http://finance.yahoo.com/intlindices

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










http://www.kitco.com

Energy futures

Currencies/Au/Ag

Up open but then a selloff. All Ords having probs making up its mind. Currently the index is +0.1% with sectors mixed. Materials is in the lead at a modest +0.6% followed by Consumer Staples +0.5%. IT is down the most, -1%.

The big miners looking ok: BHP +1.2% and RIO +1.9%. Golds not happy: Newcrest -1.9%, Newmont -1% and Lihir -1.6%.

Oils stable: Woodside +0.8%, Santos +1.2% and Caltex -0.2%.

One-Month Libor Soars as Banks Seek Year-End Funding

Nov. 29 (Bloomberg) -- The cost of borrowing in euros for a month rose by a record and loans in dollars climbed the most in more than a decade as banks sought funds to cover their commitments through to the start of 2008 amid a credit squeeze.

The London interbank offered rate that banks charge each other for euro loans due after the end of the year jumped 64 basis points to 4.81 percent, the highest since May 2001, the British Bankers' Association said. The rate for dollars jumped 40 basis points to 5.23 percent, the highest since Sept. 18, when the Federal Reserve cut the target rate for overnight loans for the first time in 4 1/2 years.

Soaring bank lending rates reflect growing concern about the strength of financial institutions after more than $60 billion of writedowns this year linked to U.S. subprime-mortgage defaults. Losses may rise to $300 billion, according to the Organization for Economic Cooperation and Development.

``The increases we've seen in borrowing costs cannot be simply explained away by year-end pressures; this is a full-on credit crisis,'' said Stuart Thomson, who helps oversee $46 billion in bonds at Resolution Investment Management Ltd. in Glasgow, Scotland. ``There's no end in sight either. It's a really unpleasant picture.''

Some interesting observations on the E-trade portfolio from Karl Denninger

E*Trade gets a Guido loan and marks to market their entire ABS paper - at a SEVENTY PERCENT DISCOUNT!

I don't think anyone is (yet) understanding the impact of this.

Most of E*Trade's portfolio was HELOCs; there were few purchase-money firsts in there.

Let's do a bit of math, ok? You know, the stuff they teach you in FOURTH GRADE - math that appears to be totally beyond the capabilities of the equity "cheerleaders" at CNBS!

In the last four years approximately $6.5 trillion has been MEW'd out and spent on plasma TVs, exotic vacations and other sorts of drivel. IT IS GONE; it did not go into something of value - it was CONSUMED.

Let's use a conservative assumption that 1/3rd - 33% - came from HELOCs, rather than cash-out purchase mortgages or refinances of existing mortgage paper. Probably reasonable.

E*Trade's paper is almost all comprised of this HELOC paper, essentially all of it written in the last three years, and most of it was written to people with significant assets; probably half to their brokerage customers.

That is, most of these HELOCs were written to allegedly "good" credit risks.

Now let's apply some conservative valuation discounts, given that E*Trade just marked the entire thing to market at 30% of face value.

$6.5 trillion X 33% = $2.14 trillion in HELOC paper.
30% of original value = a $1.5 trillion dollar DIRECT LOSS on HELOC paper ALONE.
http://market-ticker.denninger.net/

Basically back to a resistance area on the daily chart. All Ords closed +1.3% with several sectors seeing a decent pop. Materials kept the lead, +2.4% followed by Consumer Staples +2.1% and Energy +2%. IT, Property Trusts and Telecomms had minor losses.

Strong moves on the big miners: BHP +2.3%, RIO +4.3%. Golds were a bit iffy: Newcrest and Newmont -0.7%, Lihir +1.3%. Juniors vacillated.

Oils gained strength: Woodside and Santos both +2.1%.

Mostly up in Asia: Nikkers and Honkers +0.6%, Sth Korea +2.1% and Taiwan +1.7%. China was an exception, -2.1%.


Over to UK/Europe:







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

Don't know you, nymphcaster, nor the details of your situation, but the language of the last paragraph of your last post indicates a bit of disagreement between you and your broker.

If you are working with invested funds that you cannot afford to lose, I would urge you to educate yourself so that you may feel confident in attempting to decide how and where to deploy your capital.

Get more than one opinion from multiple brokers if you must rely on their judgement. Each broker will likely have a different take on your situation, so you will have to listen carefully and pick and choose the concepts that will make sense to you.

I've never met Doc, but having read his numerous analysis and WSE reports, I judge him as a straight shooter without an agenda... and you can keep up with current events and pick up lot's of good ideas and info on the Capital Stool boards from the many fine folks here.

One thing I would suggest (in these crazy times) is not to keep all your eggs in one basket. Depending on the amount of investment funds you are working with, you might consider splitting it up between two or three brokerage companies and dividing your ready cash into several different banks, so that if there is a problem, you're not wiped out.

Using Treasury Direct is a safe, convenient way to park your free cash into very short term Treasury paper for safe keeping, and you can do this from your home.

Your broker is probably an honest, competent fellow, but, in my opinion, and with certain exceptions, it's risky to depend on a single someone handling the entirety of your funds.

Just my 2 cents... don't mean to sound preachy.

I think Ben is about to shut off this option soon. If you think 3% yield on doolar bills is a fair return....

Who let the monkey out?

