But do you remember that Oscar-winning movie "All Quiet on the Western Front"?

Yes, I have that eerie feeling we traders are in for a different kind of religious experience in the not too distant future.

My concern, of course, is rising interest rates in the U.S., and with it the rising mortgage costs and the need for so many millions of home-owners to refinance their Adjustable Rate Mortgage (ARM).

In other cycles, interest rates were actually 150 basis points higher at this extended point in the business cycle. But, alas, in other cycles the full-employment touted by government was in higher quality jobs.

Today, these jobs statistics coming from the Administration involve a large dose of part-time workers, temporary workers (i.e., post-hurricane recovery), and so-called self-employed "entrepreneurs" who are barely scratching out a living. Today, a greater percentage of adults have been statistically removed from the workforce, whether because of confinement in old age homes, prisons, or just sitting at home having given up on a job search. We all know Wharton School grads who cannot find a job or PhD's driving cabs. So let's not kid ourselves.

Actually we don't. We just have to listen to "Life is great" promoters who must think we are brain dead.

In every other business cycle, we have never faced such high commodity prices, and every one of us is impacted by $70 oil. Moreover, the government CPI data excludes the real cost of living, like rocketing property taxes (on hyper-inflated real estate values), rocketing electric utility bills, rocketing health and auto insurance, rocketing education tuition, room & board, and book costs, and all the other rocketing costs we face.

So, is it any wonder when Kudlow pals like John Rutledge give us the jabberwocky about life in Seoul and Shanghai, the neighbors in St. Louis and Syracuse are asking themselves "What planet does this guy come from?"

And when they tune out the Jabberwock himself, I say "O frabjous day! Callooh! Callay!"

Another Jabberwock is the Pimco Bond King. Some "authority".

A few weeks ago, when I heard this "personality" tell the CNBC audience that a 4.50 pct handle on 10-year U.S. Treasury was a good thing, I said "NOT". I even questioned whether the man worked for Pimco or pimpco.

That handle he referred to is now 5.04 pct, which means that, in the interim, your bonds have been massacred. The carnage in terms of lost wealth is not too different than portrayed in that movie referenced off the top.

"This story is neither an accusation nor a confession, and least of all an adventure, for death is not an adventure to those who stand face to face with it. It will try simply to tell of a generation of men who, even though they may have escaped its shells, were destroyed by the war... "

Yes, Messrs Rutledge and Gross, I have been in the trenches. You don't want to take your people there.

This was yet another terrible week for bonds -- the fourth bad one in six. The war is not going well. Holes are being punched through the western front.

The Jabberwocks are now touting the East.

Clearly, the end is getting close.

You can smell it in the air.

---

Global Market Summary

The data presented this week is mixed. Some of it represents a week from Thursday to Thursday (before Good Friday), and some of it represents only the current Monday through Thursday data. Time does not permit me to explain or note every difference.

International Equities: Nikkei and Toronto, while in bullish trends, are now showing a negative RSI to current price divergence, which is a technical red flag

U.S. Equities : Air leaked from all sectors. The sector rotation also continues. The three idealized stock cycle lagging commodity and forex sensitive (XLE, XLB and XLI) sectors were losers, but relative out-performers. On the other hand, the utilities, chips, healthcare and telco's all lost more than -2.0 pct W/W

Dow 30 : 10 up and 20 down. The five big losers (in order): HPQ, T, AIG, MRK and VZ " all down more than 2.5 pct W/W

U.S. Sector ETFs: zero up and 10 down OVER THE PAST 5 SESSIONS*
10: Energy (XLE): #2 but was still down -1.1 pct W/W
15: Basic Materials (XLB): #3 " also down -1.1 pct W/W
20: Industrials (XLI): #1 " rallied on good export numbers
25: Cons. Discretionary (XLY): #4 " down -1.2 pct W/W
30: Cons. Staples (XLP): #6 " still worst over 12 months
35: Healthcare (IYH): #8 " down -2.1 pct; terrible 3 weeks
40: Financial (XLF): #5 " down -1.3 pct W/W
45: Technology (SMH chips): #9 " I told you rally was over
50: Telecom Services (IYZ): #7 " trendline broken; down -2 pct
55: Utilities (XLU): #10 " down -2.8 pct; worst @ 6 mo. & 4 wk
* Please note that the table values are w/w (Thursday close to the prior Thursday close), and the chart values below for the Weekly data series are this Thursday vs a week ago Friday. This gives new meaning to a working holiday in that rather than be out and about on Good Friday I am scratching my head as to why life isn't "easy".

