http://finance.yahoo.com/intlindices

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










http://www.kitco.com

Energy futures

Currencies/Au/Ag

Wheeee, don't worry be happy as All Ords takes off, currently +1.3%. Looks like we've entered into a volatile sideways trading range in the short term until the next lot of bad news comes along. All sectors green with IT in the lead, +3.3% followed by Financials +1.7% and Materials +1.5%.

Miners are all up: BHP +1.6% and RIO +1.7%. The golds are similarly placed: Newcrest +2% and Newmont +1%.

Oils aren't seeing much action: Woodside +0.1% and Santos +0.6%.

Japan's GDP Growth Slows, Reducing Rate-Rise Chance

Aug. 13 (Bloomberg) -- Japan's economic growth slowed more than economists expected in the second quarter, making it less likely the central bank will raise interest rates next week amid a global credit crunch.

The world's second-largest economy expanded at a 0.5 percent annualized rate in the three months ended June 30 from a revised 3.2 percent in the first quarter, the Cabinet Office said in Tokyo today.

Australian Central Bank Raises Inflation Forecasts

Aug. 13 (Bloomberg) -- Australia's central bank raised its inflation forecasts and said economic growth will accelerate, a week after increasing its benchmark interest rate to an 11-year high.

Core inflation will quicken to 3 percent by December 2007 and remain at the top of its target range next year, the Reserve Bank said in a quarterly monetary policy statement released in Sydney today. In May, it forecast underlying inflation, which excludes volatile items, would be 2.5 percent this year and between 2.5 and 3 percent by June 2008. Economic growth will accelerate to 4.25 percent in the year ending June 30, it said today.

All Ords developed a case of the arvo droops closing off the intraday high at +1%. A couple of sectors fell into the red, Energy -0.2% and Telecomms -0.1%. IT hung onto the lead, +2.6% followed by Financials +1.5%.

The heavyweight miners lost some zing: BHP +1.4% and RIO -0.9%. Golds remained relatively stable, Newcrest +2.6% and Newmont +1.4%.

Oils dead in the water: Woodside -0.9% and Santos +0.3%.

Asia mixed ranging from China +1.4% to Singers -0.2%.

Over to UK/Europe:







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

China's Inflation Rate Jumps to Highest in 10 Years

Aug. 13 (Bloomberg) -- Inflation in China, the world's fastest-growing major economy, accelerated to the highest level in more than 10 years, fueling speculation that the government may raise interest rates for a fourth time in 2007.

Consumer prices jumped 5.6 percent in July from a year earlier, after gaining 4.4 percent in June, the National Bureau of Statistics said today.

Food costs climbed 15.4 percent after a shortage of pigs pushed up meat prices and bad weather destroyed crops. The central bank is concerned that food inflation will spread, overheating an economy forecast to contribute more to global growth than the U.S. this year.

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

China's Seven-Month Foreign Investment Rises 12.9% Through July

Aug. 13 (Bloomberg) -- Foreign direct investment in China, the world's fastest-growing major economy, increased 12.9 percent in the first seven months of 2007 to $36.9 billion, according to government statistics.

Spending by overseas companies rose from a year earlier to $36.9 billion, the Ministry of Commerce said today on its Web site. For July alone, foreign direct investment climbed 17.8 percent to $5 billion.

Semi-predictable deadcat bounce in Euroland.


Think it has anything to do with Urapeein banksters owing the ECB € 61 bn due today plus another € 292.5 bn due Wednesday?

http://www.ecb.int/mopo/implement/omo/html/index.en.html

Bankers on red alert (Frankfurt)

But they passed the Japan test


http://www.fin24.co.za/articles/default/di...18-1783_2163738

ECB did it again!

this morning they pumped 47 billion euros into the market (on friday 61 billion, on thursday it was 95 billion).

If $61 billion is expiring, that's a net drain of $14 billion.

Well Good Morning!
Black Monday the 13th is here!
It's business as usual around the globe; should be a great day to buy stocks.
If you haven't done so, i recommend read Doc's Daily Market and Fed/Trashury reports from Friday. Perspective is a good thing to have going into this week.

The car looked great until they peeked under the hood.

Lone Star May Not Close Purchase Of Accredited Home LendersLast update: 8/13/2007 7:32:40 AM(This article was originally published Saturday)
By Lingling Wei Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--
Private-equity giant Lone Star Funds said it may not close the $400 million acquisition of Accredited Home Lenders Holding Co. (LEND), blaming "the drastic deterioration in the financial and operational condition" of the subprime-mortgage lender. In a regulatory filing, Lone Star said as of Friday, Accredited "would fail to satisfy the conditions to the closing of the tender offer" and it "does not expect to be accepting shares tendered as of the end of the current offer period" ending Aug. 14. Accredited disputed the assertion and said it will "hold Lone Star to its obligations."
The flare-up comes as the continuing mortgage-market meltdown is forcing a growing number of potential buyers to reassess the businesses they are taking on. As recently as Tuesday, mortgage-insurance giant MGIC Investment Corp. (MTG) said it doesn't have to complete the acquisition of smaller rival Radian Group Inc. (RDN) in light of the losses in a jointly owned subprime-mortgage venture. Lone Star, in Dallas, agreed in June to buy San Diego-based Accredited for $400 million in cash, or $15.10 a share, in another deal involving nonbanks such as private-equity firms and hedge funds becoming the buyers of last resort for risky but still-viable home lenders.

