Dramexchange.com, Asia's biggest spot market for chips.

Hon Hai fell 4.1 percent to NT$283 and LG.Philips, the world's second-largest maker of liquid-crystal displays, gained 2 percent to 43,050 won. The Apple Daily reported on July 14 that Hon Hai may buy as much as 15 percent of LG.Philips from Royal Philips Electronics NV. The newspaper didn't say where it obtained the information.

8:45 (Dow Jones) While US stock market's hitting record highs, some portion
of that comes from the depreciating dollar, which is also cutting into the
domestic standard of living, Merrill Lynch's Richard Bernstein writes. "The
notion that one 'eats and lives' in US dollars seems increasingly naive given
the global backdrop and the flow of goods and services," he says. "Simply put,
the standard of living in the US is falling relative to those in other nations
with appreciating currencies." About half the stock market's return this year,
he says, appears to come from the weakening of the dollar. (PJV)

gotta love these all cash deals especially when the acquiring company doesn't have the cash

*DJ IHOP Corp. To Acquire Applebee's Intl, Inc. For $25.50 Per Shr In An All-Cash Transaction

IHP has $51 million in cash according to yahoo finance


the future of American cuisine

I am eating a lot more baked beans and a lot less beef in Canada this year. Truly horrifying to see the loonie now almost at .96. to the clownbuck.

Funny thing though. In spite of the strength of the loonie, haven't seen any price drop on US and other imported goods here. The distributors are pocketing fantastic profits on the currency movement.

Sold my AAPL shares. Probably way too early but I booked enough in profits to buy a MacBook Pro and that was my goal.

Went to have my car serviced this morning. First thing that I noticed is that their labor rate went up. I guess that shouldn't be surprising. Then I had a look in the showroom and saw that they had a Corolla for $19K. I thought that was an economy car! I also had a look at the new RAV4. Pretty nice vehicle for $29K with AWD and a decent amount of space. I didn't like the rear seats but they would be fine for someone shorter. What surprised me though was the mileage. 21/28 which is what my current sedan gets (I usually get 27 MPG). The newer large Toyota vehicles use their 3.5L engine which appears to be more efficient than my 3.0 L engine.

While there, I also saw several car ads on the television in the waiting room. Ford, GM, Chrysler. It was all about gas mileage on the ads. Ford has some pretty large sedans with mileage around 29 to 34. I was impressed. It didn't matter if it was minivans, trucks or sedans, the focus was on mileage. Nice to see the domestic automakers finally getting it on gas mileage.

Applebee's food is mostly terrible, except for the Tyler Florence items. I have to endure the place because Madame Stool loves their salads.

I recommend the bruschetta burger if you absolutely have to eat there.

Covered AMD. It's tough to be a bear in this market.

We love the salads there too. You can get them to go though.

Funny to see IHOP buying them out. IHOP is usually cheap food and they typically do well in economic downturns. They have great discounts for seniors. The local applebees hasn't been faring that well in the economic downtic. Last time I was there, there were a lot of wait staff standing around. Applebees isn't generally my first place but the kids wanted to go there after one took a 4 hour test.

The other thing that I noticed when I was last there is that they had really jacked up prices. Maybe that's why there was so little business.

Well, APPB has $15M in cash. So IHOP is about $1,800,000,000 short. No problemo. Just call DiTech.

got one of those one time, had to squeeze the charmin after eating it, of course most of the menu items will give you plenty of time to read the daily stool the morning after

That is about 273,141,122.91 "Rooty Tooty Fresh & Fruity" breakfasts...

$3.75 B net add.

DJ Fed Accepts $8.25 Bln In Overnight RPs

Type of transaction: Overnight RPs
Total accepted: $8.25 Bln
Total submitted: $56.35 Bln

Agency Collateral Operation
Total accepted: $3.346 Bln
Total submitted: $20.7 Bln
Stop-Out Rate: 5.3%
Weighted Average: 5.3%
High-rate submitted: 5.3%
Low-rate submitted: 5.24%

Treasury Collateral Operation
Total accepted: $1.687 Bln
Total submitted: $12.45 Bln
Stop-Out Rate: 5.19%
Weighted Average: 5.2%
High-rate submitted: 5.22%
Low-rate submitted: 5.14%

Mortgage-Backed Collateral Operations
Total accepted: $3.217 Bln
Total submitted: $23.2 Bln
Stop-Out Rate: 5.32%
Weighted Average: 5.32%
High-rate submitted: 5.32%
Low-rate submitted: 5.28%

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

Someday someone's going to get smart and join up a few big fast food chains, some obesity clinics, the maker of Rolaids, Charmin, Gas-X and diabetes drugs, plus American Standard, and vertically integrate the entire Stool Chain.

wouldnt that be the new york stock exchange?????

