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Full Version: IDS World Markets Tues 21st August 07
Stool Pigeons Wire Message Board > Stock Market Message Board > Intraday Stool- Stock Market Short Term Trading
A general dawdle today although I suspect some are taking the opportunity to bail. All Ords currently -0.2% with a reversal of yesterday where Telecomms was the only red sector; today it's the only green, +2.2%. There's fairly minor losses on the others with Healthcare down the most, -1.3% followed by Consumer Staples -0.9%.
Miners have dropped a tad: BHP -0.5%, RIO -0.3% and in the golds, Newcrest -0.7% and Newmont -1.4%.
Oils not doing anything in particular: Woodside -1.2%, Santos -0.3% and Caltex +0.7%.
Beijing Smog Remains Even After 1.3 Million Vehicles Are Barred
Aug. 20 (Bloomberg) -- Beijing failed to clear its pollution even after forcing almost half its cars off the roads in a test for the 2008 Olympics.
Under pressure to clean the air in time for next August's games, officials barred 1.3 million of the city's 3 million vehicles over the past four days and continued a crackdown on polluting cars.
While congestion and pollution eased, air quality still fell short of World Health Organization guidelines. Beijing's pollution index showed the amount of suspended particles in the air edged below 150 micrograms per cubic meter. The WHO's recommended maximum is 50 micrograms per cubic meter.
Cars with license plate numbers ending in odd digits were allowed on the roads Aug. 17 and Aug. 19, and even numbers were permitted Aug. 18 and Aug. 20. A similar system was used at the Athens Olympics in 2004.
Aug. 20 (Bloomberg) -- Beijing failed to clear its pollution even after forcing almost half its cars off the roads in a test for the 2008 Olympics.
Under pressure to clean the air in time for next August's games, officials barred 1.3 million of the city's 3 million vehicles over the past four days and continued a crackdown on polluting cars.
While congestion and pollution eased, air quality still fell short of World Health Organization guidelines. Beijing's pollution index showed the amount of suspended particles in the air edged below 150 micrograms per cubic meter. The WHO's recommended maximum is 50 micrograms per cubic meter.
Cars with license plate numbers ending in odd digits were allowed on the roads Aug. 17 and Aug. 19, and even numbers were permitted Aug. 18 and Aug. 20. A similar system was used at the Athens Olympics in 2004.
Despite the rise there was a sense of ennui in today's market. All Ords managed to claw up +0.9% and now the index is sitting right at stiff resistance. No doubt there will be attempts to break through this over the next few days.
In the sectors, Telecomms continued to move up (thanks to Telstra), +3.7% followed by Materials, +1.3%. There were a few reds, IT -0.4%, Utilities -0.3% and Consumer Staples, -0.1%.
The big miners gained traction: BHP +1.7% and RIO +1.5%. Golds didn't do a lot: Newcrest +0.2% and Newmont -1.8%.
Energy sagged: Woodside -0.2%, Santos +0.8% and Caltex -2.6%.
Mixed in Asia ranging from Honkers +2.8% to Taiwan and Sth Korea, both -0.4%.
Over to UK/Europe:
http://finance.yahoo.com/intlindices?e=europe
Intentions announced already and the ECB is draining €44 Billion in 1 week money from the system effective 22 August.
€319 maturing, €275 new operations.
http://www.ecb.int/mopo/implement/omo/html/index.en.html
€319 maturing, €275 new operations.
http://www.ecb.int/mopo/implement/omo/html/index.en.html
Is there a shortcut key on US keyboards to make that Euro sign?
We are hearing an unconfirmed rumor that a major primary dealer is calling for the Fed to ease within the next hour....
This off one of my premium services.
This off one of my premium services.
€
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QUOTE(LeeWhee @ Aug 21 2007, 05:59 AM)
QUOTE(wndysrf @ Aug 20 2007, 08:06 PM)
Looks like the money market funds are piling out of short-term debt instruments and piling into the safety and security of Asian stocks.
Hong Kong up 2,000 points in 2 trading days?
That's what happens when the entire globe is 300% hedged against a market collapse.