From the FED..............


Operating Policy
Statement Regarding Open Market Operations
August 13, 2007

The Desk will evaluate whether it needs to conduct operations at its normal operating time of 9:30 a.m. In addition, the Desk stands ready to conduct additional operations later in the day as needed.

Goodbye Karl Rove..

http://news.yahoo.com/s/ap/rove_resigning

Futures up 132...
I guess all is well again.

Foxy can breathe a sigh of relief across the pond

Greenspan to advise Deutsche Bank

The after 4PM selloff was all for show

qqqq 5 day cycle indicators have been on the buy side since mid day Friday. This morning, the Qs cleared the 8 day cycle MA around 47.63, and the 1 day cycle MA also crossed it. It's now 47.66. 3 day is rising at 47.47, and 5 day just turned up at 47.38.

5 hr cycle projection is 47.79.

spx 5 day cycle indicators edged to the buy side in the last few minutes on Friday. The index should gap the 5 day and 8 day cycle MAs around 1462.34 and 1464.84.

hui 3 day cycle projection 350-51

spx 5 hr cycle projection

qqqq 3 day cycle projection 48.15

Call it 48 to 48.15.

DJ Fed Accepts $2 Bln In Overnight RPs

Type of transaction: Overnight RPs
Total accepted: $2 Bln
Total submitted: $52.8 Bln

Agency Collateral Operation
Total accepted: $144 Mln
Total submitted: $19.35 Bln
Stop-Out Rate: 5.23%
Weighted Average: 5.23%
High-rate submitted: 5.23%
Low-rate submitted: 5%

Treasury Collateral Operation
Total accepted: $700 Mln
Total submitted: $16.5 Bln
Stop-Out Rate: 5.11%
Weighted Average: 5.12%
High-rate submitted: 5.12%
Low-rate submitted: 4.75%

Mortgage-Backed Collateral Operations
Total accepted: $1.156 Bln
Total submitted: $16.95 Bln
Stop-Out Rate: 5.26%
Weighted Average: 5.26%
High-rate submitted: 5.26%
Low-rate submitted: 5.16%

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

sell signals on hui 3 day cycle indicators. 5 day are on the cusp.

Real Estate Rising

August 7 – Bloomberg (Kathleen Chu): “Land prices in parts of central Tokyo last year reached comparable levels to 1991, when nationwide land prices peaked, indicating the possibility of a ‘mini bubble,’ Mizuho Research Institute said… Mizuho estimated that the most expensive 5% of land in Tokyo’s 23 wards averaged 33.7 million yen ($283,861) per square meter in 2006… That was greater than the average of 31 million yen per square meter in 1991, the institute said.”


August 10 – Bloomberg (Kathleen Chu): “Tokyo office rents rose in the second quarter to the highest in 13 years because of a lack of supply and strong demand generated by Japan’s growing economy, Jones Lang LaSalle Inc. said. Average monthly rents for grade A office buildings advanced 6.2% from the first quarter…”

Japanese Real Estate recovered before the stock market? I think that was also the case with Hong Kong real estate, although, I don't know for sure.

With this morning's upthrust, it'll be interesting to see if the Qs can claw their way thru Fryday's highs around 47.8-.85 on their way to Doc's projections. I wouldn't be surprised either way.
Since this is Scam Week and I suspect there is more money to be made on the upside, that's where they'll go.

If the SPX is following the retracements off the 2006 lows, it wouldn't run into trouble until the 1480s (1484ish). Frankly, it could ramp to 1506 or even 1532ish and still be in bearish configuration.

As expected, the NDX is stronger this ayem, up almost 2x as much as the Sow, altho it's given it back now.

The Q's have higher I/T targets above the July peak. So it wouldn't surprise me in the least if the Q's make a higher high above July down the road. Watch Nardsaq 2632ish for clues. That's only 2%+ higher.

The 1998 and 1999 memes are still operational. Both show late Aug secondary peaks for the SPX (Aug 25-26) and then lower lows into Rocktober. The difference between 1998 and 1999 was that the Nardsaq never made a lower low in 1999. It went into a trading range b/w Aug-Oct while the Spoozer made a new low. Then ramped in the 4Q.

Have no clue if either of the memes are echoing here. But strength into late Aug that doesn't result in a new SPX high would be in keeping with a variety of "head-fake" echos we've seen over the years.

The crooks will do all they can to keep painting this as a rhyme of Feb/Mar07 or even Jun/Jul06, so they've got the ball here. Still expect a "surprise twist ending". But don't know when it will come. Until then, I have to play the Pigman™ game.