Looking at Adler's SOMA chart in awe. In 3 years of watching this, I've never seen the markets this extended. I find it hard to fathom that it could get more extended. Either the Fed is waiting for the right opportunity/excuse to start a pump-o-rama, or the markets will correct (maybe some of both). Even with some degree of pumping, it appears that the markets need to correct.

Other thoughts?

He's been talking about the FCBs for a while. Are the two coordinated or do they just push the buy button when they feel like it? Perhaps some new kind of integrated FCB/Fed chart is needed. It does look like something has changed as the new chart looks BARRish.

NYSE A/D is 2-1 negative. Yet all ze fraudexes are sportin' green. Crooks at work.

Energy weak today even though oil is up.
OIH seems to be struggling a bit at these levels while Oil cranks new highs on this leg up.

Remember "Scam Week"

The insiders don't appear to be expecting anything.
Insider Purchases - Last 6 Months
Shares Trans
Purchases 1,000 1
Sales 82,000 3
Net Shares Purchased
(Sold) (81,000) 4
Total Insider Shares Held 115.58K N/A
% Net Shares Purchased
(Sold) (41.2%) N/A

Goodluck on getting the advertised gas milage, especially if you are using 90/10 gas ethanol mixture.

It's 14k or bust. Dow up 50, SPX up 2

Joke should be consolidating over 250 points one day gain not making new high, if this is the consolidation then there may be more upside still outstanding..IMHO

Consolidation is for loosers. Booyah!

Insiders have their own printing machines like the FED.. It's god given right to sell those free stock papers then buy em back with share holders money....

And its this disrespect for real value of a nabor's currency that ever so subtly turns the intermediate sector of the economy into a roiling casino.... A perfect example of "he wins who gets his hands on the money first"---

Why aren't Canadians engaging in a mass critique of cross-border currency disparities?... Why aren"t they getting the advantages coincident with mutation of the $ into unadulterated crap...Because intermediaries figure the news isn't widespread enough to give the people of Kanada a dividend....

So these signals anarchically mixed and matched will begin to have a devastating effect on small krap, small kraps not used to keeping one eye on the turret lathe while the other one espys the magnetised roulette wheel

beardrech Peter Schiff was on K-vision a little while ago going mano y mano with a thugish looking creature named Ned Riley....he has the face,neck and colossal head that just cries out for getting slugged a dozen times by someone gracefully weilding a bought and paid for Blackjack

I've always got near highway rated milage on my vehicles. I use a lot of fuel-efficient driving techniques and try to optimize driving routes for fuel consumption and safety.

Jimbo Krammer sez to buy CAT and MMM because "all stocks that get to $80 go to $100". Also says to buy IBM because "all stocks that get over $100 go to $120."

I don't know if this is true. And funnily enough, neither does Krammer.

He cites no statistics, no studies, no historical data. Just the usual smoke from rectum.

Booyah!

Roubini is a bit eccentric to say the least. But it is interesting to read the follow-up comments on the falling dollar:
http://www.econbrowser.com/archives/2007/0...ng_point_1.html

It looks like the dollar will be approaching a critical level by the end of this year in the long term charts. Will it bounce or will it dive after that?

Chibear
Do you remember years ago the unending story of the child who was born without an immunity system and was compelled to live in an oxygen pumped plastic bubble??...

In his own way the poor tyke was as overextended as anything else in the world...
Surrounded by our then powerful economy and a communal respect and care for suffering children we went through an extravagant series if expenditures in order for him to survive...The Bubble Child.

Whatever the real motives (a cynic has his own view) the results were mostly decent--

Now comes the American economy and we are now surrounded by economic powers growing in strength who whether out of sentiment or fear of the unknown are giving us ,momentarily, perhaps deservedly, an immunity we currently lack.

Perhaps they see us, sympathetically, as a living metaphor warning us of what can happen to a system whose leaders hubristically permitted it to run amuck...

beardrech Long live the bubble economy--breathe deeply my friend....

DJ Japan Hit By 6.6-Magnitude Quake Following Earlier 6.8 Quake


KASHIWAZAKI, Japan (AP)--A 6.6-magnitude earthquake hit off Japan's west
coast near midnight Monday, shaking wide areas of the country. There were no
immediate reports of fresh damage.

