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B4 The Bell, Moonday, March 8


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:D Good morning and welcome to a new week! :D Today looks like a critical day for technical traders -

 

From Brian 4 last night - We are on (literally) the edge of the wedge tomorrow we must- repeat- must stay under a close of 1158-60 or this beast will be at 1170 in the blink of an eye conversely a break of 1150 gives the BEARS the ball back and a break of 1145 is a touchdown-I have already moved my stop for tomorrow to 1163 risking 3 points only, an intraday move over 1160 is meaningless but a close over it and its up, up and away!

 

Car Culture Captivates China

Sales Boom Along With Potential Problems

http://www.washingtonpost.com/wp-dyn/artic...9-2004Mar7.html

 

Newmont Mining - Mine's Pollution Fund Is Focus of Federal Agencies' Duel

http://www.nytimes.com/2004/03/08/national/08GOLD.html

 

The Unrecognizable Recovery

http://www.nytimes.com/2004/03/08/opinion/08HERB.html?hp

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Asian reserves at $2.1 trillion, Singapore tops $100 bn

Reuters

Singapore, March 8

 

Asian foreign exchange reserves have grown strongly at the start of 2004, rising by over $164 billion to $2.073 trillion in the first two months of the year, according to figures from the region's central banks.

Figures on Monday showed Singapore's reserve holdings rose by $2.5 billion in February to $101.1 billion -- making it the seventh Asian economy after Japan, China, Taiwan, South Korea, Hong Kong, and India to hold over $100 billion in reserves.

 

With China and Hong Kong yet to report figures for February, Asian reserve holdings have risen 8.6 per cent since the end of 2003.

 

On Friday, Japan said its reserves rose by $35.7 billion to $776.9 billion. Japan's reserves have increased by $103.4 billion, or 15.4 per cent, in the first two months of 2004. Its reserves rose by $203.8 billion in all of 2003.

 

The build-up of Asian forex reserves, mostly in US dollars, largely reflects intervention by the region's monetary authorities to prevent strong portfolio inflows and rising export receipts from strengthening their currencies.

 

http://www.hindustantimes.com/news/181_603613,00020008.htm

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China FX Head: US Joblessness Not Due To Yuan - Xinhua

Monday, March 8, 2004 12:36 AM ET

 

BEIJING (Dow Jones)--China's chief foreign exchange regulator has rejected allegations the yuan, or renminbi, is undervalued and responsible for U.S. unemployment levels, the official Xinhua News Agency reported Monday.

 

The U.S.'s unemployment levels are instead due to the country's relatively high labor costs while China's foreign exchange system "conforms to the realities of China" and will continue for a long time to come, the director general of the State Administration of Foreign Exchange, Guo Shuqing, told Xinhua in an interview, without providing a specific timetable.

 

http://www.quicken.com/investments/news_ce...ar&column=P0DEC

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Good Morning!

 

If this is the best the boys can do with the futures numbers on a monday morning...it's going to be ugly for them today.

 

 

Auto sales:

 

I had a very enlightening conversation yesterday regarding auto sales, with a lady who has a $1 million open credit line with Manheim auctions. She described how she goes to the auction in Palm Beach and picks up brand new cars being sold like used cars...by the thousands. If it has heated seats, she buys it for $200 over wholesale bluebook and ships it north. That's where the inventory is going. The dealers are getting totally hosed as the manufacturers jam their excess inventory through this channel...cheap!

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Futures are slowly heading up heading into the open. If this is a matter of serious jamming for a small result, the markets may crap soon after the open.

 

Wishing you all luck,

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Aside from pee pee i....fiasco, I think the fart in the space suit

catalyst, is going to be the currency....race to bottom game.

 

Who's pissed off at Whom. Who's on first.....the game is wobbly and absurd and

something is going to wingohockingmoyamensing up the re-invest feed back loop in u.s. treasury

and equity...................

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More layoffs for Kodak employees

 

Eastman Kodak Co. announced Monday that it has agreed to buy two business lines from printer manufacturer Heidelberger. Kodak officials said consolidating back-office operations at the two companies should result in some layoffs, but the exact number hasn't been determined.

 

http://www.10nbc.com/news.asp?template=item&story_id=10602

 

International Multifoods Corp. (IMC), the Minnetonka manufacturer of Pillsbury baking mixes and Hungry Jack products, will be acquired by the J.M. Smucker Co. for $840 million, the company said Monday. In December, the company hired consulting firm Deloitte & Touche to help management figure out how to reduce costs and improve productivity and organizational effectiveness. A month later, Multifoods executives hinted at the possibility of layoffs.

 

http://twincities.bizjournals.com/twinciti.../08/daily1.html

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Sled,

 

I believe twincities.bizjournals may have a typo in its article. Isn't the proper name of the "consulting firm" (i.e. job exportation company?) Toilette & Douche?

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