It appears that the crooks are once again engaging in a little "Fed Roulette" with everyone now expectorating a rate cut that will save the day. The next Fed pivots are Tues Sept 18 and then on Halloweenie (Oct 31.)

BTW, the next FOMC on 9/18 is the day after the long-awaited publication of Greenprint's memoir "The Age of Turbulence." That could be an entertaining ScamWeek to say the least.

10 point pullback on SnPee projecting, tight stop on this one though, not as sure! Say 1458 on SnPee Future.

Blackstone opens real estate office in Tokyo

http://www.reuters.com/article/companyNews...T35955520070813

Lee - who are 'the crooks'?

Whiskey Haines and Bob Pissonme assuring the CNBS audience that everything is back to normal.
RE babe , mortages are still available.
Doc , how confident are you that the MBS that the FED accepted wil be returned instead of swapped out for Treasury paper?

That's like asking "What is God?"

Everyone has a different view. And everyone is probably equally correct.

Are the Crooks a small band of greasy men who paint charts in order to lure folks into buying and selling at the worst possible moment? Probably.

Are the Crooks the proverbial Powers-That-Be that seem to find a way to extract unfathomable wealth whether the markit is rising or falling, who lick their chops during panics and accumulate on the cheap, then distribute all the way up? Surely.

Or are the Crooks an amorphous manifestation of the impulses of greed and fear that lie within the heart of Everyman? Could be.

In short, the Crooks are Them and the Crooks are Us.

Either way, it is my interpretation that the Crooks are "painting a masterpiece" right now. The picture will be unveiled in the months to come.

There should be more where that came from. no way they let $36 billion expire.

Oh - so you are talking about ' Mr Market' and the 'unseen hand' or something. I thought you were talking about somebody rather more tangible such as the market makers or the PPT or some big hedge funds.

Should have qualified, time frame was right away to 45 minutes. 5 points result only though. New projection coming up in an hour. For now it's LONG.

(EDIT: I mean long NOW)

SPX back in the "Entertainment Zone."

Sow selloff painted EXACTLY like Feb/Mar07? Check.

SPX selloff painted EXACTLY like May/Jun06? Check.

A masterpiece in the making. Compared to the crooks, DaVinci was a hack.

Financials look weak...
C just flipped red...
WB did a 1 dollar gap up and now red too...

All the brokers did a big gap up and now wayy off the highs.

Yes. And yes and yes and yes.

I'm still long MPEL in my long term portfolio.

Earnings out on Friday. WYNN already crushed earnings mainly because of Macau.

I think you can look at the "reforms" that old Joe Kenedy recommended when the SEC was formed in 1933.
The big players are back to the same tricks,except they are a little more smooth, and the SEC is basically ignoring them.

Any insight on this one?

http://www.marketwatch.com/news/story/ecb-...&siteid=yahoomy


Also, hard to fathom that the Fed only added 2 billion out of 52.8 requested this morning and the indexes are flying... is the liquidity/credit crunch over? Spreads back to normal? Or are we whistling past the graveyard...

Market doesn't look very strong considering our very well publicized double bottom

I saw this idea bandied about over the weekend, but I have no clue what they are talking about. These were repos. No paper changed hands. The paper is merely pledged as collateral. Fed says I'll buy it from you today, and sell it back to you tomorrow so that you can make your debt service payments. It's nothing more than an overnight loan. What difference does it make what the collateral is? It could be dogshit on a plate, it wouldn't matter.

Like I said, I saw the discussion in various places over the weekend, and I couldn't figure out what it was those folks were driving at. An overnight loan is a loan is a loan. It's not the same as a permanent purchase of securities.



To me, there's only one Crooks, not 3 or more. The concept is more easily understood in terms of ancient Jewish Law and Interpretation. The Crooks is another word for the Pigmen, which is another word for market makers including NYSE specialists, and all the other big houses that make primary markets in stocks, futures, options, and dogdoo on a plate. We use a variety of terms to describe them because their true name can never be uttered, out of the limitless awe in which we hold them. We therefore refer to them by acronyms or synonyms or other descriptive terms. We are also forbidden from depicting their likeness, and we are warned to beware of false prophets, like Jimmy Cramer, who pretends to understand and reveal them.

The crooks don't need to collude, because they wrote the Torah. Since they wrote it, they know the rules.

LeeWhee has spent many years at Yeshiva studying Torah.

Capitalstool.com is like the Talmud, in particular the Mishnah where the scribes sit around orally arguing about what the Torah really means. It is also a Yeshivah, because it is alive today in the modern world to further argue and interpret the Torah and the Talmud.

LeeWhee is Hillel and Baal Shem Tov.

I hope this explanation helps in your understanding of crooks, pigmen, PTB, PPT, The Street, Wall Street, hedge funds, prop desks, The Market, etc. etc. etc.

They are like drugs ... they indoctrinate at early ages

But who is going to lead us to the promised land?

See, there are times when it is appropriate to discuss religion.

Well then, Doc, Please answer this one. Who's on first base?

I, for one, am still waiting to find out.