Hong Kong up 2,000 points in 2 trading days?
That's what happens when the entire globe is 300% hedged against a market collapse.
The move in Hong Kong has nothing to do with shorts getting squeezed or hedging or anything of the kind.
The gubermint of China today announced that, for the first time, they will allow mainland pai gow players to directly buy Hong Kong listed schlocks.
This is a pilot program and has not even started yet. But as per usual, the riverboaters have jacked up the Hanger 9% in order to front-run the newsnoize.
I've had a L/T target of 24,500-25,000 on the Hanger, so one more nominal higher high would fit the bill quite nicely. The recent top was 23,600.
When the pilot program gets underway, the pai gow'ers will have to open an account with the Bank of China in order to buy Hong Kong schlocks. So basically they have to go thru the gubermint, since they own the Bank of China.
Some other Asian markets---like the Phillipines---went up in sympathy on the ASSumption that sooner or later the pai gow'ers will be able to snatch up bargains in Manila as well. Whether that occurs in a year or 10 years or never is unknown. But the mo-mo monkeys don't let silly details like that get in the way of bonering up small-market-cap fraudexes like the Phillipines, especially when so many other world markets are off-limits right now due to the so-called Credit Crunch.
BTW, the entire market crap of the Phillipines schlock market is less than that of Honeywell (HON). So it takes about $1.95 to jack it up 10%.
http://www.ft.com/cms/s/0/f724fcee-4f48-11...00779fd2ac.html
******************
LeeWhee How did you come up with 24500 to 25000, is this not an all time high? I have been watching the Hong Kong for a while now, but I can't get a really long term chart on Hong Kong with my service. So your response to Wndy peaked my interest.
It has been my personal opinion that we will not see a real long term top in all markets until the last Hong Kong top.
My question really applies to any index: How would one extrapolate say 1575 to 1600 on the S&P if has never been there before? Of course you can only take it one day at a time and everything is just a probability, not a certainty.
I subscribe so I saw Lee Adler do this back when we were hitting higher highs, but his method may be different than yours.
Thanks
QUOTE(seamus @ Aug 21 2007, 09:41 PM)
We are hearing an unconfirmed rumor that a major primary dealer is calling for the Fed to ease within the next hour....
This off one of my premium services.
This off one of my premium services.
6 days in a row through last Friday with rates under 5%.
As Doc has noted before, with persuasive eloquence, the FED follows interest rates rather than leads them.
The banksters are demanding lower rates with their bids, even as the FED drains cash/liquidity from the system.
When the FED ignores the Banksters/Bond Market its means a recession for Main Street and Look Out Below for Wall Street.
Looks like Dean will hit sputter and die in mainland Mexico as a Cat 3. Perhaps this is the excuse for futes rocketing. Admittedly, there is bearishness in spades out there. Bracing for a Category 5 flagpole day. Still mostly cash, although 1480's look enticing if'n we make it thar.
Although noting Seamus' post above ... "Cap'n, we need more powwwwer" ...
Still waiting to be beamed aboard at 9:59 as the Bernanke/Paulson/Dodd trifecta "unprecedentedly" commisserates in private. Dodd is as mealy-mouthed as politicians come, but I don't think he has the self-destruct agenda that many of the other Dems do.
He a Rich Man.
Although noting Seamus' post above ... "Cap'n, we need more powwwwer" ...
Still waiting to be beamed aboard at 9:59 as the Bernanke/Paulson/Dodd trifecta "unprecedentedly" commisserates in private. Dodd is as mealy-mouthed as politicians come, but I don't think he has the self-destruct agenda that many of the other Dems do.
He a Rich Man.
QUOTE(alceringa @ Aug 21 2007, 07:41 PM)
€
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Wow, thanks Al, I didn't know about the character map, lots of fun there
=DJ NEWSWIRES SURVEY: Dealers Say Fed Rate Cut Is Looming
(This article was originally published Monday)
By Michael S. Derby
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--In a dramatic shift from recent expectations, most of
Wall Street's biggest banks now expect the Federal Reserve to cut interest
rates, and to do it soon.
