http://finance.yahoo.com/intlindices

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










http://www.kitco.com

Energy futures

Currencies/Au/Ag

Had a power blackout here for a few hours last night. No net, no radio, no phone...civilization as we know it...

The market floundering today. All Ords -0.9% and it's back to the usual suspects leading the way down: Financials -2% and A-REIT -1.5%. IT is up the most, +3.4% and Utilities is next, +1.9%.

The big miners not going anywhere: BHP +0.3% and RIO +0.6%. Golds similar, Newcrest +0.9%, Newmont -2.2% and Lihir +0.2%. Juniors mixed.

Oils also spinning their wheels: Woodside +0.8%, Santos +0.1% and Caltex -1.6%.

That's a really long downtrending channel on the 5-day chart. All Ords ground steadily down to finish -2.2%. Financials had the biggest loss, -4% with Telecomms next, -3.6%. Utilities was the only green survivor, +0.6%.

Miners weren't too badly off: BHP -1.1%, RIO -0.6%. Golds were some of the few greens around, Newcrest +2% and Lihir +0.5%. Newmont -2.7% with juniors mixed.

Oils down to varying degrees: Woodside -1.3%, Santos -0.9% and -2.4%.

Heavy losses in Asia: India -4.2%, Honkers -3.7%, Nikkers -3.3% and Singers -3.2%.


Over to UK/Europe:








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

Australia Adds 36,700 Jobs, Twice as Many as Forecast

March 13 (Bloomberg) -- Australia added twice as many jobs in February as economists forecast as Chinese demand for resources prompted miners including Rio Tinto Group to hire more workers.

Employers hired 36,700 staff last month after employing a revised 21,400 in January, the Bureau of Statistics said in Sydney today. The median estimate of 23 economists surveyed by Bloomberg News was for a 15,000 gain. The jobless rate fell to 4 percent from 4.1 percent as employment rose for a record 16th straight month.

China's Industrial Production Slowed on Snowstorms

March 13 (Bloomberg) -- China's industrial production grew at the slowest pace in more than a year as exports cooled and the worst snowstorms in half a century closed factories and disrupted power supplies.

Output rose 15.4 percent in January and February from a year earlier, the statistics bureau said today, after gaining 17.4 percent in December. That was less than the 16.9 percent median estimate of 18 economists surveyed by Bloomberg News.

long USD/JPY 100.02

EUR/USD ramped thru 1.56

USD/JPY made a low at 0.9975, right now at 100.15, im still long.

DAX trades now BELOW the value it had BEFORE the FED thing on monday.

Dow has sup by the 62 fibo at 11950 (11733 low - 12304 high).

Gold at 991.

Things seem to get out of hand here, expecting massive intrvention by the BoJ

New low on the Dollah

new low on the a-shares



Hanger took a dump



New low on the Nikkei

To answer the question I posed in M2M on the fed shenanigans day:
It's too late for Carlyle (and for others too?)

"Carlyle Group's mortgage-bond fund moved a step closer to collapse after failing to reach an agreement with lenders who demanded more than $400 million to meet margin calls."

"In the past month, at least a dozen funds have closed, sold assets or sought fresh capital as banks tightened lending standards."

"``This is not only a problem for Carlyle,'' Jochen Felsenheimer, the Munich-based head of credit strategy at UniCredit SpA, wrote in a note to clients today. ``We expect a further flood of downgrades especially of higher-rated securities, putting enormous pressure on the system.''"

http://www.bloomberg.com/apps/news?pid=206...c1fo&refer=home

Another one for the HFun implode o meter

Gold at 994

Free 12 minute preview of current RFWS podcast.

http://media.libsyn.com/media/wallstreetex.../rf031208pv.mp3

Big round number just around the corner on the barbaric relic.

$2.00 warning for gold...

Spot 998.10 per ounce.

Today has a make-or-break feel to it, already. Gold near 1K, market opens hard down, landing atop a huge pivot point. Price of Gas now headlines all local news/talk radio this AM here in DFW. Some B-A-D news in the credit/hedge world. USD free-falling.

1270 will fall, it's just a matter of time. They may be able to prop it 'till FOMC, but I have my doubts.

DOW 10,000 seems much more defensible for the bulls.

A coupla circuit-breaker days oughta do it.

Getting out my "Gold 1K" Peoples Republic of Zimbabwe party hat ...

Good Morning!

Welcome to Intraday Stool! Thanks to aussiebear for her daily opening!

You can join the discussion by registering (PG rated user names only, please) and posting here as well.

Registration is easy. Just click the Register link above, enter your email address (which you have the option to keep confidential), and enter a user name. To keep out spammers and scammers, I'll send you an email with a few Monty Python type questions. Just reply with your answers, and I'll approve your registration as soon as I receive your reply.