Bonarium Continuum. Short covering continues today. On Monday, Paulson may unveil a plan that kicks back some mortgage resets to stem foreclosures.... maybe that's good for a another pop as well. I'd be looking to sell my CFC calls into this bounce (up 10% in pre-market), maybe half today, and half on monday.

Unfortunately in this case, I have to side with Goldman, and not Mr. Ducalion. It's not a done deal yet, but I'd be very very cautious. I have been out of all gold stock longs in the WSE Pro Chart picks for several weeks now. I pay no attention to the funny mentals of course. If the chart completes a top pattern and breaks it, you know what to do.

Subscribe to the Wall Street Examiner Professional Edition Precious Metals Daily, just $39 quarterly. Try it risk free for 30 days!

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Good Morning!

Welcome to Intraday Stool! Thanks to aussiebear for her daily opening!

You can join the discussion by registering (PG rated user names only, please) and posting here as well.

Registration is easy. Just click the Register link above, enter your email address (which you have the option to keep confidential), and enter a user name. To keep out spammers and scammers, I'll send you an email with a few Monty Python type questions. Just reply with your answers, and I'll approve your registration as soon as I receive your reply.

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Many tanks for joining us!

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I'm making another go at reloading SKF this morning. It's trading below 92 in the PMS ( that'd be Pre-Market Session ) and it looks like 91 is probably some technical shport.

[attachmentid=93147]

Looks like they are really going to goose the hommies today. Let them. I have a big cushion on my positions and I will add to them.

Never mind that 91. SKF ( ultrashort financials ) is trading at 88 and change in the PMS.

Holy crap. CFC now up 24% in the time it took me to drive to work.

3 day cycle projections

qqqq 52.25
spy 149.50
dia 134.85

xhb completing reverse head and shoulders going back to 11/20 if this pop sticks.

Good call, I covered my putz yesterday for a .20 loss

dow resistance trendlines and levels 13435-13455. above that is clear to 13545

spx resistance lines 1484.50-1491.50

Bob Pissonme is so excited, Helo Ben is goona take care of things.

Doc, you really mean 14? or 13? on Dow

13. sorry again.

Out of CFC. I'll take the money and run.

Target zone area achieved....now let's see if they can roll this over today.....if not, bull may start to regain the upper hand.....

5h cycle projections

13520

1489-98

Out of FNM @ 37. Less than a doolar a share haircut.

Loonie tagged par for the 3rd time...triple bottom perhaps...or will she bust thru?

Should be a decent sized move coming either way...pretty wedged here...

Just out of curiosity whens the last time Goldman said to short anything in their beginning of the year outlook. I'll take my chances that these guys are wrong and stay long gold and gold schlocks.Gold to $1000.....minimum.

Pound still riding the line...should be big move coming real soon here..

DJ Fed Accepts $6.5 Bln In 3-Day RPs

Type of transaction: 3-Day RPs
Total accepted: $6.5 Bln
Total submitted: $34.1 Bln

Agency Collateral Operation
Total accepted: None
Total submitted: $12.8 Bln
Stop-Out Rate: N/A
Weighted Average: N/A
High-rate submitted: 4.65%
Low-rate submitted: 4.3%

Treasury Collateral Operation
Total accepted: $6.5 Bln
Total submitted: $12.8 Bln
Stop-Out Rate: 3.3%
Weighted Average: 3.39%
High-rate submitted: 3.5%
Low-rate submitted: 3%

Mortgage-Backed Collateral Operations
Total accepted: None
Total submitted: $8.5 Bln
Stop-Out Rate: N/A
Weighted Average: N/A
High-rate submitted: 4.75%
Low-rate submitted: 4.5%

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

I was thinking last night that just about every time you say that the "bears" have to do something or it will be bullish that I should buy.

Your calls are correct, but it seems that there is a snowball's chance that the bears will take control for more than the briefest period of time without some sort of financial calamity.

So, until there is a major news item, I am going to go long whenever you point out the crucial points in the market.

But it would be nice it they closed the opening gap.

Crude below 90 and gold pulling away from 800..

If the currencies join in....LOB

qqqq 5 hr and 3 day cycle indicators on cusp of sell signals

Guess you better load up on some British Pounds then...

dow low end 5h cycle projection pulls back to 13475.

Now, go take a long hot shower....

spx low end 5 hr cycle projection pulls back to 1485.

You and me both. I was struck by the sentence ..

Goldman had recommended investors go long gold in its top 10 trades list for 2006 and bullion went from around $500 (U.S.) an ounce to $650 at the end of that year.

that they stuck in there. I should check, but as I recall Goldman called long just before the May 2006 gold massacre when gold was hanging around $700. The use of the 2006 range of 500 to 650 is deceptively applied, me thinks.

high end projection looks 1490. We may be done here.

Some weakness showing up in key stocks but a/d still climbing

have to be careful though. upper range of dow projection still around 13530. Need more of a pullback here to invalidate that.

I got stopped out of all my ES short last night at 1478 for an a$$ pounding.
Reshorted at 1491.25 this morning...

spx 5 day cycle projection range 1485-1504.

dow 5 day cycle projection range 13450-13570

That right? 19 pt range

Ok, let's all say it together....

"Thirrrrteeeeeen!"

qqqq returns to a trendline at 52 it broke on the way up. next support would be 3 day cycle MA 51.85.

looks like the resistance clusters on spx and dow got bent but not broke.