http://finance.yahoo.com/intlindices

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










http://www.kitco.com

Energy futures

Currencies/Au/Ag

Guess we've got a new grandfather on the board by now

The Oz market sinking like a stone. All Ords -1.6% with big falls in some sectors. IT is way down, -4.9% followed by Consumer Staples -2.3% and Financials -2%. Property Trusts is down the least, -0.6%.

Miners held up well initially but have been dragged down with the rest: BHP -1%, RIO -1.5% and the golds in similar straits, Newcrest -3.2% and Newmont -0.6%.

Oils are down on low volume: Woodside and Santos both -1.1%.

Australian Retail Sales Rise Most in Two Years

Aug. 1 (Bloomberg) -- Australia's retail sales rose the most in two years in June as job gains and higher wages prompted consumers to spend more at bars, restaurants and clothing stores.

Sales advanced 1.4 percent from May, when they fell a revised 0.3 percent, the Bureau of Statistics said in Sydney today.

Pakistan's Central Bank Unexpectedly Raises Key Rate

July 31 (Bloomberg) -- Pakistan's central bank unexpectedly raised its benchmark interest rate to the highest in more than five years after inflation exceeded its target.

State Bank of Pakistan increased its discount rate for commercial lenders by a half point to 10 percent, the central bank said in its half-yearly monetary policy statement in Karachi today. All 10 analysts in a Bloomberg News survey expected the rate to be kept unchanged.

Inflation in South Asia's second-largest economy averaged 7.7 percent in the year that ended June 30, breaching the central bank's 6.5 percent target. Consumer prices may rise further as consumers stockpile essential items amid concerns about Pakistan's unstable political environment.

German July Unemployment Falls as Growth Spurs Hiring

July 31 (Bloomberg) -- German unemployment fell more than forecast in July, declining to the lowest level in 14 years, after companies stepped up production to fuel the country's best streak of economic growth since the start of the decade.

The number of people out of work, adjusted for seasonal swings, declined 45,000 from the previous month to 3.77 million. Economists expected a drop of 28,000, according to the median of 38 forecasts in a Bloomberg News survey. The adjusted jobless rate slid to 9 percent from 9.1 percent, the Nuremberg-based Labor Agency said today.

--------------------

German June Retail Sales Rise as Tax Effect Wanes

July 31 (Bloomberg) -- Retail sales in Germany, Europe's largest economy, rose in June as the effect of an increase in sales tax at the start of the year waned.

Sales, adjusted for inflation and seasonal swings, rose 0.7 percent from May, when they declined 2.5 percent, the Federal Statistics Office in Wiesbaden said today. From a year earlier, sales fell 0.8 percent.

Watching Bloomberg channel in my local bar....what a phuckin' train wreck....this market is DONE



Neekie have fun down 286 (when I posted this)!!

Phuckin' blood in the streets and only gonna get worse.......

Credit is done.....

Merciless is back.......oooooo-faaaaaaaa

SHORT ANYTHING THAT REQUIRES THE AMERICAN CONSUMER for discretionary spending.....jewelry, retailers, cruise lines,....etc.

Then short the banks and the indicies.......

THE RUMORS OF THE BANKS BACKING OUT OF TXU ARE IT......GAME OVER.....MARKET DOWN 300-500 TOMORROW!!!!

Hey Bulls,

Hope you have these........(brass balls)

Really? How can this be?
------------------------
Slowest pace of consumer spending in months
High gasoline prices, fallout from housing put a crimp on shopping in June



Der Linkin'

Major rout so far in global markets....Europe will be worth watching

They are selling everything including gold.

Damn it, my post disappeared into the ether.. Trying again...




A massive down day for us with All Ords closing -3.2%. All sectors were hit badly;
IT continued to lead the pack, -4.8% followed by Financials -3.9% and Energy -3.8%. Property Trusts lost the least, -1.3%.

Resource stocks pummelled: BHP -2.8%, RIO -2% and the golds didn't escape either, Newcrest -4.3% and Newmont -1.6%.

Oils heavily down: Woodside -2.5% and Santos -2.7%.

Asia really copping it: Taiwan -4.3%, Singers and Sth Korea -4%, India -3.5%, Nikkers -2.2%.