Most of primary dealers, which are banks that deal directly with the Fed,
predict central bankers, faced with a liquidity crisis in financial markets
and its gathering threat to the growth, will be forced into an easier monetary
policy stance. They reckon the central bank will lower what is now its 5.25%
overnight target rate, either when it next meets on Sept. 18 or perhaps even
before. Meanwhile, some banks that still formally expect a steady stance for
monetary policy acknowledge the rapidly changing environment means the Fed
could act at any time.
(This article was originally published Monday)
By Michael S. Derby
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--In a dramatic shift from recent expectations, most of
Wall Street's biggest banks now expect the Federal Reserve to cut interest
rates, and to do it soon.
Most of primary dealers, which are banks that deal directly with the Fed,
predict central bankers, faced with a liquidity crisis in financial markets
and its gathering threat to the growth, will be forced into an easier monetary
policy stance. They reckon the central bank will lower what is now its 5.25%
overnight target rate, either when it next meets on Sept. 18 or perhaps even
before. Meanwhile, some banks that still formally expect a steady stance for
monetary policy acknowledge the rapidly changing environment means the Fed
could act at any time.
sounds like a witch hunt,
DJ Sen Conrad Calls For St Louis Fed Pres Poole's Resignation
WASHINGTON (Dow Jones)--Sen. Kent Conrad, D-N.D., on Monday called for the
resignation of Federal Reserve Bank of St. Louis President William Poole,
saying the Fed official made irresponsible statements prior to the central
bank's surprise discount rate cut last week.
Last week, Poole said "there's no need for the Federal Reserve, unless
there's some sort of calamity taking place, to make a decision before the next
meeting" about cutting interest rates.
Conrad took Poole to task for his remarks - particularly after the Fed on
Friday unexpectedly lowered the interest rate and borrowing terms on its
emergency lending facility - the discount window - just days after Poole's
calamity remark.
"Mr. Poole made a reckless, irresponsible statement," said Conrad, who is
chairman of the Budget Committee.
"For Mr. Poole to state that there would be no action before the September
meeting contributed to a lack of confidence in financial markets," Conrad
added, while calling for Poole's resignation.
"When there is fluctuation in financial markets, people have to be able to
rely on the statements of Federal Reserve officials," Conrad said.
DJ Sen Conrad Calls For St Louis Fed Pres Poole's Resignation
WASHINGTON (Dow Jones)--Sen. Kent Conrad, D-N.D., on Monday called for the
resignation of Federal Reserve Bank of St. Louis President William Poole,
saying the Fed official made irresponsible statements prior to the central
bank's surprise discount rate cut last week.
Last week, Poole said "there's no need for the Federal Reserve, unless
there's some sort of calamity taking place, to make a decision before the next
meeting" about cutting interest rates.
Conrad took Poole to task for his remarks - particularly after the Fed on
Friday unexpectedly lowered the interest rate and borrowing terms on its
emergency lending facility - the discount window - just days after Poole's
calamity remark.
"Mr. Poole made a reckless, irresponsible statement," said Conrad, who is
chairman of the Budget Committee.
"For Mr. Poole to state that there would be no action before the September
meeting contributed to a lack of confidence in financial markets," Conrad
added, while calling for Poole's resignation.
"When there is fluctuation in financial markets, people have to be able to
rely on the statements of Federal Reserve officials," Conrad said.
The SEC said Sentinel secretly transferred at least $460 million of its clients' assets into the company's in-house trading account. This occurred at least several months prior to its financial trouble becoming public last week. It used those assets to obtain loans from the Bank of New York, the lawsuit says.
"The credit extended under this line of credit reached as high as $500 million in June 2007 and is now $321 million," the SEC said.
SEC accuses Sentinel of fraud
PS: What's up w/the double wide promo column on the left?
"The credit extended under this line of credit reached as high as $500 million in June 2007 and is now $321 million," the SEC said.
SEC accuses Sentinel of fraud
PS: What's up w/the double wide promo column on the left?
Would a rate cut really be a surprise? Normally the discount rate and the Fed funds rate go in lockstep, isnt it? So, very soon the funds rate should follow, no?
