Closed







http://finance.yahoo.com/intlindices

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










http://www.kitco.com

Energy futures

Currencies/Au/Ag

Up but not in a terribly convincing manner. All Ords +0.4% helped considerably by Metals & Mining, +1.7%. IT is not doing too badly, +1.3% and Energy is next at +1%. At the other end, Consumer Staples is down the most, -0.7%.

The big miners doing the bounce: BHP +1.8% and RIO +1.5%. Golds are still in up mode, Newcrest +1.9%, Newmont +0.7% and Lihir +1.8%.

Oils mostly up: Woodside +0.7%, Santos +2% and Caltex -1.6%.

Centro Chief Quits

Jan. 15 (Bloomberg) -- Centro Properties Group, the owner of 700 U.S. shopping malls, said Chief Executive Officer Andrew Scott resigned and it has asked lenders to extend a Feb. 15 deadline to refinance A$3.9 billion ($3.5 billion) of debt.

Glenn Rufrano, 57 and the head of Centro's U.S. business, will replace Scott, the Melbourne-based company said today in a statement to the Australian Stock Exchange.

U.S. and Australian banks are considering a request to extend the Feb. 15 deadline, as are investors who bought $450 million of Centro debt in U.S. private placements, Centro said today. Those noteholders on Jan. 11 told the company they were concerned Centro may be in default on at least some of that debt, according to a statement today from Centro.

Northern Rock Declines on Nationalization Speculation

Jan. 14 (Bloomberg) -- Northern Rock Plc declined as reports the U.K. government will name a chief executive to run the mortgage lender spurred speculation that Prime Minister Gordon Brown is preparing a state-led takeover.

Ron Sandler, a former chief executive of Lloyd's of London, would be named to run Northern Rock, British Broadcasting Corp. reported, citing bankers close to the company. Brown is keeping open the option of nationalizing Northern Rock, which is supported by 25 billion pounds ($49 billion) of Bank of England loans, the prime minister's spokesman said today.

Chancellor of the Exchequer Alistair Darling has said the government would prefer to sell Northern Rock to one of the companies bidding to buy it, though it may not be possible to arrange financing for a private takeover. The Treasury's top priority is to safeguard taxpayer-backed loans.

India's Singh Starts China Trip Amid Trade Deal Plans

Jan. 14 (Bloomberg) -- Indian Prime Minister Manmohan Singh and Chinese Premier Wen Jiabao said relations between their two countries would change the world and promised to work towards creating a free trade area between the world's two fastest- growing economies.

``Sino-Indian ties will change the face of the world,'' Foreign Ministry spokesman Qin Gang said in a prepared statement from Singh and Wen after the two leaders met in Beijing today. ``Both countries have large populations and are large potential markets that can be tapped with a long-term strategic vision.''

India wants to strengthen ties between the world's two most populous nations, neighbors whose relationship has been marred by border skirmishes and a brief war in 1962. China has emerged as India's third-largest trading partner after the European Union and the U.S., with bilateral trade doubling to $37 billion in the past two years.

The green was shortlived with All Ords grinding down to close -0.3%. The mining sector was the only one to close up, 1%. Property Trusts, -2% was the big downside loser with most sectors losing a minimal amount. Centro opened for trading and finished the day -30%.

Miners maintained their cheery outlook: BHP +1.2%, RIO +1.4% and in the golds, Newcrest +0.9%, Newmont +1.3% and Lihir +0.3%. Juniors mixed.

Oils slid a touch: Woodside -2.1%, Santos +0.7% and Caltex -3.4%.

Asia mostly drifted down: Nikkers -1.3%, Honkers -1.2%, China -0.8%. Taiwan went against the trend, +3.1%.


Over to UK/Europe:








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

from Doug Noland.

I'll go further and suggest that a severe tightening of Financial Conditions has abruptly made many business borrowing plans unviable; many a balance sheet and debt load untenable; and vast numbers of business strategies - crafted in altogether different financial and economic times - much less viable. Some companies will make the necessary adjustments and many will not. The unfolding backdrop definitely makes a lot of stock buyback plans imprudent and growth strategies highly risky. The aggressive risk-taking business manager - having previously capitalized on the protracted boom - will now be at a similar handicap to that which afflicted the zealous home buyer and lender banker.

http://www.safehaven.com/article-9205.htm

last night in OZ on a National current affairs program called 'Today,Tonight',they did a story about a a Thai take away food store at a Mall that is for sale for $1.

