http://finance.yahoo.com/intlindices

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










http://www.kitco.com

Energy futures

Currencies/Au/Ag

The sideways move continues. All Ords -1.2%, Property Trusts is down the most, -3.1% followed by Energy -2.1%. Healthcare is down the least, -0.3%.

Miners are holding up reasonably well: BHP -0.5% and RIO -0.3%. Golds are down on low volume: Newcrest -2.5%, Newmont -2.2% and Lihir -1.5%. Juniors flat.

A steep drop on the oils: Woodside -2.9%, Santos -3.4% and Caltex -8.5%.

Zimbabwe Currency Has Biggest Decline Against Dollar

Feb. 21 (Bloomberg) -- The Zimbabwean dollar had its biggest one-day decline on the black market as traders speculated the government is buying U.S. currency to finance President Robert Mugabe's re-election campaign.

The currency slumped to 20 million per dollar, from 6 million yesterday, traders including John Tonganyika said in interviews today from the capital, Harare. It's the biggest drop since Zimbabwe gained independence from Britain in 1980, said John Robertson, an independent economist based in Harare.

Zimbabwe is in its 10th year of economic decline, exacerbated by Mugabe's 2000 seizure of most white-owned farms for redistribution to black subsistence farmers. Price controls imposed by the government last June, combined with shortages of basic commodities, have spawned the world's highest inflation rate of 100,580 percent.

The dreaded sunset pattern hit the European Collective Average today:

All Ords made quite a good recovery to close down a mere -0.3% however that doesn't help much with the longer term direction. Property Trusts hung onto the downside lead, -2.8% followed by Utilities -2.2% and Financials and Telecomms -1.2%. Miners finished with the biggest gain, +1.3%.

The big miners moved into the green: BHP +1.9% and RIO +1.4%. Golds didn't do that well, Newcrest -2%, Newmont -2.2% and Lihir -0.5%. Juniors mixed.

Not a good showing on the oils, particularly Caltex which fell -10.8% after a lower profit forecast. Woodside closed +0.1% and Santos -3.4%.

Gloom & doom in Asia: China -3.3%, Honkers -1.8% and Nikkers -1.4%.


Over to UK/Europe:








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

Future Fund Holds Cash, Shuns Declining Australian Stock Market

Feb. 22 (Bloomberg) -- The Australian government's pension fund invested less than 10 percent of its A$50.6 billion ($47 billion) in local stocks, holding three quarters of its funds in cash amid a 13 percent slump in the S&P/ASX 200 Index this year.

The Future Fund, started in 2006 to help meet pension liabilities for politicians and public servants, invested 8.8 percent in Australian stocks, 15.3 percent in global equities, 1.1 percent in listed overseas property and 74.8 percent in cash, a statement from the fund said.

``As a cashed-up investor, we are well positioned to take advantage of the opportunities emerging in this new environment in both public and private markets,'' the fund's general manager, Paul Costello, said in the statement posted on its Web site.

Lowest close in A-shares since the Feb 1st dip

Inflation

"Chinese steelmakers, the largest buyers of iron ore, will reject Rio Tinto Group's demand for a minimum 71 percent price increase in the raw material, two people familiar with the negotiations said.

The mills will only accept a 65 percent price gain for ore from London-based Rio's mines in Australia, said the people, who declined to be identified"

http://www.bloomberg.com/apps/news?pid=206...mVZ4&refer=home

As safe as bonds

"RWE AG, Germany's second-largest utility, posted an unexpected fourth-quarter loss after unplanned shutdowns at its Biblis nuclear power plants and forced reductions in transmission fees cut revenue."

http://www.bloomberg.com/apps/news?pid=206...ntq4&refer=home

High tech sophisticated computer models (aka buy the dip) are paying the piper.

"The assets of AQR's Absolute Return fund dropped to $2.9 billion last month from $4 billion in the fourth quarter, said the people, who declined to be identified because the Greenwich, Connecticut-based firm doesn't publicly disclose the data. AQR's smaller Asset Allocation fund lost 16 percent of value."

"AQR Capital Management LLC's largest hedge fund fell almost 15 percent this year through Feb. 15 as market swings tripped up computer models the managers use to make trades, two people with knowledge of the matter said."

http://www.bloomberg.com/apps/news?pid=206...Vg5I&refer=home

The other RIO got 65%, FOB Brazil.

71% FOB WA sounds like a "steel" (pun intended). Especially since Tinto is building a delivery fleet.

2 scorpions in a bottle negotiations, anyway. They need each other.

They'll do a deal and the rest of us will end up paying for it.

No bidders at Virginia foreclosure auctions.

http://www.washingtonpost.com/wp-dyn/conte...isrc=newsletter

3 and 5 day cycle indicators have edged to the buy side on spy and dia and 3 day have done so on qqqq. This reiterates the compression of cycles that I mentioned yesterday. As a result of this compression 3 and 5 day cycle indications and projections have been overestimating the extent of moves. When that will change, I have no clue. In the meantime I supposed it's necessary to shorten timeframes and place greater focus on the 5 hr and 1 day cycle indications.

