[aussiebear]

Taken at Buddha’s birthday celebration in South Korea.

[aussiebear]

http://finance.yahoo.com/intlindices

[aussiebear]

http://money.cnn.com...s/morning_call/










http://www.kitco.com




http://www.kitconet....ase_metals.html

Energy futures

[aussiebear]

Another slump today precipitated by the Federal Govt selling off a whole lot of Telstra shares. All Ords -0.4%, Telecomms -2.4%, Financials -1.1% and REITS -0.8%. At the other end, IT +1.2%, Healthcare +1% and Energy +0.5%.

[aussiebear]

Future Fund sells big stake in Telstra

TELSTRA shares fell nearly 4 per cent minutes into trading after the Federal Government's Future Fund dumped a major holding of the telco's stocks.

The Fund last night sold over a third of its stake in Telstra for $1.72 billion at $3.47 per share.

With the Government's own investment arm selling off such a large chunk of the company – the 684.4 million sold shares represent 5.5 per cent ownership of Telstra – it is feared investor confidence in the stock will plunge.

The sale comes after Future Fund bosses criticised Telstra (tls.ASX:Quote,News) for a poorly performing share price, with an uncertain future for the company amid the Government's roll out of a national broadband network and a review of the industry's regulation.

[aussiebear]

Distinctly bearish action but there was a blip up near end of day. All sectors finished down with five losing 2% or more. Telecomms (notably Telstra) took a hammering, -4.6% followed by REITS -2.9% and Financials -2.5%. Healthcare lost the least, -0.1%.

Asia mixed: China +1%, Honkers -1.6%, India -0.3% and Nikkers -1.4%.


On to UK/Europe:

Footsie




DAX




CAC 40

[aussiebear]

I'm off to the big smoke tomorrow to visit family and friends. All going well I should be able to open Mon morning's thread but I'll be travelling in the arvo. Tues back to normal..

Be good...

[Jetlag]

aussiebear, on Aug 20 2009, 08:27 PM, said:

Taken at Buddha’s birthday celebration in South Korea.

Obviously he's a french secret agent undercover.

[Jetlag]

mdporter, on Aug 20 2009, 06:31 PM, said:

Cash for Clunkers shutting down.

457,000 vehicles sold through the program.

Just another temporary blip in the "numbers". The demand was totally artificial.

After car sales resume plunging look for Cash 4 Clunkers 2, then 3, 4, 5, and 6.

Anything to kick the can a little farther.

http://money.cnn.com...sion=2009082017

This van didn't qualify for Cash for Clunkers cuz it's a 1983 classic A-Team hoe van.

[Jetlag]

You already knew the japanese housewife fx trader, now meet the russian housewife daytrader:

"After a Swiss fund manager lost most of Larisa Dolgikh’s savings last year, she began buying and selling stocks from her Moscow home. Now “there are days when I don’t get up from the computer,” she said. "

"By increasing volatility, the influx of day traders creates more opportunities for more experienced investors to profit, said Mark Mobius, executive chairman for Templeton in Singapore, in an e-mail."

"Shares on the Micex trade at about 8 times profits, up from 3.7 at the start of year and less than the MSCI Emerging Markets index’s 18, Bloomberg data show. Benchmark indexes in China, Brazil and India trade near 32, 24 and 18 times earnings, respectively. "

http://www.bloomberg...id=ahrTLykLlauU


The Japanese gals were making too much dough, so gubermint's gonna shut'em down.

" July 2 (Bloomberg) -- A plan to increase restrictions on Japan’s margin-trading market may drive individual investors away, paving the way for more volatile currency movements, according to JPMorgan Chase & Co.

Japan’s Financial Services Agency, which regulates the nation’s margin-trading industry, intends to cap the leverage permissible on currency trades at 50 times the amount of cash being committed starting in 2010, and reduce it to 25 times in 2011. This is likely to deter individual traders, many of whom are housewives, who the central bank says help to stabilize currency trading by buying on dips and selling into rallies. "

http://www.bloomberg...id=aSP8mxXwrmrE

[Jetlag]

Attack on the dollah from all sides including from within the US

"“The current reserve system is in the process of fraying,” Stiglitz said. “The dollar is not a good store of value. Right now, the dollar is yielding almost no return and yet anybody looking at the dollar has to say there’s a high degree of risk.” "

http://www.bloomberg...id=aH9O..zWjeHs

"Goldman Sachs Group Inc. said to short the U.S. dollar against its Canadian counterpart with a robust economic recovery unlikely and rising oil prices expected to benefit the Canadian currency.

The firm recommended establishing a short position, or bet that the U.S. currency will decline, with a target price of C$1.06. "

http://www.bloomberg...id=aSfRYurrkWvw

"“The People’s Bank of China should try to reduce intervention on the exchange rate as much as possible,” Yu, a member of the central bank’s monetary policy committee from 2004 to 2006, said in an interview. “Eventually, the yuan should be demanded as a reserve currency, and we are far away from this stage.” "

http://www.bloomberg...id=a2PPPUQs0Kg0

"Pacific Investment Management Co., the world’s biggest manager of bond funds, said the dollar will weaken as the U.S. pumps “massive” amounts of money into the economy. "

http://www.bloomberg...id=aCM5WaqsP.98

"“The question is not whether the dollar will weaken over time, but how it will weaken,” said El-Erian, a former deputy director of the International Monetary Fund, in an interview. “The real risk is that you will get a disorderly decline.” "

http://www.bloomberg...id=aI.vVjUUTY0g


Totally unrelated???

" The Federal Reserve dropped Pacific Investment Management Co. and Goldman Sachs Group Inc. from the list of firms helping the central bank purchase as much as $1.25 trillion of mortgage securities this year.

The move was disclosed in a statement posted today on the New York Fed’s Web page. Wellington Management Co. and BlackRock Inc., the other two managers hired as part of the unprecedented program that started in January, are being retained, according to the statement. "

http://www.bloomberg...id=a4PWQBl9WmBU


This whole thing smells fishy

[Rationalize]

Jetlag, on Aug 21 2009, 06:41 PM, said:

...
"By increasing volatility, the influx of day traders creates more opportunities for more experienced investors to profit, said Mark Mobius, executive chairman for Templeton in Singapore, in an e-mail."
...

I agree with this 100%.

I talk to a few on again / off again spec traders around the office sometimes, and have found myself thinking: "Without these newbies there would be no-one on the other end of my trades.".

Tragic but true. Is everyone a winner in a zero sum game?

[Less then zero sum, after commissions.]

[aussiebear]

Rationalize, on Aug 21 2009, 06:24 PM, said:

I agree with this 100%.

I talk to a few on again / off again spec traders around the office sometimes, and have found myself thinking: "Without these newbies there would be no-one on the other end of my trades.".

Tragic but true. Is everyone a winner in a zero sum game?

[Less then zero sum, after commissions.]

Well, we took our turn at filling the pockets of others and rewards will be waiting for those current newbies who learn by experience and survive...

[Rationalize]

Chort 10 T Bone Futures, @ 118'010..

Target 117'315

Stop 118'100

Edit:
Done at Target 117'315. Swift little poop down.

[Jorma]

Heads up. Bernanke has words today.

The main piece of event risk that traders should be watching, though, will be Federal Reserve Chairman Ben Bernanke’s 10:00 ET speech at the Jackson Hole Conference. The speech is entitled “Reflections on a Year of Crisis,”

http://www.dailyfx.c...0804998552.html

OpEx day is unlikely to be a reversal day but if by chance he says something that moves the buck to the upside who knows.