http://finance.yahoo.com/intlindices

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










http://www.kitco.com

Energy futures

Currencies/Au/Ag

A bit gloomy today on the market. All Ords -0.2% with sectors mixed and directionless. At the moment Telecomms is the leading green, +1.1% and Materials is at the other end, -1.1%.

Miners on a downer: BHP -1.4% and RIO -1.3%. Golds hit by selling, Newcrest -1.7%, Newmont -2.5% and Lihir -3.2%.

The Energy sector is being dragged down by Caltex, -5.3% with Santos and Woodside -0.3%.

I'm with you BS...sitting here in a load of penny golds waiting patiently..could be joining you in the soup kitchen if it doesn't work out.

I think K-Wave works on a much shorter timeframe than us...

http://www.bloomberg.com/apps/news?pid=206...d8&refer=africa


Local trivia:

AngloGold Ashanti have joint ventured into Tropicana (a misnomer if I ever heard one!) which is a newly discovered 4 million oz gold deposit NE of Kalgoorlie. It will be a fly-in fly-out setup employing 670 people.

Citic Pacific Orders Bulk Carriers for $889 Million

Dec. 13 (Bloomberg) -- Citic Pacific Ltd., owner of specialty steel mills and power stations in China, ordered 17 ships to be built for HK$6.93 billion ($889 million) to carry iron ore and coal to its plants.

The Hong Kong-based company ordered 12 vessels of 115,000 deadweight tons each to carry iron ore to mills in China from its mines in Western Australia, and five 57,000 deadweight ton vessels to transport coal to its power plants, according to a Hong Kong stock exchange statement today.

Citic Pacific, the Hong Kong arm of China's biggest state- owned investing company, announced plans last month for an A$5.2 billion ($4.58 billion) iron ore mining project in Australia to tap rising demand for the raw material from steel mills in China. The ships will secure transportation for this facility.

Japan's Business Sentiment Slumps More Than Forecast

Dec. 14 (Bloomberg) -- Confidence among Japan's largest manufacturers slumped more than economists forecast, as a stronger yen eroded exporters' profits and the rising cost of credit clouded the outlook for global growth.

The Bank of Japan's quarterly Tankan index of manufacturer sentiment fell for the first time since March to 19 points in December from 23 in September, the central bank said today in Tokyo.

Whoa, that quiet morning morphed into a full-blown selloff. Oz was by far the worst performer in the Asia-Pacific region with a downer of -1.6%. Three sectors had heavy losses: Materials, -2.6% and Property Trusts and Energy both -2%. The next four sectors down all lost 1% or more. Telecomms sustained the least damage, -0.3%.

Miners slugged: BHP and RIO both -2.8% and golds not a pretty sight, Newcrest -3.5%, Newmont -2.5% and Lihir -6.7%. Juniors mostly down.

In the oils, Caltex remained a drag on the sector, -6.1%, Woodside -0.5% and Santos -1.7%.

Asia mostly down: Sth Korea -1.5%, Honkers -1% and Nikkers +0.3%.


Over to UK/Europe:






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

German Inflation Accelerates to Fastest in 12 Years

Dec. 14 (Bloomberg) -- German inflation accelerated in November to the fastest pace in 12 years, led by surging oil and food costs.

Consumer prices, measured using a harmonized European Union method, rose 3.3 percent from a year ago after increasing 2.7 percent in October, the Federal Statistics Office in Wiesbaden said today, confirming a preliminary estimate published Nov. 27. That's the fastest inflation measured since harmonized data for Germany started being collated in January 1996. In the month, prices rose 0.5 percent.

European inflation last month accelerated to the fastest pace in more than six years, with prices rising 3 percent from a year earlier. The ECB aims to keep annual price gains just below 2 percent.

South African Xmas rally in tatters

Miners beaten, banks beaten. fund managers running scared

Good Morning!

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And yet again...you had to take the trade overnight....

seeing possible decoupling of Yen/Stocks here.....Dollar rally may be overpowering all currencies today....

Euro got hammered overnight....

Gold on the verge of big breakdown methinks...yesterday's mini panic low taken out....

Got some crude off on the pivot break at 92.50 as well....

This just may be deflation day....we should know shortly

need long red candles ASAP to confirm....

Kinda wild to look at the screen and see stocks/bonds/currencies/metals/crude/natgas

ALL red

"They" have no concept of the riddles of credit - this is going to be much worse than I ever expected.

Have a good day everyone.

DEWORSIFICATION!!!!!

Something is really amiss.

The only thing people are buying is Uncle Buck.

But they aren't using them to buy anything else.

Part of the liquidity tornado/inferno?

Or is there a reason to be hoarding U$ Dollars right now?

Crude buck off

one nice long red one...

now lets see if da metals join in shortly....

debt deflation.....

It looks like a DOLLAR day.

Doc has been saying it for awhile; Rick Ackerman, if I interpreted him correctly, has been saying it for years - that the scramble for $USD may be so great (to pay debts and other credit instruments) that it would, at least in theory, cause the $USD to rally- but it should not be taken as a sign of overall strength, but rather the time for reckoning is drawing near - did i get that right, Doc?