At the moment qqqq 5 hr cycle projection is around 43.80. They are hitting the converged 5 and 8 day cycle MAs at 43.77. SPY 5 hr projection 135.40. 5 day cycle MA is at 135.21 and 8 day is at 135.29

Be careful going on the long side.....Carl looking for a big rally


http://carlfutia.blogspot.com/

Guesstimates on February 22, 8:30 am ET
Spiders - March S&P E-mini Futures: The market is still stuck in the 1340-1370 trading range. I expect an upside breakout from this range which will carry the e-minis up into the 1430-50 range fairly quickly. In any case I think that the January 22 low at 1256 will hold and that a rally to the 1430 level will be the next significant development.

DIA 5 day cycle MA is at 123.56. 8 day at 123.61. There are 2 5 hr cycle plausible projections 123.55 and 123.95. Next 15 minutes should tell.

Has he no shame? How long can one person go on embarrassing himself day after day after day?

Nobody reads him except visitors from this board. Nobody to embarASS

here is his Google trade idea.....

Google: Google has dropped near support at 500 and I think the next big move will be upward to 750 and higher.

Sure is quiet out there.

DJ Fed Accepts $5.25 Bln In 3-Day RPs

Type of transaction: 3-Day RPs
Total accepted: $5.25 Bln
Total submitted: $42.55 Bln

Agency Collateral Operation
Total accepted: $5.015 Bln
Total submitted: $14.85 Bln
Stop-Out Rate: 2.98%
Weighted Average: 3%
High-rate submitted: 3%
Low-rate submitted: 2.9%

Treasury Collateral Operation
Total accepted: $235 Mln
Total submitted: $22.1 Bln
Stop-Out Rate: 2.82%
Weighted Average: 2.82%
High-rate submitted: 2.83%
Low-rate submitted: 2.75%

Mortgage-Backed Collateral Operations
Total accepted: None
Total submitted: $5.6 Bln
Stop-Out Rate: N/A
Weighted Average: N/A
High-rate submitted: 2.98%
Low-rate submitted: 2.95%

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

SRS at $117

That breaks out of this weeks range.

I'm starting to sense some blood in the water.

Bucky continues to slide down for a retest of the low as secondaries strengthen. Has support at 75.5, 75, and 74.5. Days starting like most bear market mornings, sell 'em early, take a long lunch and buy 'em back in the afternoon.

Everybody and their brother is watching this wedge. A pig man special would be a breakdown/jam job or vice versa!

qqqq reversed at the 5 and 8 day cycle MAs at 43.75. 5 hr cycle has rolled over. 3 day cycle indicators buy signals on the verge of aborting.

That's true, but I keep thinking of Doc's image of the Pigsters laying bleeding in the street. The continued failure of bond auctions seems to have all and sundry hoarding what cash they've got.

Free preview of the current Radio Free Wall Street podcast

Just bought some Apr 35 GM putz, no premium

Yo, K-wave, how's the spaghetti hanging?

Guy on Crapvision just said many of the financials are trading at their book value. ???

Does that mean they pay me to buy the shares?

spx 3 day cycle projection around 1322. 5 hr cycle projection looks around 1330.

In this case, I think it means their book value is overstated.

dow 3 day cycle projection 12040. 5 hr cycle projection looks 12200

qqqq 5 hr cycle projection looks 43.15.

Sold half of the BSC putz for $9.


Watching and waiting on the rest.

it is something like you would buy only their assets like plants and such, without any goodwill or any prosepcted future growth. Something like that. Then it depends if you use US-GAAP, IFRS or the german HGB.

but please no more accounting details or i have to vomit.

3 and 5 day cycle indicators never turned up on spx and dow. the buy signals in the ETFs in the extended hours were misleading. The pigmen wouldn't run a misdirection play in the pre market now, would they? Ahem.

good trade.

gdx 3 day cycle projection looks 49.20. ditto on the 5 hr cycle projection.

The quick way out of your overpriced house. Where is Shorty?


Some Homeowners Use Arson to Avoid Foreclosure
A Michigan Woman Faces 20 Years in Prison for Alleged Arson
http://www.abcnews.go.com/GMA/Story?id=4271175&page=1

..

shport lines 12155-65, 1331-1328.50,

qqqq 43.27 and 42.81.

below 12200 in Dow there is a air pocket till 12070.

Ms. Russell aint lookin so good....

[attachmentid=95881]

awesome!

"...And god said, Let there be a thousand points of light."

What is going to happen to price of oil when Chinese go back to riding bicycles, Indians back to riding 500 to a bus and Brazilians ride cars powered by sugar cane? Peak oil?

Sky is the limit.

[attachmentid=95882]

What Helo Ben really means?

Bernanke's candor is admirable, but it is little relief for the people who will have to soldier on through the hard times ahead. Perhaps, next time he could spare us all the lengthy oratory and just forward a brief cablegram to Congress saying something like this:

"We are deeply sorry, but we have totally fu**ed up your economy with our monetary hanky-panky. You are all in very deep Doo-doo. Prepare for the worst.

"Our sincerest regrets,
The Fed"

http://onlinejournal.com/artman/publish/printer_2975.shtml

I like her red dress better.