http://finance.yahoo.com/intlindices

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










http://www.kitco.com

Energy futures

Currencies/Au/Ag

All Ords just stepped into a lot of empty space on the daily chart, currently -1.5%. IT is leading the way, -2.5% followed by Financials -1.9%. Metals and Mining is showing the least loss, -0.5%.

The big miners a bit depressed: BHP -1.1% and RIO -1.5% however the story is quite different on the golds...Newcrest +4%, Lihir +4.6% and Newmont +0.3%.

Oils are down but stable: Woodside -0.8%, Santos -0.2% and Caltex -1%.

Off the lows but I don't know that it gets All Ords out of the manure. The index closed -0.7% and we do have a couple of green sectors, Metal & Mining +0.9% and Materials +0.7%. Consumer Staples dropped into the downside lead, -1.7% with Consumer Discretionary not far behind, -1.5%.

The big miners moved up a touch: BHP +0.5% and RIO -0.6% and the golds were on fire, Newcrest +6.6%, Newmont +2.3% and Lihir +6.8%. Juniors didn't get the message, flat to down.

Oils generally improved: Woodside +1.3%, Santos -0.1% and Caltex +0.6%.

Asia rising after an initial selloff: Taiwan +1.2%, Honkers and Nikkers +0.2%.


On to UK/Europe:








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

China launching.

Run into the end of the Year of the Golden Pig starting.

Last chance to buy Gold in an auspicious "Golden" year.

Last chance to buy Stocks in an auspicious year of "living high on the hog". (I'm sure there's a Chinesse phrase for that, just don't know what it is.)

The Year of the Golden Pig is supposed to end with great abundance.

Buy now and your dilgence and hard work will be rewarded in the Year of the Rat, the hardest working of the mammals.

Prepare for Gung Hay Fat Choy now!

Buy, buy,buy!!

Consumer excretionary down the toilet.

http://www.bloomberg.com/apps/news?pid=206...3xXE&refer=home

"Chief Executive Officer Stuart Rose, who reversed a sales decline after he took over in 2004, said conditions for the London-based retailer will ``remain tough'' through 2008. Britons have cut back on purchases as higher mortgage payments, taxes, utility bills and food prices weighed on income."

"Marks & Spencer Group Plc, the U.K.'s biggest clothing retailer, fell the most in at least 19 years in London trading after an unexpected decline in holiday sales."

Some guy from GoldenSacs was just on the BBBC ('Bagdad Bob Business Channel', aka Crapvision for those that missed yesterdays IDS ) saying that the US was due for a recession this year.

Now I smell a rat. Prepare for highly engineered, lemon-scented, financial Plan 'Z' just ahead.

Smells like they own the yellow dog in size.

I wonder how much this has changed in the last week. this is from dec 31

heading into the open the qqqq had been dropping along a line parallel to the 3 day cycle MA since the pre market open. Now they have made a move toward the MA, now at 47.22. Above that are a cluster of resistance lines at 47.35, plus a few more between there and the declining 5 day cycle Ma at 47.62. Support lines are around 47, 46.79, and 46.66.

5 hr cycle indicators say the qqqq has been in an up phase since last night. That portends big weakness on the rollover. But it depends if they can get to the buy side on the 3 day cycle. Tossup.

weak open on gdx with 5 day cycle indicators on the sell side. they drop to the 5 day cycle MA at 50.53, and the 8 day at 50.26. Trendline support is down at 49.58. 3 day cycle projection is around 49.90

spx 3 day cycle projection looks 1370-72.

dow 3 day cycle projection 12,500-12,525.

qqqq 3 day cycle projection 46.75.

5 hr projection 46.66.

DJ Fed Accepts $2.5 Bln In Overnight RPs

Type of transaction: Overnight RPs
Total accepted: $2.5 Bln
Total submitted: $58.65 Bln

Agency Collateral Operation
Total accepted: $2.5 Bln
Total submitted: $28.35 Bln
Stop-Out Rate: 4.29%
Weighted Average: 4.29%
High-rate submitted: 4.29%
Low-rate submitted: 4.15%

Treasury Collateral Operation
Total accepted: None
Total submitted: $16.2 Bln
Stop-Out Rate: N/A
Weighted Average: N/A
High-rate submitted: 4.11%
Low-rate submitted: 4%

Mortgage-Backed Collateral Operations
Total accepted: None
Total submitted: $14.1 Bln
Stop-Out Rate: N/A
Weighted Average: N/A
High-rate submitted: 4.29%
Low-rate submitted: 4.25%

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

qqqq 5 hr cycle indicators reaccelerate from a big positive divergence. Usually a strong buy signal. 3 day cycle MA busted at 47.21.

Everything is OK. CFC below $5.

no 3 day cycle buy signals. battling resistance at 47.46. 5 day cycle MA now 47.60.