Only question should be, if market has a cut of the funds rate factored in or not. Guess it is more or less factored in right now.
Only question should be, if market has a cut of the funds rate factored in or not. Guess it is more or less factored in right now.
btw, where is that stoolie who always said: "my nipples explode with delight!" ???
Grand Poopercycle
COF trading up this morning, I thought they were down 8 pts last night?
QUOTE(alceringa @ Aug 21 2007, 07:41 AM)
€
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€ € €
How cool is that?
And how do you access the character map.
QUOTE(BusKow @ Aug 21 2007, 08:38 AM)
The SEC said Sentinel secretly transferred at least $460 million of its clients' assets into the company's in-house trading account. This occurred at least several months prior to its financial trouble becoming public last week. It used those assets to obtain loans from the Bank of New York, the lawsuit says.
"The credit extended under this line of credit reached as high as $500 million in June 2007 and is now $321 million," the SEC said.
SEC accuses Sentinel of fraud
PS: What's up w/the double wide promo column on the left?
"The credit extended under this line of credit reached as high as $500 million in June 2007 and is now $321 million," the SEC said.
SEC accuses Sentinel of fraud
PS: What's up w/the double wide promo column on the left?
Must be a disturbance in the force, showing up in IE only, not in Firefox. Apparently the javascript that picks up the WSE feed extended a line. No idea why. I reposted that article with a different timestamp to see if that corrects the problem.
Yep. That took care of it.
Our sites are written to Web Standards, which IE sometimes has problems with.
Our sites are written to Web Standards, which IE sometimes has problems with.
"We've re-energized the President's Working Group on Financial Markets."
-Hank Paulson, Treasury Secretary, Crapvision, 21 August 2007
Tin-foil hats at the ready!!
-Hank Paulson, Treasury Secretary, Crapvision, 21 August 2007
Tin-foil hats at the ready!!
It feels like Paulson is the warm up act for today's main event "the rate cut"
*DJ Paulson: Credit Being Repriced Across Market
*DJ Paulson: Sees Strong Global, US Econ
*DJ Paulson: Fed Is Independent, Has Confidence In Fed
*DJ Paulson: Turbulence This Will Play Out Over Time
*DJ Paulson: Mkts Straighten Themselves Out Over Time
*DJ Paulson: Econ Is Increasingly Complex, Integrated
*DJ Paulson: Always Important To Be Vigilant -Crapvision
*DJ Paulson: Talks Regularly With Markets, Regulators -Crapvision
(MORE TO FOLLOW) Dow Jones Newswires
*DJ Paulson: Credit Being Repriced Across Market
*DJ Paulson: Sees Strong Global, US Econ
*DJ Paulson: Fed Is Independent, Has Confidence In Fed
*DJ Paulson: Turbulence This Will Play Out Over Time
*DJ Paulson: Mkts Straighten Themselves Out Over Time
*DJ Paulson: Econ Is Increasingly Complex, Integrated
*DJ Paulson: Always Important To Be Vigilant -Crapvision
*DJ Paulson: Talks Regularly With Markets, Regulators -Crapvision
(MORE TO FOLLOW) Dow Jones Newswires
QUOTE(potatohead @ Aug 21 2007, 09:07 AM)
COF trading up this morning, I thought they were down 8 pts last night?
layoffs are boolish.
*DJ Paulson: Mulling Options To Cut Strain On Mtg Mkts -Crapvision
Why bother with day trading? Fortunes can be made ( and lost ) now with trading by the minute.
QUOTE(potatohead @ Aug 21 2007, 08:16 AM)
*DJ Paulson: Mulling Options To Cut Strain On Mtg Mkts -Crapvision
"major chit out dere, Wal Mart choppers"
Market less than 7% off all-time highs and there's panic in the boardrooms. How arrogant are these a**holes who created the run-up in the first place?
"We (the Fed) are the alpha and omega (of the equities market today )"- taken another wiseman who lived 2000 years ago.
They've been spreading rumor of BAC buying CFC for the longest.
