http://finance.yahoo.com/intlindices

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










http://www.kitco.com

Energy futures

Currencies/Au/Ag

An exciting session in Europe and it looks like it's continuing in global markets today. All Ords currently -4% and although there was a wave of buyers a short time ago they have since been swamped by sellers. Every sector is seeing serious selling with Energy no.1, -6.8% followed by Mining -6.1%. Utilities is down the least, -2%.

Devastation in the miners: BHP -4.5%, RIO -7.7% and in the golds, Newcrest -7.4%, Newmont -3.7% and Lihir -5.8%.

Oils also copping it: Woodside -6.3%, Santos -5.2% and Caltex -6.3%.

Pretty funny. At 7PM EST the little S&P and NASDAQ charts up page are blank.

Best place for futures quotes, from the source, CME, 10 min delay.

http://www.cme.com/trading/dta/del/globex.html

Where the futures show little change, it's because that's versus 4PM today in the round the clock electronic markets.

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Scottish Widows Halts Payouts From Two Property Funds

Jan. 21 (Bloomberg) -- Scottish Widows halted some withdrawals from two real estate funds, becoming at least the sixth British fund operator to freeze redemptions since the beginning of last month.

The Scottish Widows Property Pension Fund and the Scottish Widows Property Life Fund, with combined assets of 2.15 billion pounds ($4.2 billion) and 200,000 investors, will impose restrictions for 180 days.

Cash held by the funds has dropped to less than 2 percent of combined assets, the Edinburgh-based insurance and pensions company said in a statement today. Scottish Widows is owned by Lloyds TSB Group Plc.

I wonder if Scottish wifes open an account at Scottish Widows while their hubbies are still alive?

"Scottish Widows Fund and Life Assurance Society opened in 1815 in what is now Chambers Street, as Scotland's first mutual life office. The formation of the society had been discussed from March 1812 with the purpose of providing for widows, sisters and other female relatives of fund holders so that they would not be plunged into poverty on the death of the fund holder during and after Napoleonic wars."

http://en.wikipedia.org/wiki/Scottish_Widows

[attachmentid=94896]

Talk about a total rout! All Ords finished -7.3% with Energy taking the honours as the biggest loser, -10.1%. Miners were next, -9.3% followed by Materials, -8.6% and Consumer Staples (predictably) had the least loss, -5.2%.

Huge moves on the miners: BHP -6.9%, RIO -11.6%. Golds also down in a big way, Newcrest -9.6%, Newmont -5.2% and Lihir -13.5%. Juniors, which have held up reasonably well, were creamed.

Oils bit the dust: Woodside -10%, Santos -6.9% and Caltex -6.4%.

Asia just unbelievable: India -9.8%, Honkers -8%, Taiwan -6.5%, Nikkers -5.7% and China -5.2%.


We await fallout in UK/Europe:








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

Red line is yesterday's close and the dark red one is today's, right back to 2006 levels now. There's no real support at the current level so All Ords could hit 5000 before the dust settles...


[attachmentid=94899]

Morning all.

Just checking and we seem to be limit down on the SPX from about 7am GMT.

Exciting !

rats, I covered my shorts too early, except for a few leftover March naked calls on AAPL, RIMM, GG that are only worth a few pennies

and I held all my dongs

crap

Bet the circuit breaker crew are standing by for the US action...

Cramer says we can have a 2000 drop in the DOW in the next few days if the government doesn't buy out Ambac, MBIA, etc and provide a .50 on the dollar guarantee for the bond market.

Best of luck to all current and former Stoolies today.

If such a buyout were in the works there would be rumors already.

Going out of business is not a crime. If the business isn't viable it should close its doors and sell off assets to pay creditors. Leave the feds out of it.

PPT is on their 2nd cup of Joe...

“I’ve made this statement when the markets looked very good, and I’ve made it during times of volatility, but I will say that on global financial shocks, it’s very hard to predict them. I am comforted by the fact that we have a strong global economy and very healthy economy in the US, but it’s my job to be vigilant," Paulson said.



BTW, covering remaining shorts and initiating small positions long TOPIX and short Govt. Bond today.

I'm very disappointed with the limited chinese correction. -7% isn't that much compared with what happened around the world and taking in consideration china's volatility parameters .



Not the kick-off of a major correction like we see in parabolic bubble markets.

Then again chinese bureaucrats might have a hand in this.

I know exactly how you feel shorty. Been gearing up for this move for months and completely missed it.

Closed out my shorts Thurs. Got slightly burnt like you expecting a fri greenprint. My Gold stop (at $848) was hit and my EURGBP was also hit (breakeven stop). So instead of cleaning up in Jan. I made nothing.

So feeling well pi$$ed off.

Right now I am just watching. I am travelling home tomorrow so not that comfortable about putting on positions. Far too risky to short here. I still like gold though. They took it down just far enough to trigger my stop. Bastards.

MDAX (German Midcaps) now green. Trading slightly above 8000 at the moment, low this morning was 7482.

I see a bit too much excitement on this board right now. One should be a bit carefull.

