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B4 The Bell, Moonday, May 17


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:D Welcome to another week of trading, humor, insights, and what-not at B4 the Bell! Warnings from our host and esteemed traders are up for (get this)the third week in a row. Japan has gotten the hint, but when will the US market follow Japan and Asia down the sides of that dark canyon?

 

Crush

 

No not the orange crush, but the red one:

 

BEIJING, May 17 -- The Chinese government warned Taiwanese President Chen Shui-bian on Monday to pull back from a "dangerous lurch toward independence" or face "destruction." But it also offered economic, diplomatic and other benefits if Chen acknowledges that Taiwan and the mainland are part of "one China."

 

"If Taiwan leaders should move recklessly to provoke major incidents of Taiwan independence, the Chinese people will crush their schemes firmly and thoroughly at any cost," it added.

 

China Delivers Double-Edged Notice to Taiwan

http://www.washingtonpost.com/wp-dyn/artic...-2004May16.html

 

G-7 to Demand Lower Oil Prices

 

UK PRESS: G7 To Urge OPEC Action Over High Oil Prices

 

DOW JONES NEWSWIRES

May 16, 2004 8:09 a.m.

 

LONDON -- Finance ministers from the Group of Seven leading industrial nations will issue a tough statement aimed at the Organization of Petroleum Exporting Countries urging action to bring down oil prices, The Sunday Times reports.

 

The G7 will meet in New York next weekend.

 

Crude prices have risen above $40 a barrel, provoking fears high oil prices could derail the global economic recovery.

 

The Times said U.K. Chancellor Gordon Brown, currently chairman of the International Monetary Fund's ministerial steering committee, would push for a tough statement from the G7 aimed at OPEC.

 

Action to reduce the price of crude is more important than the question of whether the government's planned increase in excise duty on gasoline goes ahead later this year, the newspaper quoted a Treasury spokesman saying..

 

 

 

 

So who is tougher, and who is going to get their way - China or the G-7? :blink:

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MAYHEM WARNING!!!!

 

CRASH ALERT!!!!

 

Big ugliness today.

 

DOW Futures DOWN 132 !!!!!

S&P Futures Down 13.60

NAS Futures Down 22.50

 

Nikkei down 350, Hang Seng down 300.

Gold up - Oil up.

Watching RCL today for a decisive break.

 

If there is a PPT, it's a big day for them.

Gold may go parabolic today.

 

We may see the most criminal day in the history of the markets with epic whipsaws and trading slowdowns, technical "glitches", etc.

 

 

Crude Oil Futures Extend Record High on Iraq, Turkey Bombings

 

May 17 (Bloomberg) -- Crude oil futures extended last week's record high in New York after the head of Iraq's interim governing council was killed in a car bomb attack in Baghdad, raising concern about supply disruptions from the nation that has the world's second-largest crude-oil reserves.

 

Izzedine Salim, the holder of the council's rotating presidency, was killed in an attack on his four-car convoy in the capital, Al Jazeera reported, citing Mohammed Othman, a governing council member. Prices also rose after three bomb attacks in Turkey on the eve of a visit by U.K. Prime Minister Tony Blair.

 

``The market environment was already very nervous and this makes it even more nervous,'' said Pieter Bruinstroop, who helps oversee $2.3 billion in resource company investments for APS Asset Management Ltd. in Singapore.

 

Crude oil for June delivery rose as much as 37 cents, or 0.9 percent, to $41.75 a barrel in after-hours electronic trading on the New York Mercantile Exchange and traded at $41.70 at 3:30 p.m. Singapore time.

 

In London, Brent crude oil futures rose as much as 1.7 percent, or 64 cents, to $38.50 a barrel.

 

The bombings in Turkey damaged two branches of British-owned bank HSBC Holdings Inc. in Istanbul and one outside a branch in Ankara, Agence France-Presse reported. No injuries were reported. Last month, suicide bombers tried to blow up Iraq's offshore oil terminals in the Persian Gulf.

 

June crude oil reached $41.38 a barrel Friday, the highest close in the 21-year history of the contract, as surging gasoline demand raised concern fuel supplies will be inadequate in the peak summer demand season. Prices rose to a record intraday high of $41.56 a barrel during the session.

 

http://quote.bloomberg.com/apps/news?pid=1...efer=news_index

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Mon, May 17, 2004

 

India stock market CRASHES

(it was down 17% at one point during the trading day)

 

By AP

 

 

MUMBAI, India -- India's stock market crashed today in one of the biggest falls in years, prompting regulators to suspend trading as investors remained wary about the economic policies of the incoming Communist-supported government in New Delhi. The benchmark index of the Bombay Stock Exchange, the Sensex, opened sharply lower and tumbled further to 4516.6 points, in an 11% drop in the first 20 minutes of trading.

 

The crash -- which brokers said was one of the biggest ever -- forced the stock market regulator to halt trading at stock exchanges across the country.

 

Brokers said the market volatility would continue until the new government's policies, especially those on privatization of state-run companies, are made clear.

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hourly stick saves on the e-mini, three so far, next one due at approx 6:20 Eastern, most violent one might be at 9:20 Eastern right before the open

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MAYHEM WARNING!!!!

 

CRASH ALERT!!!!

 

Big ugliness today.

 

DOW Futures DOWN 132 !!!!!

