http://finance.yahoo.com/intlindices

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










http://www.kitco.com

Energy futures

Currencies/Au/Ag

On our lonesome ownsome today with US markets closed for the next session. All Ords is revisiting the 5700 level by the looks, currently -1.2%. Not a green sector in sight and Financials, Energy and Telecomms are leading the way down, all -1.5%. Healthcare and Utilities are down the least, -0.6%.

Miners varying wildly: BHP -0.9%, RIO -4.3% and in the golds, Newcrest +1.3% with Newmont and Lihir flat.

Oils all down but not looking too bearish: Woodside -1.5%, Santos -0.9% and Caltex -0.6%.

Da bearz out in droves today. Massive drop on All Ords, -2.9% but we may have just seen the final capitulation. Energy and Mining led the mob, both -4% with Financials and Telecomms not far behind at -3.5%. Consumer Staples was down the least, -0.7%.

Slaughterama on the big miners: BHP -4.3% and RIO -7.9%. In the golds, Newcrest did ok, +1.7%, Newmont -1.5% and Lihir -2.3%. Juniors mostly down.

Oils hammered: Woodside -4.3%, Santos -4.2% and Caltex -2.4%.

Asia, well what can I say...Nikkers and Sth Korea -3.2%, India -2.9%, Honkers -2.9% and China -2.3%.


On to UK/Europe:








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

Australian Margin Calls at Record in Weak Market

Jan. 21 (Bloomberg) -- Margin calls in Australia have increased to record levels after the stock market declined for 10 consecutive days, the Australian Financial Review said, citing the nation's central bank.

Commonwealth Bank of Australia made about 500 margin calls on Wednesday and a similar number on Friday, the newspaper said citing CommSec managing director Matt Comyn.

--------------

Australian Stocks Extend Longest Slump in 26 Years

Jan. 21 (Bloomberg) -- Australian shares fell for an eleventh day, extending the longest sell-off in a quarter of a century.

``The recent sell-off is pretty much factoring in a U.S. recession which may result in a slowdown of the domestic economy,'' said Troy Angus, who helps manage the equivalent of $3.5 billion at Paradice Investment Management Ltd. in Sydney. The credit crisis has ``cast a pall over the whole diversified financial sector.''

Red line denotes today's close, could be a bounce tomorrow...on the other hand....


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No 'mericans to buy overpriced euro stocks, markets plunge.

Holy crap! I just turned on CNBS Europe and the Dax is down 400 pernts!
Docs crash scenario looks like it could be unfolding before our very eyes!

Mini crash going on right now. -6%, DAX -6.9%. You can almost hear the flushing sound of the derivatives funny money going down the toilet.

Scratch that -7% now across the board.

GDAXIT!

I had the EWG as a short a couple weeks back, but had my stop too tight and got stopped out.

If this doesn't reverse tonight in Asia and tomorrow AM in Europe, the US will open with the biggest gap down in its history.

Im fully prepared to be an eyewitness of unseen "unconventional" measures in the next 24 hours.

DAX monthly

if this months candle would close where it is today, it would engulf the previous 9 months! I guess that has never happend before.

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Why, this is what they want. Doc was correct when he pointed out that FEd was shutting down. The ECB and Chinese bankers are doing the same. This must be something that they agreed to do in Jackson Hole, Wy.

Rates and most importantly mortgage rates are coming down which could allow more ARM refies and also drive money into bank CDs. They are attempting to save housing and banks and throw the stock market under the bus.

...SPoos futes are down -42

Doc, this is why they call wakes, wake:

"An 81-year old man in the small Chilean village of Angol shocked his grieving relatives by waking up in his coffin at his own wake"

"The man who "rose from the dead" said he was not in any pain, and only asked for a glass of water."

http://ca.news.yahoo.com/s/afp/080120/oddi...funeral_offbeat

Sounds like this market a couple of months ago.

Wow.

I can barely remember another day like this

if i remember correctly not even during the 2000-2003 bear there was not a single day where DAX was down 7%, something like 4.5 or so was the maximum.

Gloomberg says it's worst day since 9-11. But that wouldn't count...

Weren't the futures down big last Monday, which was later attributed to human error?

Bears charging into the final hour

Wow! I'm looking at the futures for the merican markets.....

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I'm seeing the S&P 500 down 46 points to 1278..UFB....

Pure Slaughter

Is K-Wave gonna make it back in time for the crash party?

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cramer's -2000 day is coming

It's looking ugly for tha bulls

i remember that...but the current seems to jibe with the world markets today, so i don't think it's a mistake.

Around the globe it is Black Monday......

[attachmentid=94854]

I'm wondering about the chinese bubble...





Wonder how FXP will open tomorrow

Chinese H Shares in Hong Kong down 5%, so it should track that aprox/..

