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#1 Hiding Bear

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Posted 23 March 2004 - 12:33 AM

:D Welcome to B$ The Bell :D

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.

#2 Guest_Icky Twerp_*

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Posted 23 March 2004 - 12:41 AM

as one vulture said to the other, "dang it, I'm too hungry... I'm gonna KILL something!"

I'm trying to frontrun that April downturn... course, I've been trying to frontrun the dam' downturn since 2 Novembers ago... :lol:

#3 zensmoke

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Posted 23 March 2004 - 12:45 AM

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

#4 zensmoke

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Posted 23 March 2004 - 12:48 AM

Posted Image
S&P

Posted Image
NAZ

Posted Image
Dollar Index Cash (NYBOT:DXY0)

#5 zensmoke

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Posted 23 March 2004 - 12:52 AM

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

#6 zensmoke

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Posted 23 March 2004 - 12:57 AM

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....1175817,00.html

#7 alceringa

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Posted 23 March 2004 - 04:32 AM

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
"Americans can always be counted on to do the right thing...after they have exhausted all other possibilities."
Churchill

"You can fool some of the people all of the time."
Lincoln

"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered."
Jefferson

#8

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Posted 23 March 2004 - 06:34 AM

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

#9 Lock Limit Down

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Posted 23 March 2004 - 07:40 AM

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.
Posted Image
"If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them (around the banks), will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered." --- Thomas Jefferson

#10 Lock Limit Down

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Posted 23 March 2004 - 07:47 AM

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?
Posted Image
"If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them (around the banks), will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered." --- Thomas Jefferson

#11 The End

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Posted 23 March 2004 - 07:58 AM

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.
NONE of what I type, should be taken as financial advice.

And when you loose control, you'll reap the harvest that you've sown
And as the fear grows, the bad blood slows and turns to stone
And it's too late to loose the weight you used to need to throw around
So have a good drown, as you go down, alone
Dragged down by the stone.


--Waters

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Posted 23 March 2004 - 08:16 AM

Russian Navy: Northern Fleet Ship Unfit


By VLADIMIR ISACHENKOV
Associated Press Writer

March 23, 2004, 7:01 AM EST
MOSCOW -- Russia's navy chief said Tuesday that one of the nation's most powerful ships, the nuclear-powered Peter the Great missile cruiser, was in such dire condition that it could "explode" at any moment -- a statement some observers attributed to infighting among the navy brass.


Kuroyedov didn't provide details of the ship's condition, but said the shortcomings also related to maintenance of the ship's nuclear reactor.

"Everything is all right on the ship where admirals walk, but in the areas where they don't, everything is in such condition that it may blow up at any moment," Kuroyedov was quoted as saying.

His statements were particularly shocking because the cruiser, the Northern Fleet's flagship, was officially named the best ship in the fleet last year.

http://www.newsday.c...world-headlines

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Posted 23 March 2004 - 08:19 AM

It seems as though a Eurozone consumer confidence report has come is better than anticipated, despite the recent terror activities...I wonder how that could be...

Al, do you have any idea how that could have happened?

http://quote.bloombe...Pc&refer=europe

March 23 (Bloomberg) -- Italian consumer confidence held near a 10-year low in March after the Madrid bombings raised concern Italy may be a target for terrorist attacks.

An index based on a survey of 2,000 households by the Rome- based Isae Institute rose to 101.9, from a revised 98.9 in February, the lowest in more than a decade. The reading is higher than the median prediction of 98.4 by 22 economists surveyed by Bloomberg News.

``The combination of terrorism, weak economic data and falling stock markets is damaging confidence,'' said Gregorio De Felice, head of research at Banca Intesa SpA, Italy's biggest bank by assets, who was in Madrid when the bombings occurred.

#14 DrStool

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Posted 23 March 2004 - 08:24 AM

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Posted 23 March 2004 - 08:28 AM

It's about the Housing Market, Stupid!


N.Z. 1st-Qtr Consumer Confidence Falls After Interest Rate Rise

March 23 (Bloomberg) -- New Zealand consumer confidence fell in the first quarter after the central bank raised interest rates for the first time in 18 months and the housing market slowed.

Westpac Banking Corp./McDermott Miller's consumer confidence index fell 2 points to 124 for the three months ending March 31, according to a report published in Wellington. The December reading was the highest since the first quarter of 1996. A reading above 100 indicates most people are optimistic about the economy.

Confidence fell for the first time in a year after Reserve Bank Governor Alan Bollard raised the benchmark interest rate a quarter point to 5.25 percent in January, slowing house sales. That makes consumers less optimistic they can afford to buy new cars or household appliances.

``There is diminishing confidence about the immediate future,'' Brendan O'Donovan, Westpac's chief economist for New Zealand, said in Wellington. ``The housing market is past its peak, the wider economy is likely to follow and exporters will not provide the economic boost in time to counter the domestic downturn.''

http://quote.bloombe...4.sw&refer=asia





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