Now they are saying Buffet might buy a piece of CFC. This is getting old.
http://biz.yahoo.com/rb/070820/countrywide_buffett.html?.v=1
Now they are saying Buffet might buy a piece of CFC. This is getting old.
http://biz.yahoo.com/rb/070820/countrywide_buffett.html?.v=1
What is normal?
*DJ Paulson: Will See Liquidity Return To Normal -Crapvision
(MORE TO FOLLOW) Dow Jones Newswires
*DJ Paulson: Will See Liquidity Return To Normal -Crapvision
(MORE TO FOLLOW) Dow Jones Newswires
QUOTE(dogsie @ Aug 21 2007, 08:17 AM)
Why bother with day trading? Fortunes can be made ( and lost ) now with trading by the minute.
The action is in the futures market.
10-30 ES point swings intraday.
When asked by Liesman whether money markets are safe, Paulson launched into a convoluted discussion about the strength of the economy and the repricing of risk.
Notably, he couldn't give the simple answer, "Yes."
Notably, he couldn't give the simple answer, "Yes."
☼
Character Map is under "Accessories", Sunshine.
Character Map is under "Accessories", Sunshine.
QUOTE(I_Am_Madness @ Aug 21 2007, 09:22 AM)
QUOTE(dogsie @ Aug 21 2007, 08:17 AM)
Why bother with day trading? Fortunes can be made ( and lost ) now with trading by the minute.
The action is in the futures market.
10-30 ES point swings intraday.
We've already had a 10 pt swing in the last hour
QUOTE(dogsie @ Aug 21 2007, 07:17 AM)
Why bother with day trading? Fortunes can be made ( and lost ) now with trading by the minute.
I think this market is BI-POLAR
QUOTE(dogsie @ Aug 21 2007, 08:23 AM)
QUOTE(I_Am_Madness @ Aug 21 2007, 09:22 AM)
QUOTE(dogsie @ Aug 21 2007, 08:17 AM)
Why bother with day trading? Fortunes can be made ( and lost ) now with trading by the minute.
The action is in the futures market.
10-30 ES point swings intraday.
We've already had a 10 pt swing in the last hour
We might be getting these 10 point jams right into 8am over the next few days.
That .50 cut from the discount rate smoked a lot of folks on the short side last Friday. I'm sure all the momo players will be gunning for another one of those 50 point pops.
Starting out with 5 day cycle indicators ever so slightly to the sell side.
Hmmm... didn't open the way I thought it would 
The market participants want one thing, Mr. BernankePaulsonDoddsky :
out
The market participants want one thing, Mr. BernankePaulsonDoddsky :
out
QUOTE(I_Am_Madness @ Aug 21 2007, 08:20 AM)
They've been spreading rumor of BAC buying CFC for the longest.
Now they are saying Buffet might buy a piece of CFC. This is getting old.
http://biz.yahoo.com/rb/070820/countrywide_buffett.html?.v=1
Now they are saying Buffet might buy a piece of CFC. This is getting old.
http://biz.yahoo.com/rb/070820/countrywide_buffett.html?.v=1
I'm hearing rumors that King Midas is going to touch a mountain of their paper....
Why is quarterback Michael Vick facing jail time for dog fighting when Paulson, helo Ben and others have praise heaped on them for their bear baiting?
By the way, The Fed does not buy CDOs or non-Agency MBS.
http://www.ny.frb.org/markets/operating_policy_081007.html
Typically, when the Desk arranges RPs it accepts propositions from dealers in three collateral tranches.
* In the first tranche, dealers may pledge only Treasury securities.
* In the second tranche, dealers have the option to pledge federal agency debt in addition to Treasury securities.
* In the third tranche, dealers have the option to pledge mortgage-backed securities issued or fully guaranteed by federal agencies in addition to federal agency debt or Treasury securities.
From time to time, for operational simplicity, the Desk has arranged RPs just in the third tranche, under which dealers have the option to pledge either mortgage-backed securities issued or fully guaranteed by federal agencies, federal agency debt, or Treasury securities.
http://www.ny.frb.org/markets/operating_policy_081007.html
Typically, when the Desk arranges RPs it accepts propositions from dealers in three collateral tranches.