Unfortunately, due to the barrage of spammers using Gmail and certain European email providers, including yahoo.co.uk, we cannot process any registrations associated with a gmail address. In that case please use the email address from your isp, or some other provider.

If you have questions about how to register and post, use the Help link in the menu bar at the top of the page.

If you know others who might be interested in joining us, use the email to a friend link above the thread.

Many tanks for joining us!

Doc


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First they bulldoze the barn with a stampede then they close the door.

"Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben S. Bernanke and other U.S. regulators will propose greater scrutiny of lending in a report on lessons from the mortgage crisis, a government official said."

http://www.bloomberg.com/apps/news?pid=206...J5RQ&refer=home

Does anybody really listen anymore ?

Katrina should have been the tip-off for most true believers ... of this generation, anyway.

Mine was in 1971:

"It is an exaggeration to say that the whole Bretton Woods system broke down. What did break down was the rules of cooperation for the convertibility of the dollar into gold and the exchange rates regime. After the war, the US dollar became the international reserve currency. The US also went from being in surplus to running trade deficits. States at first wanted US dollars to meet their trade obligations. They were also happy to let the US run deficits since this provided liquidity in the international monetary system. This situation led, however, to a crisis first anticipated by the economist Triffin in 1960 (R. Triffin, Gold and the Dollar Crisis, New Haven CT, 1960). The problem was that if the US attempted to correct its balance of payments deficit it would cause a liquidity crisis. If it allowed its deficit to continue, other states would lose confidence in the dollar as a reserve currency and seek to convert their dollars into gold. US deficits continued to increase, partly because the US had to pay for its war in Vietnam. Confidence in the dollar started to slide. States began to seek, as the gold standard allowed them to, the conversion of their dollars into gold. The US reacted by announcing in August 1971 that it was going to abandon the convertibility of the dollar. "

http://www.globalpolicy.org/socecon/bwi-wt...01/braithwa.htm

"These pigmen are back molesting the cheerleaders under the stands!"

Beautiful, Russ!

The French started to ask for Gold in return of the USD paper and the US sticked them with FRN's for being stupid.

I thought it was the Germans.

That's hilarious! I nearly blew coffee all over the monitor. How many hours have I stared at that dirty yellow strip without ever noticing the color?

Maybe we should don our armchair psychologist hats and ask Doc "so...what color is the wallpaper in your house?"

The French are usually credited for asking large amounts of real money from the US.

"Because of the excessive printing of paper dollars, and the negative balance of U.S. trade, other nations were increasingly demanding fulfillment of America's "promise to pay". That is, they were demanding gold from the U.S. in exchange for paper dollars. France, in particular, made heavy and repeated demands and acquired large amounts of gold in that manner."

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

Will we have the Obama Shock?

"In response, on August 15, 1971, Nixon unilaterally imposed 90-day wage and price controls, a 10% import surcharge, and most importantly "closed the gold window," making the dollar inconvertible to gold directly, except on the open market. Unusually, this decision was made without consulting members of the international monetary system or even with his own State Department, and was soon dubbed the Nixon shock."

One last rant ...

My younger daughter goes to Auburn. She didn't know the girl who was murdered, but her car was parked only several rows away from my daughter's car when she was abducted. Everybody who goes to school there parks their car in that lot frequently.

The student body had a memorial service, which was disrupted by the Westboro Baptist Church loonies (pardon to Canadians). Nobody gives them credence, but it doesn't matter. To see sub-primate behavior take a human form elicits a gutt relex in anyone who remotely cares about what Western Civilization has become, and where it is going.

I expect a lot more loonie/fringe behavior in the coming months. Reason is losing its grip.

So the stool site is Doc projecting his 70's Corolla fantasy?

We don't wanna know what happened in that tight backseat.

DJ Fed Accepts $5 Bln In 14-Day RPs

Type of transaction: 14-Day RPs
Total accepted: $5 Bln
Total submitted: $54.25 Bln

Agency Collateral Operation
Total accepted: $3 Bln
Total submitted: $14.65 Bln
Stop-Out Rate: 2.5%
Weighted Average: 2.51%
High-rate submitted: 2.51%
Low-rate submitted: 2%

Treasury Collateral Operation
Total accepted: $2 Bln
Total submitted: $13.6 Bln
Stop-Out Rate: 2.05%
Weighted Average: 2.05%
High-rate submitted: 2.05%
Low-rate submitted: 1%

Mortgage-Backed Collateral Operations
Total accepted: None
Total submitted: $26 Bln
Stop-Out Rate: N/A
Weighted Average: N/A
High-rate submitted: 2.69%
Low-rate submitted: 2.38%

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

I haven't seen it on a chart, but CNBS infobabe proclaimed gold was over $1000!
HELL YEAH!!!!!
I've been waiting for this for a long time.
If we're going to close above, I'm adding to my positions.
Go gold $2000!
Cheers Everyone!