The shop just happens to be on the Sunshine Coast where I live.

It is my local mall.I actually eat there.

I wondered how they could possibly make money.

It seems they can't.

They wont be Robinson Crusoe there..

My wife was buying a kebab at the shop next door and the owner filled her in on all the gory details.

The shop owner is paying $6000 per week rent.

He is 2 yrs into a 5 yr lease.

He can't get out of the lease,so is trying to sell for $1.

Lend Lease(the mall owners) were furious about the story going to air.

Here is the transcript of the program.

http://au.todaytonight.yahoo.com/article/1...business-sale-1

I will fill you in on the kebab shop lady tomorrow...

Wow what the hell happened overnight, Topix down 2%?
Europe gapping down on the open... and accelerating right now.

The Citigroup $18bn writedown + Dividend Cut in the worst quarter for financials since the Great Depression can wait.


I think this is more important:


Greenspan joins NY hedge fund

By Anuj Gangahar in New York

Published: January 15 2008 05:05 | Last updated: January 15 2008 05:05

Alan Greenspan, the former chairman of the US Federal Reserve, is to become an adviser to Paulson & Co, the $28bn New York-based hedge fund company that achieved spectacular investment returns at the height of the credit squeeze last year.

Mr Greenspan will join the advisory board of the credit specialist investment house. Paulson will be the only hedge fund that Mr Greenspan will work with under the terms of the agreement.

Paulson was propelled into the spotlight last year as perhaps the biggest known winner in making aggressive bets against US subprime home loans. Investors estimate that its funds racked up profits of $12bn.



http://www.ft.com/cms/s/0/6ccb18b8-c2fb-11...?nclick_check=1

Great.
Having created the credit fiasco, then having denied responsibility for it, he's going to join up in an effort to reap personal gain from it.
I truly dislike him.
Inflation data in 30 seconds.

It's even sicker when you consider that, according to rumors, the Paulson fund is actually looking at buying some distressed subprime stuff nowadays. Full circle. Both sides. Double rape. Create, destroy, reap, flip. Wash, rinse, repeat. All hail the Maestro. Bastard.

Is Paulson that fund out of Texas (I think) whose investor newsletter circulated during summer about the heavy exposure of foreign investors to mortgage-backed securities?

Is it time to bottom fish on C?

Or knife catch?

Wow.
Just noticed the move in the Japanese Yen.

Paulson made bets that sub-prime folks would lose their homes. Greenspan had encouraged sub-prime folks to go ahead and accept the ARMS loans. Now, he's accepting checks from Paulson.

It's diabolical.

*DJ Bk Of Spain: World Econ Has Other Engines Than US

*DJ Bk Of Spain: US Econ Slowdown Could Be More Than Thought

isn't this taboo? or is everyone trying to jump ship at this point?

Not sure who recommended this, but i picked up a bunch in the .10-.12 area.
Will be looking to exit half today.

Thanks!

*DJ Dick's Sporting Goods Increases 4Q 2007 Outlook, Exceeds Guidance

this stock is going straight up..................

will euro hit 1.50 today?

Yesterday, the Dow had a 170 pt goose job with a pitiful 2-1 positive A/D.

So far, today the Dow is down 90 pts, and ther A/D is negative 11 to 1.

Here is the letter. This is another one with the same objectives.

http://www.dealbreaker.com/images/pdf/HaymanJuly07.pdf

well, it woildnt surprise me if they spin it something like "yo, 15 bill was exptected, now we have 18 bill, thats pretty much in-line, in fact 18 is less than 15" We also should not forget that stocks like C have fallen DRAMATICALLY in the last few months. So we could see the "buy the rumor sell the fact" thing. C wont go single digits in a straight line i guess.