S&P Futures Down 13.60

NAS Futures Down 22.50

 

Nikkei down 350, Hang Seng down 300.

Gold up - Oil up.

Watching RCL today for a decisive break.

 

If there is a PPT, it's a big day for them.

Gold may go parabolic today.

 

We may see the most criminal day in the history of the markets with epic whipsaws and trading slowdowns, technical "glitches", etc.

 

 

Crude Oil Futures Extend Record High on Iraq, Turkey Bombings

 

May 17 (Bloomberg) -- Crude oil futures extended last week's record high in New York after the head of Iraq's interim governing council was killed in a car bomb attack in Baghdad, raising concern about supply disruptions from the nation that has the world's second-largest crude-oil reserves.

 

Izzedine Salim, the holder of the council's rotating presidency, was killed in an attack on his four-car convoy in the capital, Al Jazeera reported, citing Mohammed Othman, a governing council member. Prices also rose after three bomb attacks in Turkey on the eve of a visit by U.K. Prime Minister Tony Blair.

 

``The market environment was already very nervous and this makes it even more nervous,'' said Pieter Bruinstroop, who helps oversee $2.3 billion in resource company investments for APS Asset Management Ltd. in Singapore.

 

Crude oil for June delivery rose as much as 37 cents, or 0.9 percent, to $41.75 a barrel in after-hours electronic trading on the New York Mercantile Exchange and traded at $41.70 at 3:30 p.m. Singapore time.

 

In London, Brent crude oil futures rose as much as 1.7 percent, or 64 cents, to $38.50 a barrel.

 

The bombings in Turkey damaged two branches of British-owned bank HSBC Holdings Inc. in Istanbul and one outside a branch in Ankara, Agence France-Presse reported. No injuries were reported. Last month, suicide bombers tried to blow up Iraq's offshore oil terminals in the Persian Gulf.

 

June crude oil reached $41.38 a barrel Friday, the highest close in the 21-year history of the contract, as surging gasoline demand raised concern fuel supplies will be inadequate in the peak summer demand season. Prices rose to a record intraday high of $41.56 a barrel during the session.

 

http://quote.bloomberg.com/apps/news?pid=1...efer=news_index

Dow futures down 132 points is about 1.2%. This is nothing. Want to see how free markets behave when hit with real bad news - check out India - down 15%. that would be Dow down 1500 points. Will it happen. Are the US markets allwed to? Are these really even markets any more? we'll find out soon.

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the Indian "stock market" is a joke

rupees, gotta laugh

it was down 17% now it's only down 8%

doesn't matter much

 

Japan does matter, big time, I wanna see that one down 1,000 points then we can get some serious action.

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Wow - Gonna be a manic monday. :o

 

Looks like my 401k is positioned right : NEM (purchased friday), RYTPX and RYAIX . Let's hope the put options on my trading account work out. (QQQ's, APOL and DCX)

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Myth: Stocks have been in a bull market in anticipation that a strong economic recovery is on the way. Investors are worried that higher rates may choke off the recovery.

 

Reality: Stocks rallied because the Fed flooded us with easy money and encouraged (once again) rampant speculation by leaving investors with no reasonable alternative. NOW THAT THE PARTY IS OVER, THE MARKET IS RUNNING SCARED.

 

http://www.sovereignstrategist.com/updates/index.cfm?const=0

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Houston, we have a problem.

 

Voters Release Houston From Pension Law

By MARY WILLIAMS WALSH

 

Published: May 17, 2004

 

Houston residents voted decisively on Saturday to exempt their city's pension plan from a state requirement that pension promises be kept.

 

About 73 percent of the ballots cast in the special election were in favor of opting out of the pension requirement, which became part of the Texas Constitution in 2003, according to the clerk for Harris County, which includes Houston.

 

Houston put the matter to the voters amid growing concern about the solvency of the city's pension fund. Pension officials added an unusually generous package of benefits to the plan in 2001. The package attracted little notice at the time, but the cost has since climbed.

 

http://www.nytimes.com/2004/05/17/business/17pension.html

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This action was telegraphed by the bond market weeks ago. Historically the bond turns first and equities follow. That can be said for either up or down. Quote.con is not working again today as it usually is on big down days. That is the most unreliable useless service I have ever seen. Im on money.net now but cant access any of the futures afterhours. Can someone help? Anyone have the symbol they use for eminis?

 

Plunger

Its like clockwork with quote.com Big down days and the service is useless. Maybe their server cant handle the increased customer flow ..no idea.. What would be in it for quotecom to screw their clients with the interruptions is beyond me but I have come to expect it. These days nothing surprises me.

 

Any other reccos for a chart streaming service would be appreciated.

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Iraqi General Urges Support of U.S. Troops

http://apnews.myway.com/article/20040516/D82JRHQ80.html

 

Best news I've heard in weeks; he set exactly the right tone.

 

I've been quite distressed that the media here has so

seldom given us any news on what those in leadership

positions in Iraq have to say... its always about us (U.S.)

Even the Iraqi Council complained that we always held the

news conferences many hours after the Council finished their day.

 

Paul Bremer has done a lousy job over there, with he

and his minions hiding behind the Green Zone.

They apparently listen to others about as well as Rummy & Co.

Many of the civilian govt employees sent to help Bremer

had little prior experience in their assigned jobs.

I am curious if they are political appointees or regular civil service jobs.

 

Sherlock

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