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aussiebear

IDS World Markets Fri 10th August 07

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t?s=%5EAORD

 

 

A lovely little panic selloff on open but now the dippers are getting involved. All Ords -2.5% with major damage in the sectors. IT is down the most, -4.4% followed by Materials -3.5% and Financials -3%. Healthcare is down the least, -1.3%.

 

The two leading miners are seeing mucho selling: BHP -4% and RIO -3.3%. Like yesterday, the golds are faring better: Newcrest +0.1% and Newmont -1.6%.

 

Oils way down: Woodside -2.5% and Santos -3.5%.

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Good morning Aussiebear,

Thought you or anyone else might like to see this 2 minute interview of Wilber Ross yesterday on the Closing Bell with Maria. The segment was called "Betting on Subprime", but Ross tells it straight and shares what he thinks is coming; very Stoolish viewpoints from a serious, big time, no BS self funder.

 

(remove the space in the initials).

 

Maybe one day Lee will get the invite. Yikes ! ;)

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w?s=%5EAORD

 

 

Dippers were washed away today in a deluge of selling. Treasurer Peter Costello hit the airwaves with soothing words which was exactly the signal needed to up the ante: "If the Treasurer's talking about it, it must be worse than we thought".

 

All Ords closed -3.6% with no sector being seen as a safe haven. IT led the way, -6.6%, followed by Materials -5% and Energy -4.8%. Healthcare had the least drop, still a fairly hefty -1.8%.

 

BHP and RIO were killed although in the context of the daily chart it's pretty much of a blip; BHP -5.5% and RIO -4%. Lesser star, Zinifex, closed -8.3%. Golds were sucked into the vortex: Newcrest -3.4% and Newmont -1.2%.

 

Oils are looking bearish chartwise at this stage of the game: Woodside -4.4% and Santos -7.3%.

 

Oz was one of the worst performers today although we were pipped at the post by Sth Korea, -4.2%. In the others, Singers -3.4%, Honkers -2.9% and Nikkers -2.4% and of course many Asian markets are still open.

 

Over to UK/Europe:

 

t?s=%5EFTSE

 

t?s=^GDAXI

 

t?s=^FCHI

 

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

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Good morning Aussiebear,

Thought you or anyone else might like to see this 2 minute interview of Wilber Ross yesterday on the Closing Bell with Maria.  The segment was called "Betting on Subprime", but Ross tells it straight and shares what he thinks is coming; very Stoolish viewpoints from a serious, big time, no BS self funder. 

 

 

(remove the space in the initials).

 

Maybe one day Lee will get the invite.  Yikes !  ;)

 

Hmmm seems like I don't have the right programme to view that...did download what I thought was needed but no go :rolleyes:

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All Ords appears to be forming a classic head & shoulders top. Is this the end of the Great Australian bool Market? :ph34r:

 

 

_aord

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Bank of Japan, RBA Boost Funds to Ease Credit Crunch

 

Aug. 10 (Bloomberg) -- The Bank of Japan added 1 trillion yen ($8.5 billion) to the financial system and the Reserve Bank of Australia lent the most in more than three years, joining U.S. and European central banks in responding to a credit crunch.

 

The Japanese central bank's largest provision of funds since June 29, helped bring the overnight call loan rate to 0.5 percent after it climbed to a four-week high of 0.56 percent, according to Tokyo Tanshi Co. Australia's central bank loaned A$4.95 billion ($4.2 billion), the most since at least January 2003. Central banks in the Philippines, Indonesia and South Korea said they are ready to provide more cash if required.

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What does a junky do when he badly needs a fix?

 

"``Funding from the ECB yesterday must have drawn firms into overbidding to access the cheap cash to lend on at even healthier-than-normal spreads.''"

 

He gets overdosed! I say let them sweat it out in pain for their own protection!

 

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

 

Anudder 60Bi fix

 

"``This liquidity-providing fine-tuning operation follows up on the operation conducted yesterday and aims to assure orderly conditions in the euro money market,'' the Frankfurt-based ECB said in a statement earlier today. The bank received 62 bids worth 110.035 billion euros in the so-called ``fine-tuning operation.''"

 

In related newz euro markets make a small correction of over -2%, still grossly overvalued at these levels.

 

Most hard hit sector? Basic resources, down over 4% @423

_sxpe

 

Second place? Banksters down almost 4% @ 427

_sx7e

 

Currently trading at March and December lows. June '06 lows just above 360, that's still 15% below current levels. Grossly overvalued indeed.

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While world markets are suffering from a liquidity rout, Chinese Schwang High made a huge -0.1% correction. Chinese bureaucrats probably think their stocks are worth more, even now after the total market cap equaled the country's GDP. This ratio has touched 200% in the past of other countries like the US who's average in the last decades is about 150%. But I don't know about the market participation of companies in China compared to the US (total publicly traded companies compared to privately held), so it's hard to make much of this ratio.

 

000001.ss

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Good morning Aussiebear,

Thought you or anyone else might like to see this 2 minute interview of Wilber Ross yesterday on the Closing Bell with Maria.  The segment was called "Betting on Subprime", but Ross tells it straight and shares what he thinks is coming; very Stoolish viewpoints from a serious, big time, no BS self funder. 

 

 

(remove the space in the initials).

 

Maybe one day Lee will get the invite.  Yikes !  ;)

598278[/snapback]

 

Hmmm seems like I don't have the right programme to view that...did download what I thought was needed but no go :rolleyes:

598291[/snapback]

 

This is the direct link, http://www.cnbc.com/id/15840232?video=461490509

 

But it won't play for me on Mac.

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Futures collapsing!!

YM -150

ES -19

 

Another monster gap down...

598300[/snapback]

 

 

Are you jumping on the short bandwagon madness or is it to risky to chase the weakness?

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