Bonds: Bonds were crushed four weeks in six. Could this be foreign selling or crowding out due to economic expansion?

Commodities: Same old; Commodities keep rallying

Oil & Gas: Same old; Oil keeps rallying

Gold: Same old; Gold & Silver keeps rallying

Goldminers: Goldminers rallied big a week ago, and consolidated this week as brokers are cleaning up offside margin accounts stemming from elsewhere

Forex: Quiet trading; $USD was very slightly down, and the Euro absolutely flat W/W

---

Sector ETF:

For the U.S. equity market, as you know, I study it top down by sector. Here is the weekly performance of my favorite ten Sector Index Funds.

The table is sorted by price performance Week over Week (W/W), i.e. 1W%N, but is otherwise unsorted.

For the past 5 trading sessions, covering the shortened holiday week plus last Friday, there were zero ETF's up and 10 down. That means no winners w/w ending Thursday.

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
XLI	33.86	-0.14	-0.41%	-0.76%	0.15%	0.59%	7.05%	7.08%	15.33%	12.94%
XLE	55.84	0.21	0.38%	-1.08%	1.21%	2.46%	5.96%	2.53%	17.16%	35.17%
XLB	32.95	0.17	0.52%	-1.11%	0.89%	1.73%	6.57%	7.75%	25.62%	13.50%
XLY	33.60	0.08	0.24%	-1.23%	-0.47%	-1.09%	1.82%	0.12%	8.11%	3.19%
XLF	32.48	0.05	0.15%	-1.25%	-0.18%	-2.11%	0.87%	-0.12%	12.97%	14.57%
XLP	23.26	-0.04	-0.17%	-1.52%	-1.82%	-3.49%	-0.77%	-0.94%	2.83%	0.56%
IYZ	25.45	-0.05	-0.20%	-2.04%	-1.74%	-1.59%	10.80%	7.70%	13.92%	10.08%
IYH	61.62	-0.09	-0.15%	-2.11%	-3.81%	-5.05%	-3.16%	-4.32%	1.77%	2.77%
SMH	36.80	0.18	0.49%	-2.39%	0.16%	3.31%	-2.95%	-6.76%	5.93%	17.20%
XLU	30.24	-0.14	-0.46%	-2.80%	-2.64%	-6.87%	-5.50%	-6.09%	-0.88%	1.48%

You can do this table yourself by entering the following string into your browser and then clicking on the link for Performance.

XLE XLB XLI XLY XLP IYH XLF SMH IYZ XLU

You might even want to add other ETF's to this string of 10. The software allows up to 30 per screen. I just do 10 to keep it simple for publishing purposes. Besides, all I'm looking to do is a quick study of the broad market for U.S. equities. I do the same for the Dow 30 as you know, and also for very many industries and groups.

And you thought "my" crystal ball was just my crystal ball? Hahaha.

10 (energy: XLE)

15 (basic materials: XLB)

20 (industrial: XLI)

25 (consumer discretionary: XLY)

30 (consumer staples: XLP)

35 (healthcare: IYH)

40 (financial: XLF)

45 (technology, semiconductor: SMH)

50 (telecom: IYZ)

55 (utilities: XLU)

---

Sector 10 (energy: XLE, IYE, VDE, OIH, PBW and IXC)

Here's the XLE Weekly, Daily and Hourly data charts:

Even on a weak week, the Energy sector ETF (XLE) was the again a top performer. Over five weeks, XLE has been #2, #1, #1, #2 and #1. This is why I advised being over-weighted.

This week, however, XLE had a weekly loss of -1.08 pct, closing Thursday at 55.84.

A week ago I wrote, "At the end of Wed. (5th), the Hourly RSI peaked at 90, so it's not surprising to see such a bad Friday. I think XLE is at a crucial point here. Like XLB, it tried to rally mid-day Friday and couldn't. Crude oil was up to 67.39, but the cycle high of 69.20 and the record of 70.85 might be out of reach. Now that I see the long bond yields taking off, I don't know that the recent oil price strength is as much speculation as it may be driven by economic growth. The jury is still out. But, if macro-economic drivers are at work here, it could be that Crude Oil could easily surpass 70, and could go to 80 or 90 this summer."