All Ords (daily)

it was a religious follower of the EMA 200. Not anymore

daily RSI right now at 9.99 i mean what is this? An invitation for da bulls? "Look, we made it extra cheap, not 10, no, 9.99!"

Cant remember having seen a daily RSI of an major index closing at below 10.

Dont say you havent been warned

[attachmentid=94900]

Not surprising. The markets are fixed & currency is pegged.

Ironically, if they had a flexible free market the World would be crashing MUCH more now. If they let the Yuan float, the ensuing depreciation of the US dollar might price oil out of the reach of the American economy, causing stagflation. Sooner that is....

DAX found shpourt at 2006 closing price. Yes, all of 2007 gains were completely erased. The low was made at the 200week weighted MA.

[attachmentid=94901]

I think europe will be in standby mode, waiting for the US to confirm or deny yesterday's move. Although Asia went ahead and crashed some more overnight.

Just read it was the worst, one day All-Ords performance in the last 18 years.

The rate cut rumour is now out their also. Allegedly before open (sorry, no link...have been flying through sites this a.m.)

Good luck all!

Hmmm footsie green...anything could happen and probably will...

Mies, radio saying worst one-day performance since 2001 for All Ords but I'm not sure what they're basing that on...

Yup, -7% in China is nothing more than a couple days worth of gains gone. Of course, I really don't expect the US markets to stay down for long. I wouldn't be one bit surprised to see green at close. Does anyone remember the WorldCom BK crash that took Europe waaaaaaaay down, and we closed green. For all I know, US firms are selling the heck out of the world markets to raise cash for a big ol' buying spree in the US. Seems to happen most of the time the rest of the world is down without taking its cue from the US.

That would surprise me too if it was worse than '01, aussibear. Trying to process info too fast here, i need to slow down! :-)

Futes easing off a teensy here @ -58.

They're buying the futures. This should peak just before the open. Then look out.

And now a message from your friends, the pigmen:

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

"Investors should use the recent tumble in global stocks as an opportunity to buy them, according to UBS AG."

"``We understand the macro challenges facing the economy and many uncertainties, but we believe this level of pessimism is unwarranted,'' New York-based strategist David Bianco wrote in a note today. ``The market is panicked over a substantial and secular drop in the S&P 500's earnings power.''

Based on the early going in the pre market, the 3 day cycle projections are as follows:

qqqq 42.60
spy 123
dia 113

Needless to say, the intraday oscillators are at levels I haven't seen before. They bounced on the open at 7 AM, but are now rolling over again. Actually the DIA didn't bounce. Just the SPY and qqqq, both of which are now headed for the lows again.

Ugly.

I have no clue where our Wall Street Examiner Professional Edition open ETF chart picks will trade, but I suspect that one of them will hit its target price in the early going, which under our rules would close out the trade. On the other one, I removed the target price because it appeared that the chart had more potential on the downside than was indicated.

the 43 area is an important shport level on the qqqq. Then 42 is absolutely critical. Below that, the next shport is around 35.75.

No kidding.

BAC and Wach just smelled up the room...both missed by over a dollar:

7:03 [BAC] Bank of America Q4 EPS 5 cents vs $1.16

7:04 [WB] Wachovia Q4 earnings 3 cents per share vs $1.20

You've got to look on the bright side, at least they still got earnings (or so they say).

"Bank of America Corp., the second- largest U.S. bank, said earnings dropped 95 percent after at least $5.28 billion of mortgage-related writedowns."

http://www.bloomberg.com/apps/news?pid=206...8itA&refer=home

dia 3 day cycle projection now looks 113.50, spy 123.50

qqqq 42.50-43, which has essentially been hit.

I was wondering what that smell was.

<embed src= "../farts/Bigbang.wav">

Looks like one of those days where we end up down 300 pts in the Dow and bulls take it as a victory.

Let's Get Ready To Rumble!

The President of Peru is all over the papers talking about the stock market.

That's really hilarious as during his previous government he managed to make it all but dissappear for several years.

When the brokers tell everybody to not panic and sell, I look at it this way.

Selling isn't panic.

Standing frozen like a deer in the headlights and not selling; that's panic.

When I spoke to my cousin last Monday about the market, it triggered a rational fear response, and he did the prudent thing. He sold. He was in the minority. Everybody else panicked and froze.

David Tice on Gloomberg:

DOW 5000!

"RETIREMENT FUNDS IN JEOPARDY"

I think the emotional pendulum has about reached its limit during this swing.

If the 3 day cycle projections don't hold, the market will deteriorate into absolute chaos. Absolute total bedlam. A real, honest to god crash of historic proportions.

I don't have a clue as to whether they will hold or not. They usually hold, but there are those minority of occasions where they don't.

He's the reverse of Abby Jo. Any time they put him on, it's a bottom. Gloomberg doesn't have quite the muscle that Crapvision has though. When he's on Crapvision, cover all your shorts. This is just a warning shot that the bottom is near.

5 hr cycles appear on the verge of rolling over here. Look out below.