Over to UK/Europe:







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

Another domino falls:

MacBank shares hit by US crisis

The listed Macquarie Fortress Notes fund has about $140 million of investors' money and the unlisted Macquarie Fortress Fund has about $80 million.

Neither fund has direct exposure to US subprime mortgages, but both have been hit by price volatility in US credit markets triggered by the sub-prime crisis.

Macquarie said it had been forced to sell some of the loans in the portfolio in a subdued market after receiving margin calls on the funds, which are highly geared at six to seven times.

MBL shares closed @ $73.70 (-10.7%) today. The chart gave ample warning:

Surprise, surprise. It got ugly.

SandP 1000 by Fall, maybe.

Look who just joined the party last night:



Well, today spooz might bounce of the 200MA or just pinch lower at 1432 and jump right back above the 200... if the panic doesn't settle in.

"Railroads, chemical producers and insurance companies are blaming the worst U.S. housing slump in 16 years for their earnings woes."

http://www.bloomberg.com/apps/news?pid=206...8xUw&refer=home

"U.S. Treasury Secretary Henry Paulson said the meltdown in the subprime mortgage market reflects a reassessment of risk that doesn't pose a threat to the economy.

``I don't think it poses any threat to the overall economy,''"

"this will be troubling for a number of individual home owners"

You bet! 6.6 Billion of individuals living in this US economy dependent planet.

http://www.bloomberg.com/apps/news?pid=new...id=arhcov9ThQM8


Meanwhile the same people that warned of this collapse long ago are being called Conspiracy theorists by a person that insists there's no inflation and that the subprime mess won't affect the overall economy.



http://www.bloomberg.com/apps/news?pid=new...id=a87VERwuZP8c

"Where is the PPT?

If that acronym, short for Plunge Protection Team, doesn't immediately conjure up images of government officials and representatives of large Wall Street banks (think Goldman Sachs) conspiring to support the stock market, you don't spend enough time with the black-helicopter crowd. "

Every market correction she takes a jive at what she calls conspiracy theorists. I'm waiting for her to write an article dissing the theory that China is buying / bought US and EU equities to be sure that it's really happening.

I woke up before the sun this morning thinking about 2 things. One was my new grandson Nicolas, who as I said on M2M last night was absolutely calm under pressure, and will make a great short seller. The other was this market.

I held this cutest little thing on the planet for the first time last night, and told him how fortunate I was not only to be be meeting him, our newest family member, but also to have let my QID position ride, and to have no longs and the most shorts ever in the Wall Street Examiner Professional Edition Chart Pick list!

He looked up at me and said, "Grandpa, short 'em to zero!''

Little Nic's dad is a derivatives and hedge fund analyst in the fund of funds department in one of Canada's largest financial institutions. I hope he learns from the newest little bear in the family.

And I hope he still has a job in a few weeks! I asked him just a couple of weeks ago if he saw any problems in the hedge fund market and, much to my amazement, he said no. This was after a couple of well known funds had already gone belly up. I warned him that things were about to get very ugly. He said he'd keep me posted.

This morning it looks like ''Ugly'' has arrived.

We'll be at the hospital visiting little Nicolas and Mom again today, so I won't be able to follow the tape, but I left my loose trailing stop in place on my QID. WSE subscribers who are following the chart picks should consider the stops lowered roughly by the amount of yesterday's moves, and I'd also honor their price targets and consider the selection closed if the target is hit. I doubt any of them will be, but if there's a collapse today, no doubt some will.

I expect to resume posting to the Professional Edition either late tonight or tomorrow. Watch the front page for an announcement. Meanwhile, not having my charts available, I have no clue at the moment just how far this market will take things before the first real reversal. Ièm anxious to get back home to see what the indicators look like now, but in the meantime, I'm even more excited to get to spend some time today, and in the days and months and years ahead with our little grandson.

And in six weeks, our new granddaughter!

good short opp ....


ATI,

Harvard said to lose $350M in hedge fund
University takes a hit after Sowood Capital Management, a fund founded by one of the endowment's former money managers, falls on hard times, WSJ says.
August 1 2007: 4:30 AM EDT
----------------------------------------

Harvard actually lost twice. The first time was when they paid this guy and other of their investment managers too much money to manage their endowments which raised the ire of many of the Harvard Overlords. So these guys went out on their own and Harvard ponied up to help them start their hedge funds -- thus enabling them to be PAID EVEN MORE. And now this. Oh well only 1% of the endowments assets -- at least for now.