3 day cycle MA is at 47.20. If they drop back below that and 5 day cycle indicators flip to sell side, it's game over.

now looks like the bulls may be gaining the upper hand. I think the trendline at 47.44 is the key.

5 hr cycle projection looks 47.62, which is near the 5 day cycle MA now 47.59.

Interesting battle.

dow attacking resistance at 12685. spx resistance 1399-1400. If they clear those, they can pop. 3 day cycle MAs are way up at 12772 and 1411.69

gotta love the volatility.

Some after the fact very astute obsevations from a FED talking head
Where do we get such men?

Third, it is surprising to me that investment banks jeopardized their reputations by securitizing these mortgages when the underlying loans were backed by inadequate or spurious information.

Damaged reputations are also casualties of the fourth major mistake: rating agencies that placed AAA ratings on many securities backed by subprime mortgages. The rating agencies seemed to have based their ratings on a backward look at default experience on similar mortgages before 2006, rather than on a forward look based on careful analysis of the likely ability of borrowers to repay in less favorable market circumstances. The reason default experience on subprime mortgages was relatively favorable before 2007 is that housing prices were rising, permitting stressed borrowers to sell their properties to repay the mortgages. The rating agencies, apparently, did not believe that house prices might stop rising, in which case the music would stop.

The final entry on our major mistake list is investors who bought those securities without conducting an adequate analysis of the underlying investments. Investors too readily accepted the AAA ratings at face value. As financial planners, you are very familiar with the cliché that “if something looks too good to be true, it probably is.” A reach for yield with inadequate attention to risk is another basic lesson that apparently cannot be relearned often enough.

It is interesting, and a bit depressing, that investment professionals made four of the five mistakes. I can understand the mistakes many financially naïve borrowers made but have a hard time understanding how so many investment professionals could have been so wrong. Many observers point to greed, but I prefer a different explanation. Shortsightedness rather than greed explains actions that led to losses of tens of billions of dollars and the failure of many financial firms.
http://stlouisfed.org/news/speeches/2008/01_09_08.html

Didn't take long to hit those next resistance levels. Now we see what this is made of.

WM & C new lows on this move.

I covered my xlb short at the lows to catch the bounce to re short and I can't even borrow any stock now at td waterhouse. ITS ALL SOLD ALREADY!

shortscalped another 1.50 outta Scamazon from close to open

that's all fer now, covered Rusty shorts 705

greased up fer the scam week option jam

jam jam

option jam

pump it up

pump it pump it pump pump pump pump pump

Gotta love a crap rally like this too get shorts at better prices

Looks to me like Amzn could go here. I dont see any real support on the chart until the 50 day sma at $76.30.

I would welcome a bounce though for a short reload.

Monthly chart of BKX.

NOT good.

Read MY LIPS


*DJ Poole: Dollar Won't 'Go South' If Price Stability Achieved

GRMN has been taken to the woodshed.
Missed it!

anybody hear anything on WAMU?

Reverse H&S....
Becareful shorts.

C coming up on support.
Let's see if this area (26) holds.

Probably the same problem all the POSs like CFC, DSL and my new short WB have. More bad paper than they can push on to some other sucker.
CNBS said CFC problem was due to increase in defaults in Nov.
They had a segment showing how to move foreclosed houses in Stockton.
On one that sold quickly, the bank took a 50% haircut. That sounds like they need to increase the volume.

This is a classic


*DJ Poole: Fed Views On Rate, Econ Outlook Are Diverse


.........................They can't agree on anything

Setting up for OPEX week.
I'll dong some calls if it gets to 575 area.

I'm not even the least bit nervous.

That's probably not a good sign.

QQQQs are below that now

The risk is in covering too early. They may not let you back in. My stops are still pretty loose. Trying to let the profits run.

Meant to say if the 5 hr cycle indicators flip over and qqq drops below 3 day cycle MA.

There's always a margin of error, both time and price wise. A break that lasts only a minute doesn't count. Needs to be at least 5-6 minutes, and materially below the MA. The MA is now 47.19. My guess is that they'd need about a 10 cent break that holds for at least 7 minutes.

Momo darlings can do no wrong on the way up; on the way down, they glide like a lead safe. Expect the same outcome for the "four horse(sh*t)men."

resistance lines to watch on this pop are 12675-690 on the dow, 1397.50-1400 on spx, 47.50 and 5 day cycle MA 47.56 on qqqq.

Is that the Mittster?

Just looking ahead, earnings kicked off next week. Tue: INTC, C, USB / Wed: JPM, WFC / Thu: IBM, WM, MER, STX / Fri: GE, SLB
Time for the financials to step into the confessional and ask to be absolved. Not too scared about scam week. Looks like several potential powder kegs are in the offing.