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IDS World Markets Mon 8th September 08


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t?s=%5EAORD

 

 

On Friday I wrote: "All Ords finished the day on solid support, both recent and historical so now we'll see if there's a bounce in store for Monday."Indeed we've got the bounce and All Ords has sailed up +2.9%. Energy is a huge winner, +6.8%, Financials +5% and REITs +3.2%. Interestingly, IT is not joining in, -0.1%.

 

Relatively modest results in the miners: BHP +1.6%, RIO +1.7% and in the golds, Newcrest +2.9%, Lihir +5.7% and Newmont -1%.

 

Big moves by the oils: Woodside +3.9%, Santos +7.7% and Caltex +5.4%.

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I'm going to lose a bunch of money today. And most of my positions are locked, under 30 days. Can't sell anything.

 

No big deal, shit happens  :)

686413[/snapback]

 

 

I will be interesting to see how fast the distribution starts. I have small short positions in LEH, WB, SDS, and SRS. I am about to give up on the financials. I don't think they are going down much except for the ones that BK.

The bottom fisher, read pensions funds and mutual funds are moving in in force. <_<

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Dr Stool quote transferred over from MTM last night:

---------------------------------------------------

QUOTE(DrStool @ Sep 7 2008, 10:31 PM)

Makes me sick. All of it. The politics, the stupidity and self serving hypocrisy of the American people, the greed and avarice of the money class, and the willingness of everybody else to emulate that. As an outside observer, chronicling the decay is fascinating. As a member of society, it's sickening. Our society is so narcissistic, no one ever dreamed that there would be consequences for this massive fraud of a life we have built for ourselves.

 

All I want to do anymore is be with my wife and our grandchildren, our kids and our extended families.

 

The rest is just a bunch of crap. Absolute total crap.

 

The US is not just busted, it's broken. Financially, ethically, morally, and spiritually broken and bankrupt. For those of us of a certain age, it's just a matter of playing out the string now. There's nowhere to go that isn't infected by this societal moral bankruptcy. You younger people that still have a moral compass, I wish you well. It will not be easy, living your lives in the twilight of this empire, surrounded by this all encompassing rot.

 

Turn inward and devote yourselves to the matters of the heart and the spirit. It's the little world that counts, the world that exists in the cocoon of family.That's the only place to find true peace and contentment. Take care of your family relationships. Don't screw that up. Because in the end, that's all you got. All this outside stuff, let go of it. 'Cause it's goin' down, and if you don't want to go down with it, you gotta nurture that cocoon and those within it, and they in turn will nurture your spirit. Let that be your protection and salvation in the dark times that lie ahead.

---------------------------------------------------------------------------------------

Definitely agree here.

 

I would also add that if U have no or few relatives alive, or if U have an extremely dysfunctional family, U can also build your own family-- from friends whom you make in the course of your life-- perhaps people with common experiences or beliefs or interests. Even in good times, true friends will add more to your life than your bank account will.

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w?s=%5EAORD

 

 

A stunning effort today by stodgy old All Ords. The index climbed +3.6% with maybe a smidge more to go before we run into serious resistance.

 

In the sectors, Energy zoomed up +7.3%, Financials +6.4% and REITs +5.5%. A couple of sectors failed to move, Utilities -0.1% and Telecomms, flat.

 

Miners were mostly up but generally missed out on the big buying spree: BHP +1.6%, RIO +0.2% and in the golds, Newcrest +1.8%, Lihir +7.3% and Newmont -0.2%.

 

Huge results for the oils: Woodside +4%, Santos +7.4% and Caltex +8.2%.

 

Over in Asia, China is the only bourse in the red, -1.6%. Major upward moves in the others with most still open: Taiwan +5.6%, Sth Korea +5.2%, Singers +4%, Honkers and India +3.9%. Nikkers closed +3.4%.

 

 

Over to UK/Europe:

 

t?s=%5EFTSE

 

t?s=^GDAXI

 

t?s=%5EFCHI

 

 

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

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N.Z. House Prices Post Second Straight Year-on-Year Decline

 

Sept. 8 (Bloomberg) -- New Zealand house prices fell from a year earlier for a second month in August as a looming recession eroded demand for property.