Girlie Bullz about to be beaten with the ugly stick!!!!

Congrats on the Grandson.

Congratulations

Whiskey Haines can't believe stock closed on low, opened flat then starts up. bottom is in.

Dangerous times calls for an AM post from yours truly.

Looks like the crooks are playing around. Dump Asia, excite the bears, dump Europe and start the slow stealth rise.

I suspected two possible courses of action. Looks like the first one is play. Pump the thing up to a point of pain similar to Monday, with some vicious shanks thrown in the way.

Crooks unwinded from 11 PM to 4 AM EST, enough to reload for the next leg up.

Trade safe.

DJ Fed Accepts $6.75 Bln In Overnight RPs

Type of transaction: Overnight RPs
Total accepted: $6.75 Bln
Total submitted: $43.8 Bln

Agency Collateral Operation
Total accepted: $475 Mln
Total submitted: $16.85 Bln
Stop-Out Rate: 5.25%
Weighted Average: 5.25%
High-rate submitted: 5.25%
Low-rate submitted: 5%

Treasury Collateral Operation
Total accepted: $3.239 Bln
Total submitted: $17.6 Bln
Stop-Out Rate: 5.13%
Weighted Average: 5.14%
High-rate submitted: 5.15%
Low-rate submitted: 5%

Mortgage-Backed Collateral Operations
Total accepted: $3.036 Bln
Total submitted: $9.35 Bln
Stop-Out Rate: 5.26%
Weighted Average: 5.27%
High-rate submitted: 5.27%
Low-rate submitted: 5.25%

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

Just hit LW's 1452 on the S&P

I think LW said the the downside to watch are 1448-1453, 1420-1425 and then 1389. Just barely under 1448 at 1446.84 now.

With the Fed draining $5.5b, should keep the markets under pressure today. Also worth noting, there is a whopping $19.75b settling tomorrow. If the Fed doesn't start greasing the wheels, there is more downside ahead.

Making a list.

Chevron is on top, see if they let me in at 84.

So far pretty boring start for the end of the world. The S&P is just farting around LW 1448-1453 zone. I'm holding my QID and hoping. Come on bears! Short this sucker!

CNN - ISM manufacturing index down in July, Reuters reports; below forecasts; pending home sales in surprise June gain. More soon.

Crooks need to hold 1448. Otherwise my next step down is around 1432.

The 1448-1453 zone was the technical top from Feb/Mar.

As you can see on the chart, the breakout in Apr after the selloff came right at 1448. That's when the fast move back up started.

Below 1448, the SPX enters a choppy congestion zone between 1410-1448ish, so the Spooz is less likely to waterfall thru there, while the zone between 1448-1490ish is/was pretty wide open so that's why we saw such a fast move back down.

Looks like the crooks nailed 1448 on the button, as well as the simultaneous tag of the 200dayMA. This is something of an obligatory bounce point and one I've been targeting since the beginning of June.

Is this the "minor lower low" the girlebulls ©bearman will pounce on? Could be. Will it ultimately hold? Guess we'll find out.

Since 1448-1453 was the level I've been targeting, I have to respect the possibility that it might be a key bottom. But given that the action surrounding this selloff is so different from Feb/Mar and last May/June, I'm still thinking that the resolution will be different as well.

But that's just a gut feeling. In the interim, you have to respect the action. And right now, the action is saying that 1448-1453 is holding up.

More twists and turns to come, IMO.

Wow, at some point there will be bargains...but my rather small fraction of holdings is still taking a pounding....

Market is in PSYCHO MODE.....up, down, up, down, up, down...crossing over the open line.......eventually the up-down will stop and we will resume to DOWN DOWN DOWN

CSCO is threating to go off the chart. Private party, they won't let you in cheap.

Just an idea here....two charts.....I'll let you make the call....

[attachmentid=86689]

[attachmentid=86690]

I wonder if they'll play dunk the dunce at the close?

Did someone reveal what Merci was shorting?

Record crude prices.

Bullish.

I want Crisco....but I'm gonna wait

SPX, looking at getting past the earlier lows...way past. 1440

Smoke em if you can!

