Closed











Closed

http://finance.yahoo.com/intlindices

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










http://www.kitco.com

Energy futures

Currencies/Au/Ag

Red across the board today. All Ords -2.8% and it's the miners taking a huge hit, -7.2% followed by Materials -6.6% and Energy is next, -5.2%. Healthcare is down the least, -0.8%.

Miners deep in the red: BHP -6.9%, RIO -6.2%. Golds are even worse off: Newcrest -11.9%, Newmont -4.4% and Lihir -9.7%. Juniors barely moving, flat to down slightly.

In the oils, Woodside taking the brunt of selling, -5.7%, Santos -2.2% and Caltex -2.1%.

Japanese market is closed today. Holiday.

Thanks for pointing that out!

That explains why Japanese numbers are green when almost the rest of Asia's in the red...

http://new.quote.com/global/stocks/asia_australia.action

A one-way trip today. All Ords closed -3.1% with heavy losses in most sectors. An exceedingly nasty day for miners, -8.2% and Materials wasn't far behind, -7% and Energy finished -6%.

Blue chip miners were hammered severely: BHP -8.3%, RIO -7.7% and in the golds, Newcrest -13.1%, Newmont -5.8% and Lihir -10.9%. Little change on the juniors.

Oils followed the rest: Woodside -6.8%, Santos -3.8% and Caltex -2.7%.

Asia down in most cases: Honkers -3.4%, China -3.2%, Singers -1% and Taiwan +1.9%. Nikkers and India closed.


Over to UK/Europe:








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

jetlag, r u still hangin' with FXP? if so, kudos for being able to ride the 'coaster without spilling the coffee. i got out with much smaller gains than i would have liked, but also got some experience points for the next go-around with this baby.

sell off in Gold goes on: 907 right now

Yes. Fed intervention and rate cuts suck though, they leave a nasty stain in the undergarment. I don't rule out being blown out of the water in a bear market rally.

A-shares price action might be telling us something, although Hang Schawng made a new closing low. Don't know how this will correlate with FXI (fund "trying" to replicate the Ftsee xinhua 25), intraday it tends to correlate more with US action rather than overnight closing price from chinese indexes.

[attachmentid=96872]

Maybe it's not a bad idea to lighten up on positions (1/2 or 1/3). Even euro is coming down.

"Credit Suisse Group will probably post its first loss since 2003 this quarter after writing down debt securities that were deliberately mispriced by traders."

You mean those fine AAA CDO tranches aren't worth PAR ?

Bummer

In the high finance world the equivalent to "the dog ate it" is "the traders did it".

http://www.bloomberg.com/apps/news?pid=206...7E2I&refer=home

You should consider writing covered calls on FXP. Huge premiums to be had. Been doing it since Jan. Love it.

Thanks for the tip. Unfortunately I don't have access to anything that sophisticated.

A big "Tanks!" to DrStool for sticking the word "troglodyte" in my head...

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News from Gloomberg-

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As much as I want more, I just can't bring myself to buy. I bought my gold at $300 and silver at $5. Adjusted for inflation that's... 4... 5... carry the 7... much lower now.

Here's the recovery...things going swimmingly so far!

8:30 U.S. 4-wk. avg. continuing jobless claims up 19,750 to 2.83M
8:30 U.S. continuing jobless claims rise 32,000 to 2.87 million
8:30 U.S. 4-wk. avg. initial jobless claims rise 6,000 to 365,250
8:30 U.S. weekly initial jobless claims rise 22,000 to 378,000

Two thoughts:

According to this chart the largest amount of adjustable rate mortgages is resetting this month. If this is right, then more bad debt is on the way. The spike in bad subprime debt could still be on the horizon.

Also, as long as home prices continue to decline, more bad debt will follow (which would continue to include sub-prime as well as other mortgages).

I agree with you that the recession will exasperate the situation.

I think the bad debt tsunami just started heading our way.

I find my sympathy tempered :

“In this room are people who have built this firm and lost a lot, our fortunes,” one Bear executive said to Mr. Dimon with anger in his voice. “What will you do to make us whole?”

