http://finance.yahoo.com/intlindices

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










http://www.kitco.com

Energy futures

Currencies/Au/Ag

A more stable market today. All Ords +1%, most sectors up with Healthcare leading, +2.3% followed by Metals & Mining, +2.1%. There's a few red sectors of which IT is down the most, -0.8%.

Solid rise on the two big miners: BHP +2% and RIO +2.2%. Golds also moving up steadily, Newcrest +3.1%, Newmont +4.1% and Lihir +1.7%. Juniors flat to up.

Oils still making up their minds: Woodside +0.6%, Santos -0.1% and Caltex +1.1%.

g'day mate...

spoke with a venerable economic figure here today. old man tells me to accumulate the $USD. downside limited and policy shifts will rally our peso.

something about 4-figure gold and 110 black gold...enough is enough....

well the grizzly inside of me won't make a move until trend change; however,
this 'ol grizzled vet knows more than i'll ever know......

carry on......

"plan the trade, then trade the plan," goes the saying. but i forgot step two.
[attachmentid=96576]

A fairly even day overall. All Ords closed +1.4% and there was a reshuffle in the sectors: Mining moved into the lead, +3.7% followed by Materials +3.3% and Telecomms +2.1%. IT remained the biggest loser, -2%.

A big day for the miners: BHP +4.2%, RIO +5.1% and in the golds, Newcrest +2.2%, Newmont +4.1% and Lihir +2.7%. Juniors flat to up.

Oils weren't that inspired: Woodside +0.8%, Santos +1.3% and Caltex -0.2%.

Asia started strongly but lost the plot: Nikkers -1.5%, China -0.2%, Honkers +0.5% and India +1%.


Over to UK/Europe:








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

China's Factory, Property Investment Climbs 24.3%

March 14 (Bloomberg) -- China's factory and property spending rose 24.3 percent in January and February, maintaining pressure on Premier Wen Jiabao to prevent the world's fastest- growing major economy from overheating.

Fixed-asset investment in urban areas rose to 812.1 billion yuan ($115 billion) from a year earlier, the statistics bureau said today. That was more than the 24 percent median estimate of 21 economists surveyed by Bloomberg News and the 23.4 percent pace in January and February 2007.

The worst snowstorms in half a century failed to prevent a 33 percent jump in spending on real-estate development. China may hasten gains by the yuan, raise interest rates and increase banks' reserve requirements after inflation in February accelerated to an 11-year high.

India Inflation Quickens to Nine-Month High of 5.11%

March 14 (Bloomberg) -- India's inflation unexpectedly accelerated to a nine-month high, making it more difficult for the central bank to reduce interest rates to bolster slowing economic growth.

Wholesale prices rose 5.11 percent in the week ended March 1 from a year earlier, faster than the previous week's 5.02 percent, the Ministry of Commerce and Industry said in New Delhi. A Bloomberg survey of 10 economists forecast a 4.99 percent gain.

Direwolf, long time no see...

long Dow 12106

The Oil survey to analcysts made by gloomberg is moving to a balanced stance in the last couple of weeks. If analcysts start to get bullish for a couple of weeks I asspect a major top to form in black gold.

RISE NEUTRAL FALL
13 ____ 8 ____ 16

http://www.bloomberg.com/apps/news?pid=new...id=aN.cEI82l76U

Looks like a little secondary test for USD/JPY yen near 100 and as some believe - Where the yen goes, so goes the US market
http://finance.yahoo.com/q/bc?s=USDJPY=X&t=5d

closed 12116, that thing tries now since 2 hours to go above 50 fibo (yest 1225 high - this mornings 12024 low) and cant break it. Now waiting for cpi and see what happens.

Deep Thoughts from Jim Sinclair...





Have a nice day...

It must be true, I sawr it on the internet...

of ocurse has intervention in currency markets worked in the past! Ever heard of Plaza Accord? My oh my!!!

kaboom! Dow up 100 points!

Gubermint says there's no inflation!!!!

How about that?


Futures positive.


Feb CPI unchanged

Core CPI unchanged


Now the talking heads will explain how that happened.


Should be interesting

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Well, if they say there's no inflation, then I believe them.






Not.

12210 now, thats 150 points up from the minute before CPI

Wow. Lots of good news today. Obviously, everyone is relieved that there's no inflation, and S&P declared the end to the "subprime" crisis.

Gold should show it if market beleives numbers or not, so far we have double to around 1000, right now trading at 991, but there iss no real sell off yet in Gold, but if numbers would be coorect Gold had to loose 50 points at least today, but so far acting relativly well.

