Closed

Closed





Closed

Closed ?



http://finance.yahoo.com/intlindices

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










http://www.kitco.com

Energy futures

Currencies/Au/Ag

Another short trading day and All Ords looking a bit uncertain about it all. The index is currently -0.3% with most sectors dipping into the red. IT is the only sector showing a strong gain, +1.6% with Metals & Mining, Materials, Property Trusts and Consumer Staples at the other end, all -0.4%.

The two big miners are quiet, BHP -0.4% and RIO -0.6%. Golds looking a bit more enthusiastic, Newcrest +1.9%, Newmont +2% and Lihir +1.1%.

Nothing much happening in the oils: Woodside -0.1%, Santos -0.4% and Caltex -0.5%.

WSE Pro Precious Metals Report is posted. Also posted a long term update and macroliquidity update over the weekend along with regular market update. The market update will not be published Monday night.

Today was basically a sideways lollop with low volume and little interest. All Ords finished flat with IT retaining the lead, +1.7% followed by Utilities, +1%. The mining sector closed down the most, -0.6%.

The big miners experienced minimal trading, BHP -0.9% and RIO flat. Golds continued to hold gains: Newcrest +2.8%, Newmont +1.4% and Lihir +2.3%. Juniors were mixed.

Oils churned: Woodside -0.1%, Santos +0.5% and Caltex +0.4%.

Some Asian bourses are closed with those open showing green for the day.


Over to UK/Europe:








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

Shades of Groundhog Day Future.

28

Dec

Posted by Moe as Foreclosure Fighters, Foreclosure Prevention Services, Homeowner Stories, Law, Mortgage Law, News, Predatory Servicing, Securitization, Stop Foreclosure

By Moe Bedard

Let the truth be known. Most homeowners do not respond or fight back when they are facing foreclosure. The lender files the notice of default and the court hearing comes and goes without a peep, answer or simple appearance from the defendant (homeowner). 120-180 days later, the trustee sale happens on the court steps and they become another foreclosure statistic.

Then there’s Richard Davet.

In 1996, Mr. Davet was served with a foreclosure action in his Cuyahoga County, Ohio 1940’s 6 bedroom home. Unlike many homeowners that just take their foreclosure medicine and move on to rent, Richard Davet decided he was going to fight back against NationsBanc Mortgage Corp. and challenge them till the end in a Ohio court of law.

Davet planted his heels firmly and turned his fight into a full time job as he hit the books at the library of Case Western Law. He began his fight by challenging the lawsuit and then pro-longed the suit by flooding the court with motions, objections and affidavits, and he appealed the judge’s rulings at every chance, which bought him 11 years, mortgage payment free in his home.

Wall Street Journal;

http://loanworkout.org/2007/12/28/ohio-hom...e-for-11-years/

Australia Mortgage-Backed Bond Sales Fall 87% to Three-Year Low

Dec. 31 (Bloomberg) -- Australian mortgage-backed bond sales fell to the lowest in three years as the fallout from the U.S. housing recession cut demand for the assets in the second half of the year.

Sales of bonds backed by Australian home loans plunged 87 percent in the last six months to A$5.9 billion ($5.2 billion), from a record high of A$44.4 billion in the first half of the year, according to Deutsche Bank AG. Issuance fell 12 percent this year to A$50.3 billion, the lowest since 2004.

The slump in demand cut three straight years of growth in Australia's mortgage-backed debt market and thwarted predictions from companies including Standard & Poor's that sales would rise to a record A$60 billion. Investors concerned about losses tied to U.S. subprime securities fled the market and mortgage- lenders including Macquarie Group Ltd. and Rams Home Loans Group Ltd. were forced to pay record yield premiums or scrap sales.

What to make of this??

[excerpt]

Baidu CFO Shawn Wang dies in accident

BEIJING, Dec 30 (Reuters) - Shawn Wang, chief financial officer of top Chinese Internet search firm Baidu.com Inc (BIDU.O: Quote, Profile, Research), died in an accident on Dec. 27, the company said.

The accident happened in China while Wang was on vacation over the Christmas holiday, Baidu said in a statement. It did not elaborate, and the company was not immediately available for comment.

http://www.reuters.com/article/newIssuesNe...K20364620071230

$SOX at an interesting juncture indeed...

Giant drop in 10 year note yield this AM. What's that all about?

spy and qqqq just dropped off the table suddenly, virtually closing the pre market gap up. They have been trying to turn up the 3 and 5 day cycles, but this is beginning to look like trending as they are again below the 3 day cycle MA at 51.72 on qqqq, 147.39 on spx and 133.49 on dia.