For the Daily data, please note the higher high on price (to start the 11th) but the lower high on RSI in the past week. That is a technical indicator that price momentum is slowing. That's a "tell", but remember that the Hourly is not as key as the Daily, which in turn is not as key as the Weekly, and so forth.

After some study, you'll catch the nuances of momentum trading. And never forget that momentum is a scientific calculation but an art form in interpretation, and in the big picture is just one of the many tools (technical as well as fundamental, quantitative, and economic) you need to have in your wealth-builder kit bag.

XLE Weekly data:

XLE Daily data:

XLE Hourly data:

---

Sector 15 (basic materials: IYM, XLB, IGE and VAW)

The Basic Materials sector ETF (XLB) was also a 5-session loser, down -1.11 pct w/w, but actually up +0.43 pct this week, to close Thursday at 32.95. Alcoa (NYSE: AA) led the way, up +4.8 pct over the past 5 trading sessions.

But the gains, like for many of the others, came mostly from a couple hours Thursday morning. The rest of the week was a downer because interest rates are on the rise in the U.S., which I continue to say will lead in time to a credit bubble collapse.

A week ago I wrote: "Now, also, the big Wall Street firms are starting to raise their price targets on the Basic Materials, particularly the metals." This week more did so.

And now even the IMF is saying: "Risk of inflation increasing" " which is the AP story of today. But in spite of Jabberwocks like the Kudlow's and the Rutledge's, you knew that already!

Here's the XLB Weekly, Daily and Hourly data charts:

XLB Weekly data:

XLB Daily data:

XLB Hourly data:

---

Sector 20 (industrial: IYJ, XLI, VIS, and IYT)

The Industrials and Transport sector ETF (XLI) was down -0.76 pct over 5 sessions and down -0.27 pct this week, closing Thursday at 33.86.

Over 5 sessions, BA, CAT and HON were Dow 30 performers #3, 4 and 5.

But look at the Daily data RSI-current price divergence from mid-March to early April. Not good. Some of these big U.S. Industrials have had quite a run. They need to watched carefully from here.

Here's the XLI Weekly, Daily and Hourly data charts:

XLI Weekly data:

XLI Daily data:

XLI Hourly data:

---

Sector 25 (consumer discretionary: XLY, IYC and VCR)

The Consumer Discretionary sector ETF (XLY) was down -1.23 pct over 5 sessions and down -0.80 pct this week, to close at 33.60.

A week ago I wrote: "Notable was the Friday rally attempt that did not work, and what I have already said was a ridiculously strong open on Friday." Are you starting to catch on? Did you see the continuing blow-off on Monday and Tuesday this week?

These people who do this (i.e., phony-baloney gap opens) "- and it is organized " should be hunted down and rooted out of their caves like a bin Laden. Some day, we the Little People will get an SEC that works for us and not the other guys.

Then and only then will we have a level playing field.

Here's the XLY Weekly, Daily and Hourly data charts:

XLY Weekly data:

XLY Daily data:

XLY Hourly data:

---

Sector 30 (consumer staples: XLP, VDC, RTH and IYK)

The Consumer Staples sector ETF (XLP) "continues to get hammered". Same old. This week, XLP dropped -1.52 pct over 5 sessions and down -0.64 pct from Friday through Thursday, to close at 23.26. As I have been noting: "Inflation scare is still a problem."

These companies need to crank up their dividends to save their bacon as it were.

Here's the XLP Weekly, Daily and Hourly data charts:

XLP Weekly data:

XLP Daily data:

XLP Hourly data:

---

Sector 35 (healthcare: IYH, XLV, VHT, IXJ, and IBB)

Four weeks ago, after a big week for the Drug stocks, I wrote:

"In spite of the humungous Big Pharma lobby in Congress, I still feel that this is the time that the pol's have to "get spending under control, and besides military spending, which cannot slow in the present circumstances, where else in the economy is spending out of control but within healthcare?... So I don't see broad market leadership in a possible rally coming from this sector at present."

Since then, IYH (Healthcare) has been the worst ETF I follow. In the past 5 sessions, IYH was down -2.11 pct and this week through Thursday it was down -0.85 pct to $61.62.

Next to chips (SMH) and Utilities (XLU), Healthcare (IYH) is the worst ETF performer (of my ten) over 3 months, and it's the 2nd worst over 4 weeks, surpassed on the downside only by XLU.