* In the first tranche, dealers may pledge only Treasury securities.
* In the second tranche, dealers have the option to pledge federal agency debt in addition to Treasury securities.
* In the third tranche, dealers have the option to pledge mortgage-backed securities issued or fully guaranteed by federal agencies in addition to federal agency debt or Treasury securities.
From time to time, for operational simplicity, the Desk has arranged RPs just in the third tranche, under which dealers have the option to pledge either mortgage-backed securities issued or fully guaranteed by federal agencies, federal agency debt, or Treasury securities.
DJ Fed Accepts $3.75 Bln In Overnight RPs
Type of transaction: Overnight RPs
Total accepted: $3.75 Bln
Total submitted: $32.994 Bln
Agency Collateral Operation
Total accepted: $2.75 Bln
Total submitted: $13.444 Bln
Stop-Out Rate: 4.8%
Weighted Average: 4.84%
High-rate submitted: 4.9%
Low-rate submitted: 2%
Treasury Collateral Operation
Total accepted: None
Total submitted: $12.45 Bln
Stop-Out Rate: N/A
Weighted Average: N/A
High-rate submitted: 2.1%
Low-rate submitted: 0.75%
Mortgage-Backed Collateral Operations
Total accepted: $1 Bln
Total submitted: $7.1 Bln
Stop-Out Rate: 5%
Weighted Average: 5%
High-rate submitted: 5%
Low-rate submitted: 4.5%
(Data was provided by the New York Federal Reserve Bank).
QUOTE(DrStool @ Aug 21 2007, 08:36 AM)
By the way, The Fed does not buy CDOs or non-Agency MBS.
http://www.ny.frb.org/markets/operating_policy_081007.html
Typically, when the Desk arranges RPs it accepts propositions from dealers in three collateral tranches.
* In the first tranche, dealers may pledge only Treasury securities.
* In the second tranche, dealers have the option to pledge federal agency debt in addition to Treasury securities.
* In the third tranche, dealers have the option to pledge mortgage-backed securities issued or fully guaranteed by federal agencies in addition to federal agency debt or Treasury securities.
From time to time, for operational simplicity, the Desk has arranged RPs just in the third tranche, under which dealers have the option to pledge either mortgage-backed securities issued or fully guaranteed by federal agencies, federal agency debt, or Treasury securities.
http://www.ny.frb.org/markets/operating_policy_081007.html
Typically, when the Desk arranges RPs it accepts propositions from dealers in three collateral tranches.
* In the first tranche, dealers may pledge only Treasury securities.
* In the second tranche, dealers have the option to pledge federal agency debt in addition to Treasury securities.
* In the third tranche, dealers have the option to pledge mortgage-backed securities issued or fully guaranteed by federal agencies in addition to federal agency debt or Treasury securities.
From time to time, for operational simplicity, the Desk has arranged RPs just in the third tranche, under which dealers have the option to pledge either mortgage-backed securities issued or fully guaranteed by federal agencies, federal agency debt, or Treasury securities.
Which reminds me of a question that I had, but did not ask.
Is that why Fannie made the big push to soak up the CDOs? Does their paper fall into the third tranche? If it does, then that would have been a way to offload the paper?
Finally, have there been any instances when the "loan" (RP and the like) was defaulted such that the Fed "ate" the paper used as collateral?
Market participants aren't expecting news of a cut to come out of this 10 AM meeting are they? Doesn't the Fed have to meet and vote on that kind of thing? 
(Although I suppose they could have done that in secret last night)
(Although I suppose they could have done that in secret last night)
Just crossed 195..
Strong as hell...
Looking to buy the sep 180 puts here.
Strong as hell...
Looking to buy the sep 180 puts here.
QUOTE(Schonthaler @ Aug 21 2007, 04:49 AM)
QUOTE(LeeWhee @ Aug 21 2007, 05:59 AM)
QUOTE(wndysrf @ Aug 20 2007, 08:06 PM)
Looks like the money market funds are piling out of short-term debt instruments and piling into the safety and security of Asian stocks.