DJ Fed Accepts $6.75 Bln In Overnight RPs

Type of transaction: Overnight RPs
Total accepted: $6.75 Bln
Total submitted: $62.375 Bln

Agency Collateral Operation
Total accepted: $6.75 Bln
Total submitted: $32.35 Bln
Stop-Out Rate: 4.41%
Weighted Average: 4.42%
High-rate submitted: 4.43%
Low-rate submitted: 4.26%

Treasury Collateral Operation
Total accepted: None
Total submitted: $5.875 Bln
Stop-Out Rate: N/A
Weighted Average: N/A
High-rate submitted: 4.1%
Low-rate submitted: 3.95%

Mortgage-Backed Collateral Operations
Total accepted: None
Total submitted: $24.15 Bln
Stop-Out Rate: N/A
Weighted Average: N/A
High-rate submitted: 4.48%
Low-rate submitted: 4.4%

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

Got gold?

ECB warns crashing dollar may stop Fed cuts
By Ambrose Evans-Pritchard, International Business Editor
Last Updated: 12:30am GMT 15/01/2008



Rumours of an emergency rate cut over coming days by the US Federal Reserve have swept the global markets, setting off a fresh plunge in the dollar.

Read the latest news on currencies
Get more of Ambrose Evans-Pritchard
Gold surged to an all-time high of $914 an ounce in New York on bets that the authorities will flood the global system with further liquidity to stave off a mounting debt crisis
http://www.telegraph.co.uk/money/main.jhtm...cnfedcut114.xml

The Fed added $5b with a $6.75b overnight against $1.75 expiring.
With the add, I'm weary of a reversal.
I'm just going to watch this one today.
Trade safe.

Bucky continues drooling out the side of his mouth.

So Greenspew, who recommended that Americans take out ARM mortgages at the bottom in rates now profits from the disaster that created. There needs to be a televised show trial so the world can see Sir GreenPig naked and scorned.

From the same article.
I think this is the reason Helo Ben has been talking the talk, but not walking the walk as Doc has pointed out for a long time. You can S##t the fans, but you cqan't S$$T the players


With US equity indices testing their August lows and current macro-economic dynamics knocking at the door of recession, we place the probability of a 50 basis point inter-meeting rate cut as high as 70pc to occur as early as next week."

Lorenzo Bini-Smaghi, a member of the European Central Bank's executive council, warned that the tumbling dollar may now start to foreclose the option of US rate cuts and force the Fed to keep monetary policy tighter than it would like.

"I would not be so sure about the movements of the Fed. There is a serious problem with the dollar in America. We will see what margins they have for further rate cuts," he told Italy's La Repubblica newspaper

Our Pigmen might say that the problem is the EUROpeans'.

Hey Madness,

Great call on that GS short. (I got a small position in it).

Pigmen did a great job yesterday. Shook me out of my amzn short. I had feared they might rally it on some pumped up bogus retail sales number.

They are finding that it's not that easy to make egg salad outa chicken poop.

Flipped from long to back short using QID......geez that was a short trade.. Things look negative for a while..

China Life giving it all back

Damn....this is one nervous market....What was it that Hussman was saying??

AP
Whole Prices Soared Last Year
Tuesday January 15, 10:14 am ET
By Martin Crutsinger, AP Economics Writer

Wholesale Prices in 2007 at Fastest Pace in 26 Year; Retail Sales Weak, Inventories Stack Up

WASHINGTON (AP) -- Wholesale inflation last year shot up by the largest amount in 26 years while retailers suffered their worst December shopping season in five years as mounting economic woes caused consumers to put away their wallets.

The Labor Department reported that wholesale inflation was up 6.3 percent for all of 2007, reflecting a huge increase for the year in various types of energy costs ranging from gasoline to home heating oil.

Meanwhile, retail sales fell by 0.4 percent in December, the worst showing in six months, the Commerce Department reported. Consumer confidence has plunged, reflecting the worsening housing slump and a lingering credit crisis.

In a third report, the government said that inventories held by businesses rose by 0.4 percent in November, reflecting big increases in stockpiles held by manufacturers and wholesalers. Link

*DJ US Transportation Panel Backs Gas Tax Hike Of Up To 40 Cents

are these guys effing insane

Katie ? Yo, Katie ?!

NYSE Composite makes new low for the move

When there is a recession in the US, and there WILL BE a recession (if the US isnt already in such a state) all the emerging markets will crack monster style (maybe the chinese will hold their shanghai index up because of the olympic games, remember it is still a communist country). There will be no such thing as "nowadays there are other countries which can took the role of the US as economic leader".