Merck (NYSE: MRK) and Pfizer (NYSE: PFE) were dogs again this week, and now I see the UBS research team this week has called a "sea change" (negative of course) for this industry because of probable legislative changes to medicare. Avoid " unless you can find a small not-closely followed stock of a company with a great product or service for an aging, overweight demographic (mine!) in America.

Here's the IYH Weekly, Daily and Hourly data charts:

IYH Weekly data:

IYH Daily data:

IYH Hourly data:

---

Sector 40 (financial: IYG, IYF, XLF, VFH, IXG, VNQ, RWR, IYR, and ICF)

The Financial sector ETF (XLF) dropped -1.25 pct over 5 sessions, but only -0.31 pct this week through Thursday, closing at 32.48.

There was a nice base on Wednesday and Thursday, caused by interest in Citigroup (NYSE: C) and JP Morgan et al (NYSE: JPM). You know, these are not the small retail-lending banks that are going to get trammeled as rates rise and customers walk away from owning real property because they can't carry the new ARM. C and JPM are global financial powerhouses, which means they are only going to fall if, as and when traders start worrying about global economic growth.

But I see that the IMF is now calling for a bump to 2006 global economics growth to +4.9 pct from last September's forecast of +4.3 pct. Kudlow and Gang will gladly tell you about that story. They just will ignore the fact that the global inflation rate will grow faster.

Here's the XLF Weekly, Daily and Hourly data charts:

XLF Weekly data:

XLF Daily data:

XLF Hourly data:

---

Sector 45 (technology: IGM, IGV, IGW, XLK, VGT, IYW, IGN, IXN, MTK and SMH)

As you know, the technology sector has a number of good ETF's, but I use the Semiconductor ETF (SMH) as a proxy. That's because you cannot manufacture technology without chips.

SMH was down -2.39 pct over 5 trading sessions, and only -0.24 pct this week to close at 36.80 because of a pretty good Thursday morning.

Can it last? Well, you can answer that yourself if you simply ask yourself if Intel (NDQ: INTC) can continue to have one-day pops of +1.73 pct. Isn't life strange that because Advanced Micro (NYSE: AMD) says they have the same negative issues to deal with as does Intel, that suddenly traders think INTC might not be so horrible after all?

It's good logic, but nonetheless still depressing for the industry/sector outlook.

Here's the SMH Weekly, Daily and Hourly data charts:

SMH Weekly data:

SMH Daily data:

SMH Hourly data:

---

Sector 50 (telecom: IYZ, VOX and IXP)

The Telco sector ETF (IYZ) was down -2.04 pct over 5 sessions, including -1.39 pct this week, closing Friday at 25.45.

AT&T (NYSE: T) and Verizon (NYSE: VZ) were 2nd and 5th worst Dow 30 performers over 5 sessions. They have had a real bad two weeks as interest rates have popped. Their problem, I think, is that post-mergers, there is little likelihood of dividend increases for a while and traders are awaiting the post-merger earnings blues.

Recall the day before this two-week downtrend started I wrote: "And the Weekly data RSI is at 78, so good luck to the Bulls. The last time RSI was like that for IYZ was back in December 2004 and things got ugly after that."

Here's the IYZ Weekly, Daily and Hourly data charts:

IYZ Weekly data:

IYZ Daily data:

IYZ Hourly data:

---

Sector 55 (utilities: IDU, XLU, and VPU)

I'm not going to hammer away at the rising interest rate gloom and doom scenario for the Utilities ETF (XLU). You know it by now.

Do you recall in the WIR #4-2006 (Jan-28), when I reminded readers that the XLU game was over? I wrote: "six weeks ago I opined that XLU would not likely surpass its cycle high [closely week basis] of 32.75 in this Bull Market cycle, and it has not."

On Thursday, XLU closed at 30.24, down -1.40 pct this week and -2.80 pct over the past 5 trading sessions. But the point is that XLU is down about -9 pct since I issued a first warning and then a second warning.

If you watch all the eggs in your basket like a hawk, nobody steals them.

Well you do lose a few, but I'm sure you get the message.

Here's the XLU Weekly, Daily and Hourly data charts:

XLU Weekly data:

XLU Daily data:

XLU Hourly data:

---

Bonds:

What else can I do but repeat my words from last week's WIR.

By now you know bonds had another bad week. I'll move on.