However, 5 hr cycle projection of 51.55 on qqqq has been hit. spy 5 hr projection of 147.05 has not.

8 day trendlines on dow at 13311 and spx 1474, that one broken slightly.

couple more shport lines 1470-1470.60, then air to 1463

I'll be in and out today. The Fed report will be posted today. The market update will not be posted. It will return at it's usual time on Wednesday.

Happy New Year to you and yours!

Thanks to aussiebear for her daily opening!

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Many tanks for joining us!

Doc


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double bottom holds on qqqq with weak positive divergence on 3 day cycle indicators.

DJ Fed Accepts $13.5 Bln In 4-Day RPs

Type of transaction: 4-Day RPs
Total accepted: $13.5 Bln
Total submitted: $16.6 Bln

Agency Collateral Operation
Total accepted: $8.05 Bln
Total submitted: $8.3 Bln
Stop-Out Rate: 3.95%
Weighted Average: 4.03%
High-rate submitted: 4.2%
Low-rate submitted: 3.5%

Treasury Collateral Operation
Total accepted: $1.5 Bln
Total submitted: $3.7 Bln
Stop-Out Rate: 1.75%
Weighted Average: 2.02%
High-rate submitted: 2.8%
Low-rate submitted: 0.5%

Mortgage-Backed Collateral Operations
Total accepted: $3.95 Bln
Total submitted: $4.6 Bln
Stop-Out Rate: 3.85%
Weighted Average: 4.29%
High-rate submitted: 4.52%
Low-rate submitted: 3.75%

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

on spx I had drawn the trendline off a hair. It's actually at 1472, which is holding so far as is the TL on the Dow.

Fed just announced another repo. Doing a gigantic net add today and forcing rates down.

Something's up. News should break at some point today.

There's some November housing info coming out at 10am. Other than that today looks like it's going to be a snoozer.

Today's thin trading isn't likely to give much useful info for future direction either.

Happy New Year Stoolies. Let's do it again and better in 2008.

Then again....

Big net add, bucky assblast, gold smackdown....






Quick, dong the financials and bubblers!


Or maybe just wait and short the pop.

Maybe they just want a nice strong close for the year. Year end happy print?

Don't kid yourselves. There are technical analysts at the Fed who watch the charts closely. If they know there's a critical level in the market that they don't want to see broken, they'll draw a line in the sand and put sandbags on top to boot.

Dow and SPX breaking the TLs

A break of 1470 would put spx in the air pocket.

wow. $15 billion net add. I wonder what that's all about.

This looks like a defacto rate cut. The stop out rates were 1% on Treasury collateral and only 3.5% on MBS.

Well how 'bout that.

Nat'l Association of REAMtors says Nov home sales were up (.4%) and inventory in down,

What were the chances of that?



LIESman says 'Bottom is in'.

In case you missed it this weekend, I posted a long term update and macro-liquidity update in this weekend's WSE Pro. Links are in the left column. Get these reports, plus get the Fed Report daily!

<em>Try the Professional Edition risk free for thirty days. If, within that time you don't find the information useful, I will give you a full refund. It's that simple. <a href="http://wallstreetexaminer.com/?page_id=19">Click here for more information.</a></em>

DJ Fed Accepts $4 Bln In 2-Day RPs

Type of transaction: 2-Day RPs
Total accepted: $4 Bln
Total submitted: $6.6 Bln

Agency Collateral Operation
Total accepted: $2.825 Bln
Total submitted: $2.85 Bln
Stop-Out Rate: 2.75%
Weighted Average: 3.13%
High-rate submitted: 3.5%
Low-rate submitted: 2.75%

Treasury Collateral Operation
Total accepted: $388 Mln
Total submitted: $2.95 Bln
Stop-Out Rate: 1%
Weighted Average: 1.23%
High-rate submitted: 1.45%
Low-rate submitted: 0.32%

Mortgage-Backed Collateral Operations
Total accepted: $787 Mln
Total submitted: $800 Mln
Stop-Out Rate: 3.5%
Weighted Average: 4.24%
High-rate submitted: 5.1%
Low-rate submitted: 3.5%

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

Sales were down 7.8%. That up 0.4% is seasonal adjustment hocus pocus. Inventory was down, true. It's always down in November. But they don't bother to seasonally adjust the inventory data.

Liars figger.

Actual inventory to sales ratio is now 11.01, a new record.

Yep. good news all around.