You mean this German?

Cheersh!!!

Been a long and pleasant ride since 2001!

75bp rate cut?
10 times oversubscribed? Shocking!
Whither the usd if they took more?
Waiting for the others...

often have i enjoyed the carlfutilian humor pasted here by our roving CSers.

being a bit curious about who'd take him seriously (i thought it was a financial comedy site), i finally took a peek at the comments section.

there's some very charming, endearing comedy:


and even a dose of reality here and there:

Bucky at 100 yen, gold at $1000. Lower channel on weekly looks to be about 67 today.

*DJ US Tsy Paulson: Regulations Need To Catch Up With Innovation

What a line..............

I confess that "I have been a lurker"

I have read CS since 1999 on and off, during which I had a lot of laughs and learned a bunch. I will try to post "more" often. I live in Austin, TX

I don't think anyone has posted this but I think DOC and crew will fine this interesting. Here are a few snippnets from the article:

http://news.bbc.co.uk/2/hi/business/7293663.stm


"Almost within the blink of an eye, a business that had borrowed $21bn from the world's biggest banks to invest in high-quality mortgage-backed securities will be gone, liquidated, kaput," said BBC business editor Robert Peston."

... snip ...

"The irony of CCC's problems is that the measures brought in to help ease the global credit crunch, may actually have exacerbated the situation.

Earlier this week, the US Federal Reserve, the Bank of England, the European Central Bank and other central banks said they would pump $200bn into financial markets to stimulate lending.

As part of their plan, they would allow lenders to put up the problematic mortgage-backed securities as collateral for the new central bank-backed loans they were offering.

However, instead of underpinning the mortgage-backed securities market, it seems to have had the opposite effect, giving lenders an opportunity to dump the risky asset.

"The Fed's new lending emergency lending facility allows the banks to swap mortgage-backed debt for Treasury Bills in a way that Carlyle could not do," said the BBC's business editor.

"So it would be rational for the banks to take Carlyle's assets and exchange them for top-quality, liquid US government bonds, rather than leave loans in place to a business, Carlyle, whose assets remained highly illiquid."


Sorry for a long snip.

Wow! Did anyone else catch Whiskey Haines slip at the opening bell? He almost said: "Welcome to the financial cri...(sis) capital of the world!"

Today's going to be a great day to be a psychologist - lot's of subliminal stuff floating around.

*DJ SEC Suspends Trading Of 26 Cos, Cites 'Corporate Hijackings'

sounds like the NYSE

3 day cycle projections-

qqqq 41.95
spx 1288 prelim
dow 11935 prelim

gdx 3 day cycle projection 55

Expect a bounce here. Or not

Was that it?

Just sold half of my C mar 20 putz. Letting the rest ride for a few hours.

Juggler- You registered 4 years ago and this is your first post!

Congrats! Keep em coming!

So, when you scorch shorts out of their positions, but fundamentals imply there's effectively no reason for others to purchase shares, what happens?

dow 3 day cycle projection now looks 11885. spx 1274

AFTER I posted last night's report, I thought about that.

That little short squeeze probably wiped out a week's worth of demand.

These are dangerous and difficult days for trading. When I warned that we would need much wider stops on our shorts, I had no idea that they would need to be that wide. Who can withstand that kind of pain?

Anyway, the WSE Pro chart pick list still has 4 shorts on it. But 5 were covered in the past two days. Take that experience, multiply it by millions, and what you get is a 175 point down open on the Dow the next day.

leverage gotta love it......


=DJ 2nd UPDATE: Carlyle Capital Shrs Plunge 93% After Talks Fail

(Adds detail and analyst comment.)

By Margot Patrick
Of DOW JONES NEWSWIRES


LONDON (Dow Jones)--Shares in Carlyle Capital Corp. (CCC.AE) plummeted
Thursday after it said it has defaulted on most of its $21.7 billion in debt
and expects to lose its remaining assets, potentially leaving shareholders
with nothing.

Thanks DOC, for the welcome and this great forum on the web, "Best damn place for people like us"

The law of un-intended consequence strikes again. Fed has created a incentive for the banks to pull the loans from the Hedgies and Fundies.
Let the meltdown continue ....

Reading M2M last night, it seems like a lot of us had similar experiences on Tues. I let a $16k March profit slip away and had to scramble to close out my short positions while they were still green. Very frustrating. The fact that the charts looked v bearish on Monday and screamed short & hold just set us up nicely for the pigmen.

It so easy to get your head ripped off in this unpredictable environment. Certainly, tight stops are a no-no. My approach here now is to stay short and use small position sizes so I can ride out the volatility.

FXP: in 10 days ago at 92.50, out today at 101.05. retreating to watch-'n'-wait mode.