Sell'em all and sell'em hard!

deleted by dork

One of the tells our K-Wave of the Jungle was watching to signal the wheels coming off, EEM, is breaking down today. Already lower than when I made this chart a few minutes ago. The double inverse EEV I bought the day of that discussion is up 8% today.

*DJ UBS Gives Up US Offshore Business - Report

times must be tough........

Big Earl taking it on the chin.

The "Decoupling vs Recoupling" theme dominated my meetings in NY last week. People still disagree. The most bearish guys on the US were actually the most relatively bullish on the rest of the world. I have never seen so much dispersion in forecastas. There is no consensus in that sense, no median, and no representative average of opinion.

"I, personally believe, that macro, economic and financial forecasts are going to be spread all over the map, such as, from korea and other african nations, such as, all the way to the Iraq... (for our children)"

DJ ECB's Weber: To Act Decisively On Any 2nd-Round Effects


FRANKFURT (Dow Jones)--The European Central Bank will act "decisively" to
counter the threat of second-round price effects, or the spillover of higher
oil and food prices into wages and general consumer prices, Governing Council
member Axel Weber said Tuesday.

Weber explained that central banks differentiate between direct, indirect
and second-round price effects. Choosing oil prices as an example, a direct
effect would be higher oil and gasoline prices, he said. An indirect effect
would be a price increase for other goods and services, such as transport. A
second-round effect arises from the possible reaction of market participants
to an already higher inflation rate, such as higher wage demands to restore
purchasing power, igniting the danger of a wage-price spiral, he added.

"Until now in the euro area, we have seen direct and indirect effects, but
no notable second round effects," Weber said in the text of a speech at the
Berlin university.

So far, wage increases have been moderate, but that could change this year,
he said.

"In view of existing capacity constraints, beneficial economic growth in
recent quarters, and the positive development on labor markets, there are
signs of strengthening wage pressure this year, especially in the public
sector," Weber said.

Weber also said recent strong rises in German inflation shouldn't be used as
a benchmark for upcoming wage negotiations.

There could also be a stronger passthrough of the higher price of
intermediate goods to consumers.

Inflation expectations also play an important role, he said.

Despite significant price shocks recently, inflation expectations are still
mostly solidly anchored, however the different measures also provide "signs
for a certain rise in inflation expectations in the euro area," he added,
noting there is no room for complacency.

"It is difficult to recapture runaway inflation expectations and this incurs
significant economic costs," Weber said. For now Weber said he expects high
levels of inflation to recede gradually in 2008.

Turning to financial markets, Weber said monetary policy has been
complicated by the fact that the economic impact is still hard to gauge.

Until now, the ECB has provided stabilizing money market operations which
are distinct from its monetary policy. But fundamental problems of financial
institutions can't be solved by central banks, he added.

In the end, central bank help can only be temporary. If liquidity tensions
last, banks need to consider alternate means of financing, he said.

"Longer-term financing, such as issuing debt or shares certainly offer a
feasible alternative to interbank funds, even if more expensive," Weber said.

"Banks should use these means of financing to secure provisions and provide
themselves with robust refinancing alternatives," Weber said.

Weber also repeated that Germany's economy is robust and the upswing is
solid.

This doesn't look good....

[attachmentid=94645]

Can't find a better entry than yesterday...

Notice the way the pigmen painted bullish hammers on a lot of daily charts yesterday, aapl, goog, fslr, amzn. Then today the takedown.

They had me fooled.

PTR finally gets its date with its 200 dma.

Three-week old cloned longhorn calves frolick on a farm near Cameron, Texas, on March 5, 2007. Photographer: Jack Plunkett/Bloomberg News


The corporate servant, the FDA, has now given us something else to watch out for in our food markets. Sure it's safe. You First!



By Catherine Larkin


Jan. 15 (Bloomberg) -- Cloned cows, pigs and goats and their offspring are safe to enter the U.S. food supply, regulators found amid criticism from lawmakers, consumer groups and worried eaters.

The Food and Drug Administration posted a summary of a final report backing the use of cloned food on its Web site today after a seven-year review. The agency hasn't recommended any special labeling for such products, and the report did not say whether this means a voluntary moratorium on sales, agreed to by the industry in 2001, is lifted.
Bloomers