Well, the oil shares have certainly been non-believers in the sustainability of the recent advance in oil.

BPENER has been deteriorating and signalling a coming correction

So I guess the no-fuel-inflation-in-February theme clears the way for a 150bp rate cut next week. Never mind the fact that fuel has rocketed in March.

So this is the CPI in Europe .......

http://www.rte.ie/business/2008/0314/eurozone.html
Record inflation rate in euro zone
Friday, 14 March 2008 10:38

New figures show that the annual inflation rate in the euro zone edged up to a record 3.3% in February from 3.2% in January.

The EU statistics agency Eurostat revised the figure marginally higher from its initial 3.2% estimate. The February rate was the highest since the euro zone was formed in 1999.

The ECB has repeatedly sounded the alarm recently about inflation threats as it faces a growing dilemma of keeping a lid on prices without endangering increasingly weak economic activity.

So the ECB is worried about inflation at 3.2% but in the US .............

The CPI report showed energy prices fell 0.5 percent in February, a sharp reversal from January's 0.7 percent gain and the first decline since last August. Transportation prices were down 0.7 percent following a 0.5 percent December gain.

In the 12-month period through February, consumer prices rose 4 percent, a moderation from the 4.3 percent gain registered in January and the smallest year-over-year increase since last October, according to department officials.

This seems clearly to be a cover for Ben on Tues. 3.2% is a problem for the ECB but 4.3% is good news for the S+P?.

Gold @ 990 N

no cpi inflation

just another chance for the insiders to continue to sell their shares to the - buy and hope investors who are buying the recovery idea, who love the shares won't be cheaper idea

just like during the GDP growth at 5% scam months



(I'm flat, waiting at the moment, don't want to give back any of the money I gained on the big falls, there are an increasing number of small traders whom are short, so I'm only playing with smaller shorts now)

Awesome...no inflation, let the rate cuts commence!

Alice:

Let me see, four times five is twelve, and four times six is thirteen, and four times seven is -- oh dear! I shall never get to twenty at that rate!

*DJ JPMorgan Chase And Federal Reserve Bank Of NY To Provide Financing To Bear Stearns

Thought everything was ok

yes the ceo of BSC already knew they would be bailed out 2 days ago

From Carl Futia:

Bulls you have been warned.....................

Spiders - June S&P E-mini Futures: The market seems to zoom or swoon on every piece of news. Yesterday’s rally and higher close after a weak open is an encouraging sign since it is the second time in a week that strong buying emerged at the 1285 level. Support is at 1300 and I think a rally of 200 points or so from the lows is imminent.

http://carlfutia.blogspot.com/

I agree that many of the PDs are likely bankrupt.

When the Fed engages in Open Market Operations (OMO) it uses temporary operations (TOMO) and rarely, permanent operations (POMO)

In temporary operations the Fed loans money to the dealers for short terms usually overnight, but up to 28 days, in the form of repurchase agreements. Repurchase agreements put cash into the PD accounts and expand the bulk of the Fed's balance sheet, the System Open Market Account (SOMA). They rarely use reverse repurchase agreements to drain reserves, but we have seen them from time to time.

In permanent operations, the Fed buys or sells securities directly from the SOMA to the Primary dealers. When the Fed buys securities it used to be called a Coupon Pass, or Bill Pass, but the Fed no longer uses that terminology, now preferring the term permanent purchase. These have been few and far between this year. Permanent purchases put cash directly into dealer accounts, and increase the size of the Fed's assets on the balance sheet.

Lately the Fed has been redeeming many of the T-bills they hold when they come to term. This does not directly impact PD accounts, but it does impact the Fed's balance sheet, the monetary base, by reducing the assets it holds. The Treasury must pay off the bills. This momentarily takes cash out of the system, but the Treasury needs to replace that cash with another borrowing, this time from the market, rather than from the Fed. It forces the market to put up more cash for Treasury paper. The Fed has been responsible for some of the increase in Treasury borrowing due to these redemptions. When the PDs buy the Treasuries, they can then pledge them as collateral in return for cash in Fed repo operations. This is why on days when the Treasury has large new borrowings settling, usually Thursday, we usually see big increases in Fed repo operations on Wednesday and Thursday. The Fed has to enable the PDs to pay for the Treasury securities they have ordered.

The Fed can also sell Treasuries directly from the SOMA. In the 6 years I have been watching the Fed daily, this last week is the first time I can remember the Fed doing this. They did it in an amount, when combined with bill redemptions, which was equal to the amount of 28 day repos issued this week. The Fed issued temporary money in return for T-bills which were expiring in the short run, in most cases a couple of months. This exchange makes little sense to me because it looks like a wash. They've taken cash in from the PDs in return for Treasuries, which the PD's now use as collateral to replace the cash the Fed took in.