It's a thought I have had, yes. And the damn dollar chart looks bottomy. I'll get an update posted before I leave.

Citigroup "rescues" SIVs

"rescues" ????

I follow Ackerman's work. He is an outstanding short term trader and scalper. Almost too short for me, but he would be great on this board.

FXI gaps the low for 2nd straight day....

alert: GS green

Thanks, Doc for your dollar work. It made me a lot of money this year and got me out at what appears to be an IT bottom. Best wishes for a good trip to Canada. When are you returning?

alert: everything else pretty red

SRS held 105 on da pullback yesterday...

now over 108...above yesterdays' high and should be no looking back.....

Silver 13 hadle

alert: red is pretty

GS still holding

If yesterday's low goes, everybody outta da pool

I will be leaving early this afternoon for our trek north for the winter holidays.

Subscribers to WSE Pro should already be aware of this. Notes are posted in the recent reports. The Fed report will be posted today, along with a bellwethers update, dollar and bond yield update. The market update will not be posted tonight or Monday. Will return Tuesday evening. Fed and precious metals updates will not be published Monday or Tuesday AM. Then back to normal publication shed jewel on Tuesday PM.

Our itinerary will takes us along the usual route, visiting St. Augustine FL first, where I have been posting semi annual updates of how things are going in the Toll Bros development where my cousins live. Should be interesting.

Next up will be Fillufya, where I will down a cheesesteak or two and visit with some of my favorite people in the Philly burbs and where I have an appointment to have snow tires put on the chariot. Hopefully there will be a window on Sunday with a little warmer weather where we can make it from the auto train in Lorton Va to Philly on Sunday on our "all season" Florida tires.

We'll be in Montreal visiting our kids and grandbabies on Monday night, weather permitting. Then on to our home in Shawinigan-Sud Quebec on Tuesday AM when the temperature is expected to be around 0 degrees fahrenheit, heading for a low of 8 below 0 F. I can't see myself spending much time outdoors. Throw some logs on the fire and kick back.

As I'm making the trip, I expect to drop in here from time to time to see how things are going.

Happy holidays to all at this joyous time of year! HO HO HO!

Decoder:

Nobody left on the planet is stupid enough to buy SIVs from Citigroup. The market crammed this waste down Citigroups throat. Which is slightly better than flushing it down the toilet.

DJ Fed Accepts $5 Bln In 4-Day RPs

Type of transaction: 4-Day RPs
Total accepted: $5 Bln
Total submitted: $86.7 Bln

Agency Collateral Operation
Total accepted: None
Total submitted: $35.5 Bln
Stop-Out Rate: N/A
Weighted Average: N/A
High-rate submitted: 4.36%
Low-rate submitted: 4.2%

Treasury Collateral Operation
Total accepted: $1.25 Bln
Total submitted: $18.65 Bln
Stop-Out Rate: 4.22%
Weighted Average: 4.23%
High-rate submitted: 4.23%
Low-rate submitted: 3.85%

Mortgage-Backed Collateral Operations
Total accepted: $3.75 Bln
Total submitted: $32.55 Bln
Stop-Out Rate: 4.43%
Weighted Average: 4.43%
High-rate submitted: 4.43%
Low-rate submitted: 4.25%

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

Perhaps you should take a picture since it is "Friday Green Print" day. Who knows what those **stards will do.

internals pretty fugly.... fugly betty

Yup.
It's a bummer.

Gold takin aim on LOD

Dollar hoarding/scarcity ahead of "the turn"?

Looking at the 15 and the 60, it looks like we just saw the bottom...

prolly mixed with a little short covering - profit taking - year end.

Gold LOD

We'll be there for a month. Expect to do some skiing and snowshoe. We have a little municipal ski area in walking distance from the house. We can see the bottom of the slope from our front porch. Couple bigger ski areas are about 10-15 minute drive. Can snowshoe anywhere. There are already close to 3 feet of snow on the ground.

We have four quards of firewood ready to go. Hope it's enough for the month.

We'll be back in FL on Jan 16. We'd like to spend the whole winter there to be around the babies, but Danielle's business in FL is still going pretty strong, so we'll come back for 3-4 months. The kids will be coming down for a few weeks.

YM 13,500 looks like the key pivot for today....

Have some poutine for me! It will keep your insides nice and warm.

Quick glance at the charts. Dow and spx still on buy side on 3 and 5 day cycle indicators. Need another bounce or two at least before a breakdown.

Safe travels, Doc.

Aussie- Best of luck to you! You are probably right about the timeframe.I'm still holding the positions I bought about 3 weeks ago and will sit through this chop! I only trade 1/3 of my total gold position anyway and hold the 2/3 long term! If this wedge breaks to the downside I will hit the bricks and come back after the new year licking my wounds and give a tip of the cap to Einstein and all of the other shorts. Gold schlocks are pretty dover sole here and a bounce should be soon forthcoming!Good luck and G' day! Brick