Here is your bed sir, would you like a nap

The link to Shorty's article last night about Bush squashing Spitzer's career wasn't working this morning. I looked it up and here is the link:
http://www.globalresearch.ca/index.php?context=va&aid=8376
Read this if you haven't already. This is an incredible story.
Thanks Shorty.

Down market today.
No charts, news, rhyme or reason.
Flipped an FRN.

Absolutely! And not only that.

It will exacerbate it too!!!

spx just smashed the 8 day cycle MA at 1303.67. nothing but air below until 1258.

AAAACK! Crapvision is trotting out Abby Joseph Cohen...confirmed. Repeat confirmed! I am looking at her face right now...it burns!!!!!

Didn't GS canned her?

OK, both it and the Dow are sitting at the level of Tuesday's pullback low. Could bounce a bit, but a breakdown is virtually inevitable I think.

Key lows are around 12104 and 1296.50. 42.13 on qqqq.

That's what happens when you start typing before the coffee kicks in.

No, she got re-org'd into their Global Group. They specifically did not ask her to make an end of year estimate/call, lol.

Missed it was on Bloomberg.
What did she say? Same old?

Very little...it was patently obvious she's been reigned in. Talked about commodities a little (they are in a bull when viewed as to global growth, but overextended right now).

I bet Crapvision doesn't have her on again.

Please make your question in the form of a Haipu. (an Haipu?)


Missed it on Bloomberg.
What did she say? Same old crap?
More "bullmarket" bull?

These selloffs are great! Just donged some more GG and AUY!

Said she's raising her personal allocation to bananas.

Philly Fed comes out as atrocious, but less so than expected...market apparently loves it, LOL.

A better taste
http://www.geocities.com/Tokyo/Island/5022/basho.html

Oh sheet. Here we go again. shport holds. 5 hr cycle buy signals, but no 3 day cycle signals yet.

OK, so for resistance we look first at the 5 day cycle MAs 12212, 1310, and 42.65.

then the 3 day at 12268 and 1317.50. qqqq 3 day is below at 42.34.

The Fed just accepted $24b in 7 day repos.
Is anyone else getting whiplash?

That's for the holidays and a BSC-like event early next week. They are greasing the skids for GMTFO moments after the hols. Keep your ears peeled to the rumor mills.

Yeh getting killed here today. Both shorts & longs are underwater. Market is a day traders. scalpers mkt only at this point.

Looks like it wants to go up here for a while here to me. I have more longs here than shorts.

Gold!!!

where is thy sting-aling?; All I get is Ting-aling-aling

Wheeeeeeeeeeeeeeeeeeeeeeeeeee................................

Outside of exiting the womb on my birthday I've never experienced such thrills

On my rollercoaster while Passing a turn just now I sqeezed my Bun so hard that the Hot dog exited like an artillery shell with a velocity close to the speed of light....

The smithereened tube steak, the mustard smears, the ketchup and onions smeared all over my aviators scarf.....

I love it.....Nothing can stop the Investor Aircorpse

beardrech

Naz is up 20 ... Qs up .3 ???

it is daytraders PARADISE lately, hope it will go on like that for a long time

From Yahoo Finance, can this be right?

ZGH08.CBT Gold 100 oz. Mar 08 919.10 7:53am ET Down 82.70 (8.26%)

Rough seas out there mates! Fed is adding reserves today to help absorb $15 billion in new Treasuries settling today. More to follow in the WSE Fed Report.

*DJ Fed Sells Securities Outright In Coupon Pass

5 day cycle MAs still holding and no 3 day cycle buy signals yet. This could be a weak right shoulder as long as they stay below the 3 day cycle MAs, and right now they are stalled at the 5 day

Dok

Ex-acer--bate,as you can see when deconstructed into its atomic syllables is one of the most profane terms on the face of the earth,,,,,

I thought this was a familiy site....but now its beginning to sound like a church political sermonette--

Shame on you.....

beardrech There are places for this kind of terminology such as in my naborhoood: The First Presbytarian Bar and Grilll