Short term Treasury paper now has a negative carry. Repo rates are higher than the yields on shortest term Treasuries. It costs the dealers money to carry them. On the other hand, MBS and Agency paper still has a positive carry, as do longer term Treasuries. So what advantage is there to putting more short term Treasuries into dealer accounts? The dealers can sell that paper. They need not borrow from the Fed to carry it. So they get the cash back on their balance sheets, plus they have the cash from the 28 day repos for which they have put up other kinds of collateral with which they are overloaded.

Does this amount to a big deal? I have to think about it some more, but it would seem to give them breathing room. It certainly doesn't add reserves to the system as a whole when considering the offsetting effects of the Treasury sale and the equal amount of repos, but it would seem to have the effect of giving the PDs a little more cash on their balance sheets while keeping the impact on the system net neutral.

Today.....
*DJ Bear Stearns Confirms Talks About Permanent Financing,Other Options

*DJ Bear Stearns: Liquidity Position In Last 24 Hours Significantly Deteriorated


2 days ago....
NEW YORK (Dow Jones)--Bear Stearns Cos. (BSC) President and Chief Executive
Alan Schwartz denied that some brokerage firms and hedge funds are refusing to
trade with the company on concerns about its finances.

"Our coutnerparty risk has not been a problem," Schwartz said in an
interview with Crapvision.

Bear has acknowledged that rumors are rampant about problems with its
liquidity and balance sheet. "None of those speculations have been true,"
Schwartz said in an interview Wednesday. "Our liquidity position has not
changed at all. Our balance sheet has not weakened at all."

They took down the dollar. Are they going to do that again? Get you SFs and Euros.

They put in a higher ST low yesterday, and they'll open with a higher ST high. I think Suds was looking for a 2 week rally. Sounds like that's the plan, at least past the FOMC party.

-well, I take that back. WTF ??? . Where is CNBS when I need 'em?

erectus interuptus

All kidding aside about the CPI, I have been preaching for some time that the problem is deflationary debt collapse, and that we have been in the final blowoff of inflation. Am I right? WTF knows. I don't, that's for sure, but maybe this is the grackle in the coal mine. My gut says to be bearish on the inflation hedges since the charts look extended or toppy, and the 100% mainstream consensus is that these are the places to be. I think this may be the greatest contrarian play out there. I saw this exact setup in 1980, shorted the hell out of it, made my best score in the market ever, and remember it like it was a couple hours ago.

No blatant sell signals on the charts yet, but I think they are coming. We shall see, eh?

I think this is a classic sell the news scenario.

CNBSers are moving to cover there A$$. He was on two days ago. EVERYTHING is FINE.

Crapvision saying the problem at BSC could have materialized "over night," and sort of must have, because its CEO Schwartz was on their network Tuesday, and he said "everything is OK."

What a bunch of faux naive liars, or out-and-out dupes.

Anyone paying half attention understands that BSC's been up against an indeterminate wall. Look at its chart.

In my post about the Fed above, I was thinking it through as I wrote. Please let me know if you found that enlightening, or just more confusing, and whether you think I should post it on the front page of the WSE, and if so, what additions or changes you would suggest. You guys and gals here are my editorial board.

As far as this market today, I have nothing to say. Too disgusted.

Doc I respectfully disagree,

It is hard to have a blowoff when the public is not even buying gold....they could care less. I have been putting on seminars on precious metals and I do not not see lines standing outside waiting to get in.....when that day comes then you have the ultimate blow off....just a thought

Whiskey Haines, Some of that AAA is C###.
BSC CEO shouldn't have lied on TV.

or how about







BWAHAHAHAHAHAHAHA

BWAHAHAHAHAHAHAHA!!!

Doesn't this effectively convert short term repos into bank reserves? Kind of like taking away money from the dealers to shore up bank reserves, where maybe the banks are the dealers?

Jeebuz.

They just bailed out Bear Stearns.

Just think about that.

Sell the news, indeed, Doc. Yo Yo bi-polar Friday.

Bucky looks like it will give a signal within a few days. I have no idea which way it will go. I've been leaning towards a rally and I still am.

Wow! What happened to the green futures?

Waiting to see how today's repos come in. Looking to see if it's 75bp next week. Will definitely get out of the way of that.

Could get fugly

After the BSC bullshite comments the last 2 days who would trust a financial firm........


oh I forgot the public.....