http://finance.yahoo.com/intlindices

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










http://www.kitco.com

Energy futures

Currencies/Au/Ag

Back and forth at this stage. All Ords currently +0.1%, with the worst performing sectors of recent days doing a bounce. A-REIT is out in front, +2.3% followed by Financials +1.4%. Miners and Materials are down the most, -2.9% and -2.4% respectively.

All the miners are down: BHP -3.6%, RIO -3.1% and in the golds, Newcrest -3.9%, Newmont -0.9% and Lihir -3.7%. Juniors flat.

Oils are reasonably stable: Woodside -0.4%, Santos -0.8% and Caltex +4.4%.

BOE Offers Banks Emergency Cash to Ease Money Markets

March 17 (Bloomberg) -- The Bank of England offered extra cash to banks in the first short-term emergency operation for six months, joining the U.S. Federal Reserve in an attempt to prevent a financial-market meltdown.

``This action is being taken in response to conditions in the short-term money markets this morning,'' the U.K. central bank said in a statement today in London. ``The bank will take actions to ensure that the overnight rate is close to bank rate. Along with other central banks, the Bank of England is closely monitoring market conditions.''

Negative divergence at A/D line. Down she goes

Negative divergence with junk bonds. McClellan is falling. Must be bearish

A sideways move in a very twitchy market. All Ords closed -0.2% with IT taking the lead, +3.4% followed by Financials +1.9%. Miners closed down the most, -3.6% and Materials was next, -3.1%.

Not a good day for the blue chip miners: BHP -4.8%, RIO -3.3% and in the golds, Newcrest -3.1%, Newmont -1.4% and Lihir -2.7%. Juniors flat to up.

Oilwise, Woodside +1.2%, Santos -0.9% and Caltex +7.5%.

A bit of a mix in Asia: China -2.7%, Honkers -1.2% and Nikkers +1.1%.


Over to UK/Europe:








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

if a reload-the-shorts rally occurs, i'd look for FXI to move back up to ~140, at which time i'll sneak into the FXP henhouse in the low 90s. best laid plans and all.
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5 day cycle now in an up phase. Those of us who are short are going to have to grit our teeth and bear it. Initial 3 day cycle projection on qqqq looks around 42.22. That may not be the end of it. SPY projecting 130.20. And thanks to the hard work of the Dow manipulators, the DIA is pointing toward 122.75.

Today is FOMC day. Nothing matters before 2:15 PM when the shooting starts.

I posted March 4 ... so far, proving accurate, IMO...

The Bulls get gimmee' tailwind for a change. FOMC week, Opex week, short week ... all wrapping up in next 3 trading days.

Ain't free markets great?

I dont know whether this is an empirical ratification of a thesis propounded in a book (The Shield of Achilles) by Prof. Bobbitt , or whether Bobbitt ratified an already ongoing merger of most of the major central banks of any world significance...

But the everyday superhuman energies manifested by Central Banking behaviour means someone or something is getting in and out of telephone booths all over the world, without ever entangeling his cape once...

By now The basement in the Fed must be so full of putrescent drech that the nabors must be complaining to the health department...

Anyway, Prof Bobbitt devotes his heavyweight tome to the onging death of the Nation State and the developement of the Market State....wherein the traditional obligations, one of which is Defense, are no longer autonomously possible except at the lowest most minimal levels.

And that necessarily only consortiums, collectives, allies etc are a precondition of survival....but most importantly, that absent constitutional changes ,similar to those that started with the importation of cannon by Charles the VIII during another era, and which Machiavelli rationalised, the fragility will be compounded...Until we start making civilizational rules amidst the ruins....

As a nervous cynic, the thesis reminds me of Leibnitz's suggestion to the European powers (Napoleon?), that the necessary ingredient for maintaining the peace of Europe was to commence seeking and finding the missing element. His solution? Naturally, despite his eminence as one of the three greatest minds of Europe, was an external enemy: An external enemy, enabling the continent to redirect its perrenial hatreds towards something really loathsome,in this case EGYPT.


beardrech Perhaps the primitive nature of a start lurks Either within the Greening, or cosmically air-conditioning overheating of the Furnace Earth,perhaps a battalion of Windmills, maybe a herd of buffalo sized goats,but Dear G*d, Please,Please Give us something ,anything, worthwhile to lovingly Hate.