The latest quake came after a 6.8-magnitude earthquake rocked Japan's
northwest coast Monday, killing at least seven people, injuring hundreds and
damaging a nuclear reactor that leaked water containing radioactive material
into the sea.


stocks are glowing

That Indian internet schlock Rediff.com (REDF) bonered up over 40% last week on no news that I could find.

It's heading back towards the boner peak from early 2006 when Jimbo Krammer was touting it as the "Google of the Ganges".

Barron's panned it this weekend which should be good for another 20 points.

Who knows how high the schlock goes, but funnymentally it is turdacious.

It is ranked as the #3 India-based portal, though losing ground. And GOOG and YHOO, among others, are the ones showing real growth in the Indian online markit. Not to mention, REDF has only a English version. GOOG India offers six language versions.

REDF makes almost no money via online commerce. 75% of its meager profits are comprised of interest on cash remaining from its IPO and from a couple of low-margin, U.S-based, English-language newspapers for Indian ex-pats.

Yet it is trading for 13x the entire Indian online ad market, even though it has less than a 10% share. So it's trading for 130x its share of the Indian internet market.

I imagine girlebullz will point out that the Indian e-market has only one direction to go from here, and that's likely true. But no guarantees that REDF will have any significant part of India's online future, given that it is already lagging behind.

But impossible to say how far the mo-mo birds will take this POS. And with a marketcrap under a $1B, that's pocket change for someone looking to "get a foothold in the Indian Internet market", even if REDF is unlikely to be a substantial player or even a player at all.

Fun while it lasts.

DJ Water Containing Radioactive Material Leaks In Japan -2-


National broadcaster NHK reported that the water leaked from the plant into
the Sea of Japan, but that the radioactivity level was below safely levels and
posed no danger to the environment.


(END) Dow Jones Newswires

I guess if we see large breasted Japanese women over the next 10 years, those radioactive levels were just right

where is my dow 14k hat ??

In an interview Friday even after the close, Grant, of Interest Rate Observer, said among other things, to buy the Indian Rupee. That India would be a growth story for a generation. I'm not quite sure how to go about that even if I wanted to.

Whiskey Haines and Ned Riley make fun of Peter Schief along with David Tice. I guess they think the publicity is worth the abuse.

This Cafe madness must stop--all that improving mileage does is encourage an ever growing population of synthetically induced muscular dystrophic non-pedestrians to continue a way of life where one winds up on a sidewalk having turned into a ball of rancid metropolitan lard..

Yes, high octane petroleum products are, in many ways , good for us; but for goodness sake in moderation!

Only a terrible increase in price will force us into changing our conduct-- As a begginning, lets put some our leisure class to work on electricity generating treadmills....

beardrech --Instead of cheaper Gas making a fatter ass---treadmills: the way to a slim trim and brightly lit mob of well behaved pedestrians---

Am I not a candidate for the Nobel???

FCB's play the greatest role in the liquidity picture, and they and the Fed are supposedly operating on their own volition. But looking at his FCB chart shows slowing growth from March until last week (when the FCB indicator flipped back to the buy side). I read Lee's work daily because I like to monitor money flows. At this point in time, I'm really puzzled. There is no good explanation for the sustained elevation of the markets - i.e. where is the money coming from?
On the flip-side, he has pointed out that the correlation between the SOMA and the markets has broken down. With that in mind, and recognizing how far elevated the Spooz is, it appears likely that whenever the Fed and/or FCB's decide to pump in earnest, the markets might really explode.

Overall - it's very disconcerting. We could be looking at a major correction or a launch to the moon. I'd feel better trading either way if the SOMA weren't so far out-of-whack.

Also, regarding to the bubble baby metaphor, we should finish the story. The baby was on the verge of dying, so the parents opted for an experimental gene therapy. It worked - the baby's immune system started functioning and he is living happily ever after. Perhaps Hank Paulson is performing a little gene therapy behind the scenes?

My suggestion would be to buy one of the big Indian banks. IBN is the biggest but has had a big run. DYODD

On Jul 10, the Sow closed down 148 points. On Jul 12, the Sow closed up 284 points. So Thursday's gain was almost 2x as large as Tuesday's loss.

Yet last Tuesday, the average NYSE stock fell -1.05%. On Thursday's big rally, the average NYSE stock gained +0.97%. So the average stock fell more on Tuesday's selloff than it gained on Thursday's rally, despite the fraudexes painting double the gains.

Fraudex-fueled disturbation? Nah, it couldn't be.