Hong Kong up 2,000 points in 2 trading days?
That's what happens when the entire globe is 300% hedged against a market collapse.
Hong Kong up 2,000 points in 2 trading days?
That's what happens when the entire globe is 300% hedged against a market collapse.
The move in Hong Kong has nothing to do with shorts getting squeezed or hedging or anything of the kind.
The gubermint of China today announced that, for the first time, they will allow mainland pai gow players to directly buy Hong Kong listed schlocks.
This is a pilot program and has not even started yet. But as per usual, the riverboaters have jacked up the Hanger 9% in order to front-run the newsnoize.
I've had a L/T target of 24,500-25,000 on the Hanger, so one more nominal higher high would fit the bill quite nicely. The recent top was 23,600.
When the pilot program gets underway, the pai gow'ers will have to open an account with the Bank of China in order to buy Hong Kong schlocks. So basically they have to go thru the gubermint, since they own the Bank of China.
Some other Asian markets---like the Phillipines---went up in sympathy on the ASSumption that sooner or later the pai gow'ers will be able to snatch up bargains in Manila as well. Whether that occurs in a year or 10 years or never is unknown. But the mo-mo monkeys don't let silly details like that get in the way of bonering up small-market-cap fraudexes like the Phillipines, especially when so many other world markets are off-limits right now due to the so-called Credit Crunch.
BTW, the entire market crap of the Phillipines schlock market is less than that of Honeywell (HON). So it takes about $1.95 to jack it up 10%.
http://www.ft.com/cms/s/0/f724fcee-4f48-11...00779fd2ac.html
******************
LeeWhee How did you come up with 24500 to 25000, is this not an all time high? I have been watching the Hong Kong for a while now, but I can't get a really long term chart on Hong Kong with my service. So your response to Wndy peaked my interest.
It has been my personal opinion that we will not see a real long term top in all markets until the last Hong Kong top.
My question really applies to any index: How would one extrapolate say 1575 to 1600 on the S&P if has never been there before? Of course you can only take it one day at a time and everything is just a probability, not a certainty.
I subscribe so I saw Lee Adler do this back when we were hitting higher highs, but his method may be different than yours.
Thanks
It was my guesstimation of a measured move off the breakout of the ATHs on the Hanger. It's not a high-confidence call, but that's where I felt the Hanger could take a siesta.
I have no guesses on the Shanker since, IMO, it's not a market at all.
So I started reading an article titled:
The Fed's Tight Monetary Policy
at
http://www.minyanville.com/articles/index.php?a=13801
but I did not finish it, it was too long for a morning read and sounded too familiar.
The Fed's Tight Monetary Policy
at
http://www.minyanville.com/articles/index.php?a=13801
but I did not finish it, it was too long for a morning read and sounded too familiar.
If the Fed cuts, watch for another potential "FOMC Cha-Cha-Cha" like we saw a couple weeks back.
The pattern: the first move is a headfake, followed by a stronger counter-move in the opposite direction, then the biggest move in the same direction of the first move.
No guarantees, but we've seen this play out many times. It often plays out over a few days, not necessarily the same day.
The pattern: the first move is a headfake, followed by a stronger counter-move in the opposite direction, then the biggest move in the same direction of the first move.
No guarantees, but we've seen this play out many times. It often plays out over a few days, not necessarily the same day.
QUOTE(alceringa @ Aug 21 2007, 07:08 AM)
QUOTE(seamus @ Aug 21 2007, 09:41 PM)
We are hearing an unconfirmed rumor that a major primary dealer is calling for the Fed to ease within the next hour....
This off one of my premium services.
This off one of my premium services.
6 days in a row through last Friday with rates under 5%.
As Doc has noted before, with persuasive eloquence, the FED follows interest rates rather than leads them.
The banksters are demanding lower rates with their bids, even as the FED drains cash/liquidity from the system.
When the FED ignores the Banksters/Bond Market its means a recession for Main Street and Look Out Below for Wall Street.
Whiskey Haines and shills demanding a Feds Funds rate cut.
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