[Hiding Bear]

Welcome to B$ The Bell

Starting off a little early to give the latest update on the money explosion in Japan.

Fukui: Govt FX Steps Consistent With BOJ Policy
DOW JONES NEWSWIRES

TOKYO -- The Bank of Japan won't end its current ultra-easy monetary policy until the economy is ready, although it hopes to overcome deflation soon so that it can end the current "abnormal" policy, BOJ Governor Toshihiko Fukui said Tuesday.

"Quantitative easing is an unprecedented policy," Fukui told a Lower House financial committee. "We want to succeed in fighting deflation so that we can graduate from this abnormal policy, and return to normal (policies) of interest rate adjustments"

True to this story, the BOJ is pushing the limits of its quantitative easing. The Bank of Japan and the Ministry of Finance, based on figures released today Tokyo time, are putting the petal to the metal on the electronic printing presses as the month draws to a close. They intend to finish out the quarter with the fastest quarterly expansion rate of a monetary base in the history of G-7 (about 30% annualized - that is if you count the BOJ and MOF tag-team together like two central banks). This is very supportive for gold and silver.

On the other hand, the Fed is playing see-saw with the Japanese and seems to withdraw money from the repo pool with every sign the BOJ/MOF is moving faster.
This is causing great problems for the US stock market, especially as most of the new yen created this month no longer flows to the US markets like it did in Jan/Feb.

April could send the market on down a highway to hell if the BOJ/MOF decides to give the electronic printing presses a rest. All bears should make their preparations by then for the fireworks.

[zensmoke]

DJ BOJ To Buy Y400.0 Bln Bills At All Offices

TOKYO (Dow Jones)--The Bank of Japan said Tuesday all offices offered to buy Y400.0 billion in bills through an auction in an agreement starting Mar 25 and ending Apr 15.

Tokyo Bureau,
Dow Jones Newswires

[zensmoke]

S&P


NAZ


Dollar Index Cash (NYBOT:DXY0)

[zensmoke]

TOP ECONOMIC EVENTS
TUESDAY, MARCH 23

NEW ORLEANS, La. - Federal Reserve Bank of Minneapolis President
Gary Stern speaks on "The Changing Payments Landscape" before
America's Community Bankers National Operations, Security, and
Technical Conference. - 1400 GMT

TOKYO - Japanese Council on Economic and Fiscal Policy meets.
Followed by news conference with Economics and Financial
Services Minister Heizo Takenaka.

VIENNA - European Central Bank (ECB) Governing Council member
Klaus Liebscher and EU Competition Commissioner Mario Monti take
part in panel discussion "Reviving the European economy" hosted
by the Group of the European People's Party (Christian
Democrats) and European Democrats in the European Parliament.

MIAMI, Fla. - U.S. Treasury Assistant Secretary for Financial
Institutions Wayne Abernathy speaks before the FDIC/FBIIC/FSSCC
Outreach Conference on "Protecting the Financial Sector" - 1320
GMT

WASHINGTON - U.S. Treasury Secretary John Snow holds press
briefing on Social Security and Medicare Trustees reports - 1700
GMT

WASHINGTON - U.S. Treasury Secretary John Snow and acting Under
Secretary for Domestic Finance Brian Roseboro testify before a
Joint Economic Committee hearing on postal reform - 1930 GMT

http://www.forbes.co...rtr1307923.html

[zensmoke]

Interview: Richard Clarke

Julian Borger in Washington talks to former White House insider Richard Clarke about US's vulnerability to al-Qaida before the September 11 attack.

Tuesday March 23, 2004
http://www.guardian..../stor...1175817,00.html

[alceringa]

Musical interlude for "Tunesday"

The Dow is Down

(Parody of I'm Goin' Down by Bruce Springsteen)

I get a bear
When I’m clickin’ my mouse
But now I hate to see that ticker comin’ round
I go to check the Dow and Nasdaq baby
They’re dropping points
Like Jenny Craig’s droppin pounds
Well say unemployment’s not on the rise
But Sysco just laid off a thousand guys

It’s going downdown down
Dow Jones is down down down
Nasdaq is down down down
Everything is down down down
Touchdown

I used to have an estate baby
But now my golden years are all in Dow
I remember when the 90’s started
My stocks would split
Every time the sun came out
I used to day trade dabble in margin
My portfolio was lookin’ stout
I used to love that Alan Greenspan
But everytime he speaks
It’s going down down down
The Nasdaq is down down down
Greenspan’s a clown clown clown clown
Down down down
Hey how about that deep down Dow

The Dow is down down down
Nasdaq is down down down
Greenspan’s a clown clown clown
Down down down
Down down down
The market’s down down down down


From Bob Rivers Search for Dow is Down to hear tune

[Lock Limit Down]

Thanks Plunger

Got a link?

Seemed to have turned all of Asia to a degree
And now Europe following suit
Looks like they are setting up for a bounce.
It will be interesting to see what the talking heads come up
with to expalin the strength if it lasts.

[Lock Limit Down]

Plunger, on Mar 23 2004, 05:34 AM, said:

Taiwan's government stepped in to rescue their markets through government-linked funds purchases, but it still finished down 187

Looks like the PPT did the same at their usual time of 3 am
1095.75 to 1100 and Naz 1386.50 to 1394 in three minutes!
No effort to hide the prop
A sign of things to come later today?

[The End]

Al,

Great job with the song.

Last night Stained jeans posted a very bearish count on the Naz. I did not see that countwhen I posted that it looks corrective. Good work S.J. I guess I ain't that bearish yet. Maybe soon though. If we can't get past 1105 spx, it will go along way to get my claws sharpened.

[DrStool]

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