German finance minister sees "biggest world financial crisis of the last few decades", so far so right, then he says "fear that the crisis will have spill over effect to the real economy" FEAR??? It is a GIVEN that there will be HUGE implications for the real economy! Do those guys think that the financial system is an isolated system? I say: By this summer the job market will collapse, it will be 2003 again.

Link: Big Picture

Thomas Cole painted it best:

*DJ Goldman CFO: Liquidity Position Is Stronger Than Ever

ironically that comment was under the BSC symbol

We've been doing that here for years. Monday was not extreme here. It was high, but not at the kind of extremes that normally mark a significant low.

spy 3 day cycle now projecting around 131.

dia now projecting 123.60.

qqqq still projecting around 42.22, but the mini base breakout says 42.90. I suspect the cycle projections are behind the curve here on qqqq, given the much stronger projections on dow and spy.

izthatall???

I bet the VIX doesn't budge.

I want a rally-from-hell here. Get this end game overwith.

Clear out all the shorts for the next 5 1/4 hours or so ...

Spiders - June S&P E-mini Futures: The e-minis never equaled their Sunday night low at 1253 during the Monday session, despite all the bad news which has been hitting the market. There is still a good chance that the 1220 level will be seen before a big rally starts but I also believe that the market will make it into the 1430-50 range over the next couple of months. Upside target for the rally from 1253 is 1330.

from CARL Futia........how does this guy get up in the morning and put out this crap......bears be careful

"stronger than ever", when i read such a bullshit i can only vomit. It is outright disgusting and nothing else but a pure LIE! PHUCKING LIAR! OFF WITH HIS HEAD!

The recent stock market declines are front page main headline news in Irish & UK newspapers this morning. Always a botomn.

kiwibear's post in M2M reminded me...

There was a guy on one of those half hour interviews on Bloomberg last night. I think he's from the BIS. Didn't catch his name. He was rather blase about the coming recession, which he said looks like it might be a really bad global depression. Thing is, he also said noone's paying attention to the depression anymore because the credit crisis is so much more dangerous.

Personally, it just proves they haven't connected the dots. They still think of the consumer slowdown as something disconnected from the credit bubble. They'll continue trying to put out the forest fire tree by tree.

Potential for another Sigma 4 up day is very strong today. Dow could finish higher than 12393.

M2M on weekend was definitely an extreme. Dont forget the majority of the action happend when futures opened on sunday night, at that time M2M was packed like the parking lot of a big mall on saturday.

Looks like earnings were leaked ahead of time yesterday. Futures rock'n!

It's gone beyond Wall Street now. I know many people who are now afraid. My gold/short-the-market kooky reputation has transmorgified into a fresh aura of respect that a scumbag like me is definitely not used to.

Still no chicks for free, however.

Confidence is in free fall. Instead of letting Bear fail, they opened the door to letting a larger cash bank fail, IMO. Although I understand the logic of the deal, no one has considered to politics of long soup lines, ATM shut downs and police barricades surrounding bank branches.

as a bear my fear is that The Fed is now the official market support or lifeline. This has all the makings of hyperinflation. I am afraid there will come a day where the markets will begin to rise simply because there is no where else to put your money. A bank deposit at 3 or 4 % is laughable. Although insured up to 100,000 you still run a risk. And for all those savers the last 5 years, Inflation has killed them.

Trade Careful.

Also in Germany very HUGE coverage yesterday, was first flic they brought at the evening prime time news. Today they said on radio "stocks recovering some, after "black monday" yesterday". DAX wasnt even down 4% yest and they speak about "black monday"??? During the 2000-2003 DAX was quite often down more than 4%.

I'm probably staying out this week. Too late to catch the Fed (rumour) bounce. A rate cut won't matter. I'm tempted to fade the rally, but will wait for Thursday to see how heavily they're using the PDCoF.