Housing stocks rallying on all the good news.

TNX also upticking on the news.

If it weren't so funny, it would be funny.

From John Hussman, an explanation for the low Fed Funds Rate.

In the ongoing saga of misleading and largely illusory “liquidity provision” by central banks, I should note that on Monday, the ECB will have to enter a large “liquidity absorbing” transaction of about 150 billion euros, in order to roll over the expiring one. That action will predictably garner little press, but the maturity the ECB chooses will be important anyway. That's because on Friday January 4, the huge 16-day 350 billion EUR refinancing from December 19 expires. This ensures that the media will (misleadingly) report a huge apparent “injection” of liquidity by the ECB on Friday. The question is how huge.

If the ECB rolls over its 150 billion euro “liquidity absorbing” transaction on Monday with another action that expires on January 4, the “liquidity providing” rollover on Friday will only need to amount to 200 billion EUR, or the equivalent of about US$300 billion. Unfortunately, that's already enough to create some misleading headlines. But if the expiration on Monday's “absorbing” transaction goes beyond Friday January 4, the new rollover will have to offset that too, so Friday's apparent but mistakenly interpreted “injection” will be about 350 billion EUR, or the equivalent of US$500 billion. In short, it's quite possible that investors will be treated to another round of misinterpreted “news” of a massive ECB “liquidity injection” on Friday, which will in fact be nothing but a predictable rollover of existing repos. Hopefully, they'll catch on to this sideshow before long.

You can monitor the ECB data here: http://www.ecb.int/mopo/implement/omo/html/index.en.html
(a zip file with full history of ECB actions is about half-way down the page)

As for the Fed, a few of the short-term repos the Fed provided for holiday liquidity will expire on Thursday. Until then, the extra $10 billion or so of repos in the system may put a bit of pressure on the Fed Funds rate, holding it below the target of 4.25% for a few days (see http://www.ny.frb.org/markets/openmarket.html ). The most likely day for any apparent “liquidity injection” will be that same day (Jan 3) due to the expiring repos, but again, the big misleading central bank event of the week will most likely be the illusory ECB “injection” on Friday.

http://www.hussman.net/wmc/wmc071231.htm

November actual sales were down 17.8% from last November. Inventory was up 12.2%. But the good news is that the actual inventory to sales ratio was only up 36%.

Yep. The bottom is in.

Hussman did not anticipate the Fed's action today. He's wrong about that. The Fed actively pushed the Fed Funds rate lower, and not by just a little either. Whether this is just a one day technical adjustment of some sort, or a defacto rate cut, we won't know until we see if they do a repeat performance on Wednesday.

He may be a little bit wrong about the ECB, which I also track. They've been adding like mad over the past few weeks even after large liquidity draining operations known as fixed term deposits. I doubt that they will withdraw it all.

Bucky little double bottom, going up to retest the 50 at 76.42. Little panic at da Fed?

*DJ Dallas Fed Dec Mfg Production Index -19.1 Vs Nov -3.5


*DJ Dallas Fed Dec Business Activity -23.9 Vs Nov -17.0

One day wonder or policy shift, implicit or explicit, when was the last time even the shadow of a hint of rate easing wasn't good for a 200 point rally?

Democracy......ain't it wonderful


*DJ US State Dept: Serious Concerns About Kenya Pres Vote - AFP

*DJ Sr Official: Pakistan To Delay Vote By At Least 4 Weeks-AFP

I am still in awe of how smart out founding fathers were to create a republic instead of a democracy here in the USA

Anyhow, Happy New Year Stoolies. Wish LeeWhee were still around to help guide the circus here. Enjoy, but don't be popping those corks until at least noon.



And remember ...

Serious rampage. Just through the 50ma at 76.42, heading for the 20ma at 76.75, then the broken tl at 77.25 today, and 77.5 the apex of the triangle at 77.5 on Jan.2.



I'm showing 76.47 but for some reason it's not coming out here on the image plant.

spx slipping into the air pocket. I just noticed a channel line at 1466. Then next shport near 1463.

5 hr cycle projection looks 1466-67. 5 day cycle projection 1463.

dow 5 hr projection 13255. 3 day projection 13200

qqqq 5 hr cycle projection 51.23.

5 day cycle projection may be around 50.75.

Gold down, oil down, Dow down, buck up, 3 out of four is pretty good.
The PPT had better get busy if they want to get the stock market Green for the year end.

Last year, spx closed at 1418.30. It would be nice symmetry to match it, but that's a bit of a stretch to think we'd be down 60 today.