Peru down hard again, oh surprise. Blue Chip Index is now down almost 50% from its peak, with half of that in 2008 alone.

I'm hoping for an overnight aggravation to the paltry 5%.

To all WSE Pro subscribers-

I am happy to answer specific questions about any points raised in the daily market letters via the contact form on the WSE.

http://wallstreetexaminer.com/?page_id=6

While I am happy to discuss here on the Stool any broader concepts or intraday and ultra short term stuff that I do not cover in the Wall Street Examiner Professional Edition daily market update, I would prefer that we keep private the proprietary work relating to any cycles covered in the Professional Edition. After all, that is what you are paying for!

From time to time I do selectively reveal bits of information where appropriate, but I endeavor to keep the bulk of the specifics that you are paying for in support of this service for your eyes only. That's why I do not typically repost any of the technical work in the WSE Pro either on the free side of the WSE or on any other website.

Feel free to ask me general questions here on the board, but please try not to reveal specific analytical conclusions that have been reported in the Professional Edition.

Many tanks for your support!

That being said, yes, it as a principle of cycles that they do vary. Variation applies to both amplitude and duration. Dominant cycles can also merge. For example the 6-7 week and 13 week cycles have sometimes merged into a cycle of 8-10 weeks. In fact, a 10 week duration is within norms for the 13 week cycle. Likewise a 6 month cycle can bottom in 5 months or 7 months. This is why I use a spectrum of time inputs in the indicators.

As K Wave often points out, when indicators of various time spans turn simultaneously we can have a high degree of confidence in the turn. When cycle indicators are heading in different directions, the market tends to churn.

Centered moving average projections are also extremely helpful as guide posts in helping us to identify likely price areas for turning points. It's beautiful when price and time come together.

In short, we have to look at all the tools all the time, and be alert for signs of change, especially in the time and price windows that our tools point toward.

So while I do not expect this cycle to end early, my analysis would allow for that possibility, and I would be vigilant for signs of a turn at all times. If my expectation is that a cycle will complete at the expected time window, or that it might run long, the most important principal is to follow the indicators for the cycle you are trading. That includes time based oscillators, trend support and resistance lines, and key price levels and price projections.

In the end, all we can do is consider everything that we have available, including an expectational framework derived from cycle analysis, and make a judgment call based on our experience. That experience gives us a sense of the general probability of a certain setup working out in a certain manner.

Get your bubble sub (sic) ready to dive

VXO at 29.99(must be on sale) predicts about 9% volatility--that is, about 1200 on SnP500 or about 565 on SnP100 on the down side.

But, it did not spike on Friday and as someone else pointed out, they closed out put positions and did not reload-- that is supposed to be bearish.

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Alternative enrgy stocks get bombed today in germany.

Wonder when oil will finally crack. I think it will and in some months many will bang their head against a wall and say "How could i miss that obvious trade???". Short oil.

EuroStoxx50 Index Death Plunge

That graph makes the VXO interpretation a linear deal. Which was fine until the last up cycle in the markets where volatility was sold with impunity and long hedged bets were the norm.
So the interpretation in that graph stopped working around 2003 and a new bear market doesn't mean it'll work again, maybe it will probably it won't.

I'm baffled as how the 50 biggest companies are falling more than stoxx600.

Maybe it's because unlike small companies, the big ones are constantly going to the credit market to roll ST and LT debt. And when you can't roll it...

Can't believe I am missing this. I have been trying to get positioned for this for the past 6 months. But I am in Malta right now so closed out all my short positions last Thur. I did not want to have short positions on while I was travelling especially with the market that Dover Sole (relatively speaking). Missed one of the best opportunities in years. So feeling very frustrated sitting in my hotel room here. Kwave must be feeling the same way.

I think it may be due to the fact that the biggest companies are the ones with the most US exposure.

US. Ugh.

SPoo futes down 58 now!!!!!

I know this is an exercise in futility, watching them, as they will almost certainly recover by open tomorrow. But i find myself hypnotized and constantly going over strategies in my head.

wow...this is amazing.

too late to get out now

limit down tomorrow


Mini Dow Mar 2008 11623 -483
E-Mini S&P 500 Mar 2008 1270.00 -55.25
E-Mini Nasdaq Mar 2008 1779.00 -70.50

http://www.mfglobalfutures.com/

I'm seeing Dow futures down over 500 now

So... investors suddenly woke up in 2008 and realized that US economy is in recession. Yeah right.

This market has been so distorted for so long that days like this were begging for fruition.

Gold should be hitting support around here - 864

Peruvian blue chips now down 10%. Har Har Har.

Extreme readings are contrary indicators, however, in the short to LT, it correlates fairly well. Note how VXO declined from 2002 to 2007 and then started to rise in 2007. Of course, one can see that in retrospect on a decade long chart, but, its not so obvious from looking at daily charts, as one is being lulled by sameness.