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lol I think that pretty much sums it up for me as well.
What was last night all about and where to from here?
I thought this morning was capitulation after that bounce, but at mid day I wasn't so sure, and now I'm confused about being unsure.....
I'm pretty sure of one thing - the $AUBananBuck is ON THE NOSE...
Currently down 6% to .643 USD!!
Where the bloody hell are ya, tourists!!!
Meridian Bank, Eldred, Illinois
On October 10, 2008, Meridian Bank, Eldred, Illinois was closed by the Department of Financial and Professional Regulation of the Illinois Division of Banking and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.
Main Street Bank, Northville, Michigan
On October 10, 2008, Main Street Bank, Northville, Michigan was closed by the Michigan Office of Financial & Insurance Services and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.
From an article in the Australian newspaper today -
INVESTORS have been warned off the junior and mid-cap pure-play iron ore miners, as further bad news from China is anticipated.
Following Mount Gibson Iron's announcement that its Chinese customers want a delay in shipments because of credit issues, Goldman Sachs JBWere said the iron ore market had deteriorated further than it had realised.
"Clearly, in this circumstance we do not believe investors need to be exposed to the small, mid-cap pure play iron ore sector," analyst Stephen Gorenstein said in a note to clients yesterday.
To my mind, this spells BAD news (probably over an extended period of years) for an awful lot of iron ore companies. But then, why worry. Our economy will continue to charge ahead at 2-3% growth on the back of the infinite resources *boom*, if SuperKrudd, SwanDiver and IMF "ex-spurts" are to be believed.
For interest - those that know Dow Theory
Mention on a forum
Both the Industrials and the Transports closed at their lows for the year today. In particular, the Transports closed below their lows from January, which had not been breached since then.
So, the simultaneous lows confirm each other, and Dow Theory would say that we are headed down to the 2002 lows. Perhaps quickly. I am sure Richard Russell's column today will feature this prominently.
2002 Low 7215
For chartists '3 peaks ' or 'doomed house pattern' does that appear on the Dow?
Whatever it doesn't look good...surprise rate cut may only produce a brief short covering rally.
Will we see a run on the Banks in the US this week or next?
Lets hope for a V reversal on the Dow daily (isn’t that last candle a reversal sig?). I don't feel like having total financial collapse this week.
That would be so-o-o passe. :bananasmi
Oct. 13 (Bloomberg) -- The U.S. Federal Reserve said central banks will offer financial institutions unlimited dollar funds, backing up efforts by governments to restore confidence in markets.
The ECB, the Bank of England and the Swiss central bank will conduct dollar auctions with maturities of seven days, 28 days and 84 days at a fixed interest rate, the Washington-based Fed said on its Web site today. The Bank of Japan will consider introducing ``similar measures.''
Policy makers from the Group of Seven nations pledged at the weekend to take ``all necessary steps'' to stem a market panic after the MSCI World stock index plunged 20 percent last week. Central banks last week cut interest rates in tandem for the first time since 2001, the U.S. plans to buy $700 billion in distressed assets from banks and in Europe, the U.K. is leading a push to keep lenders afloat with taxpayers' money.
``By providing unlimited dollar funds they are acting on the back of the G-7 plan to ensure the system is fully liquidized,'' said Lena Komileva, an economist at Tullet Prebon Plc in London. ``We're going to see even more liquidity provided and more aggressive rate cuts are coming.''
Central banks are expanding their toolkits after money-market lending rates surged to records last week. The Fed on Oct. 7 said it will create a special fund to buy U.S. commercial paper and the ECB last week said it would offer financial institutions unlimited euro funds. The Bank of England is scheduled to announce a revamp of its own money-market operations later this week.
`Work Together'
The cost of borrowing in dollars for three months nevertheless jumped to the highest level since Dec. 27, the British Bankers' Association said Oct. 10.
The ECB, the BOE and the Swiss National Bank ``can provide U.S. dollar funding in quantities sufficient to meet their demand'' into 2009, the Fed said today. ``Central banks will continue to work together and are prepared to take whatever measures are necessary to provide sufficient liquidity in short- term funding markets.''
All of the previous dollar swap arrangements between the Fed and other central banks were capped.
Today's ``action is unprecedented,'' said Neil Mackinnon, chief economist at ECU Plc in London and a former U.K Treasury official. Komileva said it may have a ``bigger impact'' than last week's rate cut ``in terms of practical impact on dollar libor globally.''
G-7 finance chiefs pledged Oct. 10 to take ``urgent and exceptional action'' after stocks plunged and as a global recession looms. European leaders yesterday agreed to guarantee new bank debt and use taxpayer money to keep distressed lenders afloat. Royal Bank of Scotland Group Plc, HBOS Plc, and Lloyds TSB Group will get an unprecedented 37 billion-pound ($64 billion) bailout from the U.K. government.
The collapse of New York-based Lehman Brothers Holdings Inc. precipitated the latest chapter of the 14-month crisis, causing banks to stop lending to each other out of concern they may not get their money back.
The fact the buyers haven't been broken here is a bullish sign.
FWIW, long calls in GE and GM, and looking for very sharp runs here.
8,500 Dow - nearly at the 7,500, should do it tomorrow at this rate. What a run hey! tomorrow is a turn date mind...
if the S+P is going to bounce... via another gov. initiative or three... this might be as good a place as any??
Cheers
...........Kauri
I really don't understand how all this will work, they're just saving the banks so they can repeat their mistakes all over again.
The system caused this and they're propping up the system ????????
There needs to be wholesale change and that cant happen without changing the way things work not supporting the way things got us into this mess.
At the end of the day, Govt will have more control over people and the rich will be super rich. I think that's the plan.
World 'needs new financial system'
World leaders must meet to agree a new Bretton Woods system, Prime Minister Gordon Brown said, referring to the global financial architecture agreed at the end of World War II.
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