10:41 (Dow Jones) If equity investors are looking for one more reason to
worry about the market crashing and burning, aside from the drumbeat of scary
news from the credit and housing markets, here it is: An indicator ominously
dubbed the "Hindenburg Omen" has been flashing a warning signal in the past
several weeks, making believers especially wary about the next few months.
"It's not a good sign," says veteran technical trading newsletter publisher
Peter Eliades. "It's just one more indicator that the market's confirming
we've seen most of the good stuff that's happened this year." (LSJ)

Crooks are losing control of the financials. Not a good sign.

Despite their best efforts, there's tremendous selling. They've stalled on making more leveraged bets. While their is room for upside, bigger worries may be on their mind.

Just waiting for the proverbial "crack in the dam."

Not much of a bounce @ the 200MA, no girlie bullz out there?

"Ward, what's wrong with the Beezer?"

Well, Beezer got all messed up on credit crack and thought he could build two homes for every 'merican. Then, he ran out of cash & crashed 'n burned.....

Oy, McHuge must be pissing his pants. But doncha love the smell of hydrogen in the morning?

The NDX and Nazz have somewhat different patterns here.

The key level on the Nazz is 2531-2535. That was the Feb07 high and was re-tested no fewer than five times in Apr/May/Jun on the way to the July peak.

As I'm typing this, the Nazz is sitting right at 2531 again. So this "should" be support. But it strikes me that it won't hold forever. If/when 2531 gives way, it looks like the Nazz will head back to 2420 or so, about 5% lower. But it may fart around for a while. Or not.

The NDX had key s/t support at 1948-1950ish (QQQQ 47.75-48.00). Unlike the Nazz, the Q's sliced thru this level without so much as a pause. Not bullish, unless it's a fakeout. And I don't think it is. The NDX/Q's have now completed a "Mt Fuji" in July. They started July at NDX 1935 and ended July at NDX 1931. Basically a perfectly symmetrical round-tripper.

The good news for bulls is that if the NDX is headed lower, the move might be choppier than the recent waterfal. The zone b/w 1875-1935 is very congested so, if it goes lower, it might be a grinding affair.

Either way, looks to me like another 4-5% down on the Nard-related stuff. That would put the Spoozer around my 1389 target as well. We shall see.

I had mentioned in late June that NDX strength in the first few weeks of a new half (Jan or Jul) has generally been a bearish omen and rallies during these periods are usually retraced and then some.

Looks to have been the case again as the NDX rallied 6.5% during the first three weeks of July and has now given it all back and then some. Given the pattern, be on the lookout for the opposite effect in August. Ergo, a continuation of the selloff during the first 1-2 weeks of Aug to the lower targets that is reversed by the end of August. Just a guess at this point.

Looks like BZH heading for BK. XHB down 8% Great call, Doc short them to zero.
Bob Pissonme doesn't know what is wrong with the homies.

Sorry to gloat, BUT

I just caught a 15 bagger on my BZH 12.50 puts from yesterday.

I sold 2 of the 4 puts I bought yesterday @30¢ for $4.60 just now.

Uber Douche Extrodinaire

[attachmentid=86695]

"Home builders continue to move lower, but that was expected"

"Subprime landmines still blowing up, but that was expected"

"Banks and financials are down, but that was expected"

"Market moving lower on continued credit concerns, but that was expected"
----------------------

Hey Bob!!! Blow Me!!!

Go BEARS!!

Maybe the girlebullz are already long and strong.

My favorite bear-baitin' blogger Bill Rempel is 98% long and wishin' he was 100%+ long because, as he says, "cash is trash." He's spent most of the decline ranting on "moron" bears.

Last week, he said he was removing all stops on his positions because he wasn't gonna be faked out like last March.

Unbeknownst to me, he posted a rant in June makin' fun of my SPX 1448-1453 and Nardsaq 2632 calls since, as he says, long-term charts don't work.

While Rempel's views are purely anecdotal, he's been a good tell for what girlebullz are thinking for the past year. And right now, he psycho-bullish.

BTW, to his credit, Rempel posts his trades and outcomes. Interesting to note that he's been psycho-bullish all year and has been relentlessly posting rude bear-baits. And the market has been largely bullish this year, except for a couple of weeks in Feb/Mar and, of course, the past 10 days.

Also interesting to note that, while Rempel has been rightly psycho-bullish during a bullish year, his portfolio is now red for 2007. LeeWhee's is, shall we say, not red. A point in favor of us chickens.