Anybody here reloading shorts into this rally. All those credit issues (aka BSC) are still lurking out there y'know. Though I guess one could argue it does not make much difference to the US mkts.

Unless we come off the opening print significantly, I'm waiting until after the FOMC. But the answer is "yes" ...

spx opens above 3 day cycle projeciton of 1301. 5 hr cycle projection looks 1310.

Dow 3 day cycle projection 12165-12245. 5 hr cycle projection 12220

spx 5 hr cycle projection now looks like a range of 1299-1310.

typo. Should have been spy.

With all due respect, you might want to spend some time reading Nassim Taleb or Jeremy Grantham on the inapplicability of normal distributions to stock prices. We may indeed get a large point move to the upside today; but we will not get a "Sigma 4" move because standard deviations are meaningless in this context.

yes I am planning to, but that doesn't mean much.

My gut says we are going to have a huge down day.

So, I guess you can fade that.

You can call me Lrac Aituf.

Maybe beginning at 2:15pm?

That's why I think Bullinger Bands are the dumbest technical indicator ever invented. Worse than worthless. I know a lot of people use them, but I just never got it. I love price envelopes, but only when they are based on time regression. They can be either linear or curved. You just read them differently, but that squiggly standard deviation stuff is a total waste in my view. Absolutely superfluous, and sometimes grossly misleading.

And please don't flame me about this. It's ok to disagree. Some of my best troglodyte friends use them.

I don't know what that word means, but it sounded good so I used it.

Even looked it up afterwards.

It appears the market is fading you this morning .....but let's see what happens in the afternoon....

CW- What time will they take gold down under $1000 today in anticipation of the 100 pernt Fed easing?

DJ Fed Accepts $15 Bln In 28-Day RPs

Type of transaction: 28-Day RPs
Total accepted: $15 Bln
Total submitted: $62.55 Bln

Mortgage-Backed Collateral Operations
Total accepted: $15 Bln
Total submitted: $62.55 Bln
Stop-Out Rate: 2.25%
Weighted Average: 2.32%
High-rate submitted: 2.5%
Low-rate submitted: 1.75%

(Data was provided by the New York Federal Reserve Bank

I've read that anything between 0 - 1% rate drop will be "bullish"; 0- 0.5% prolly rallying the dollar, 0.5% - 1 % prolly rallying the carry trade spill over into equities.

Less likely - but what I think - is a "sell the news" scenario, wherein what the Fed says really doesn't matter.

I don't think what the Fed does even matters anymore.

The Bear Stearns rescue, according to the WSJ, was all Paulson.

The Fed supplied the coffee.

DJ Fed Accepts $9.25 Bln In Overnight RPs

Type of transaction: Overnight RPs
Total accepted: $9.25 Bln
Total submitted: $19.55 Bln

Agency Collateral Operation
Total accepted: $5.337 Bln
Total submitted: $6.3 Bln
Stop-Out Rate: 2.7%
Weighted Average: 2.87%
High-rate submitted: 2.95%
Low-rate submitted: 2.6%

Treasury Collateral Operation
Total accepted: $313 Mln
Total submitted: $8.9 Bln
Stop-Out Rate: 0.9%
Weighted Average: 0.9%
High-rate submitted: 0.9%
Low-rate submitted: 0.05%

Mortgage-Backed Collateral Operations
Total accepted: $3.6 Bln
Total submitted: $4.35 Bln
Stop-Out Rate: 2.85%
Weighted Average: 2.89%
High-rate submitted: 2.95%
Low-rate submitted: 2.4%

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

Let's see.... HUI was flyinmg yesterday, get' sturned around and sold. We're told that it was just following the overall Market. When the DOW recovered, the HUI was sent to the corner. This morning, we know we're getting a rate cut, the DOW sky's, and the HUI is still forced to sit in the corner. Yup...make a lot of sense to me.

Well the finaglers are certainly getting pumped up here. But I doubt if Ben is going to disappoint. He never has in the past. The mkt right now seems to be driven by newsnoise & sticksaves. A day traders mkt.

Its difficult to hold a short & stay short stance. Your weekly gains just melt away in front of your eyes (especially on Tues lately).