 

Average prices dropped 4.5 percent from a year earlier, Quotable Value New Zealand Ltd., the government valuation agency, said in a report released in Wellington today. That followed a 2.2 percent drop in July, the first decline since the series began in February 2005.

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Australian Job Ads Have Biggest Decline in 7 Years

 

Sept. 8 (Bloomberg) -- Australian job-vacancy advertisements had their largest fall in more than seven years, adding to signs that employers will pare hiring as economic growth slows.

 

Jobs advertised in newspapers and on the Internet dropped 4.9 percent from July to an average of 249,114 a week, following a 0.3 percent the previous month, according to an Australia & New Zealand Banking Group Ltd. report released in Melbourne today. It was the largest decline since February, 2001.

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Japan Real Estate Bankruptcies Surge in August

 

Sept. 8 (Bloomberg) -- The number of Japanese real estate companies filing for bankruptcy protection surged 23.5 percent in August from a year earlier, accelerating the pace of failures as banks choke off loans to the industry.

 

The number of developers filing for bankruptcy protection reached 42 last month, Tokyo Shoko Research Ltd., a credit research firm, said in a report today. The total number of bankruptcies in August rose to a five-year high, gaining 4.2 percent on year.

 

---------------------

 

Japan Bank Lending Growth Stalls as Bankruptcies Rise

 

Sept. 8 (Bloomberg) -- Lending growth at Japanese banks failed to accelerate for a second month in August as the economy moved closer to a recession and bankruptcies among real-estate companies surged.

 

Capital spending fell, eroding demand for loans, as Japan's economy contracted an annualized 2.4 percent in the three months ended June 30, bringing the country to the brink of its first recession in six years.

 

Sixteen regional lenders cut profit forecasts in the past two months as bankruptcies reached a five-year high. Mitsubishi UFJ, Japan's largest bank by market value, and Sumitomo Mitsui Financial Group Inc. may miss profit targets by at least 43 percent as mounting corporate bankruptcies hurt earnings, according to a report by HSBC Holdings Plc on Aug. 21.

 

---------------

 

Japan Merchant Sentiment Falls to Lowest Level in Seven Years

 

Sept. 8 (Bloomberg) -- Sentiment among Japanese merchants in August fell to the lowest level in seven years as higher food and oil prices crimped consumer spending.

 

``The picture of the economy is all black for consumers,'' Azusa Kato, an economist at BNP Paribas in Tokyo, said before the report was published. ``Japan's slowing economy can't expect any support'' from consumers at home or abroad.

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government is guaranteeing Fannie and Freddie by buying their worthless fraudpaper fer 100 cents on the dollar

 

and guaranteeing stock indexes by buying S&P 500 futures to make it look like they done a good thing, a real good thing

 

gee, thanks Uncle Sam

 

what a guy

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government is guaranteeing Fannie and Freddie by buying their worthless fraudpaper fer 100 cents on the dollar

 

and guaranteeing stock indexes by buying S&P 500 futures to make it look like they done a good thing, a real good thing

 

gee, thanks Uncle Sam

 

what a guy

686426[/snapback]

 

I wonder what President Palin will do about eff&eff

 

"The U.S. Treasury's takeover of Fannie Mae and Freddie Mac is aimed at keeping the companies going into 2009, while leaving the next president and Congress to decide their long-term structure. "

 

"``Some of this is a stopgap to try to prevent the mortgage market from falling apart,'' former Federal Reserve Bank of St. Louis President William Poole said on Bloomberg Radio. "

 

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

 

It's just another roll over, gotta keep on rolling it...

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They're already switching the circuit breakers

 

"Sept. 8 (Bloomberg) -- London Stock Exchange Group Plc, Europe's oldest independent exchange, said a computer fault caused the longest halt of trading in more than eight years. "

 

"The LSE shut for almost eight hours on April 5, 2000, after a problem with the London Market Information Link" :ph34r:

 

"The exchange closed for a day on Oct. 16, 1987, after a severe storm battered southern England, " :ph34r: :ph34r: :ph34r:

 

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

 

Wow, that's better than PEI at calling crash days.

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Good Morning!

 

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