Roll'n, roll'n, roll'n.

Bond traders on the run.

All hail the Bond Queen.

Oh, I'm nasty.

But traders who are short bonds ought to be ready to cover. You will not see Stochastics at near-zero and RSI values below 20 for too long.

The absolute worst thing about day trading is having your head handed to you on a platter. It happens to everybody, and it's part of a trader's education; but it's a horrible feeling nonetheless.

You see: I can poke fun at the Bond "Queen" from pimpco; but there is a reason he is managing the biggest bond fund in the world. He's been in the trenches every day for 30 years. The only albatross he carries is the weight of a couple hundred billion dollars.

Thank goodness you and I are not saddled with his problems.

Weekly data charts:

Daily data charts:

Hourly data charts:

Interest rates and bond yields.

---

The 30-year T-Bond yield is now up to 5.11 pct from 4.71 pct in three weeks. The 10-year bond has gone up in yield to 5.04 pct from 4.66. Even the 2-year bond went to 4.94 pct from a 4.71 pct yield. These are major moves.

Mortgage rates continue to move higher as well. Some of those ARM-financed home-owners who are presently in a state of emotion called "in extremis" ought to get themselves into the mortgage bank before they lose everything.

In the Weekly data chart, traders ought to look at the yield data for the ten-year U.S. Treasury Note. Each rising rate cycle is less of a rocket ship. Look at 3Q03, and then 2Q04, then 1Q05, then 3Q05, and now 1Q06. I'll have to think about that some before giving you an opinion.

A week ago I said that as interest-sensitive securities are getting close to the tipping point, the table that follows might be helpful for you every week. It's sorted by 1-week change.

You know "I have been advising traders to stay away from bonds and the Govt Sponsored Enterprises (Fannie, Freddie and Sallie) for some time now. This is a strong cycle for commodity prices, which means that interest rates have to rise."

After writing that a week ago, I had a reader query why Sallie Mae (NYSE: SLM) should suffer since there will always be students, and student loans, and so forth. I was too busy to reply that when times get tough for old-timers, they are especially hard on students. Many of those students are forced into bankruptcy, and the loans are not repaid. And, before this happens, the admin costs to hold these loans (in the doubtful category) skyrockets.

In any event, SLM was down -2.93 pct in the past 5 trading sessions, plus down -8.22 pct over the past month and down -12.25 pct over the past quarter. So, whatever logic you choose to use, you should not argue with market prices.

The media will tell you about high-six figure starting salaries for many students, but the truth is that these are "select" students (i.e., the sons and daughters of the connected wealthy class) who are often hired for reasons other than their scholastic brilliance.

The typical entrant to the work force today is having a tough time getting employment that can anywhere near come close to helping them pay down student-related debts. I resent the Administration pushing their b.s. about the jobs market, when most young people know very well the truth. Just ask how many parents have to pay the kid's groceries at the end of the week, or their student loans or their health insurance.

When does the nonsense stop with this disingenuous reporting?

---

US Bond Funds -- Monthly Data Charts

SHY Monthly data series chart:

IEF Monthly data series chart:

TLT Monthly data series chart:

AGG Monthly data series chart:

LQD Monthly data series chart:

TIP Monthly data series chart:

US Bond Funds -- Weekly Data Charts

SHY Weekly data series chart:

IEF Weekly data series chart:

TLT Weekly data series chart:

AGG Weekly data series chart:

LQD Weekly data series chart:

TIP Weekly data series chart:

US Bond Funds -- Daily Data Charts

SHY Daily data series chart:

IEF Daily data series chart:

TLT Daily data series chart:

AGG Daily data series chart:

LQD Daily data series chart:

TIP Daily data series chart:

US Bond Funds -- Hourly Data Charts

SHY Hourly data series chart:

IEF Hourly data series chart:

TLT Hourly data series chart:

AGG Hourly data series chart:

LQD Hourly data series chart:

TIP Hourly data series chart:

Consumer Finance -USA -- Weekly Data Charts

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Consumer Finance -USA -- Daily Data Charts

Consumer Finance -USA -- Hourly Data Charts

---

Commodities:

The $CRB index continues to rally, closing at 342.32, up +1.52 pct W/W. It was more oil and metals, as usual. The next target is the previous weekly cycle high of 350.96.

Weekly CRB Commodities Index:

Daily CRB Commodities Index:

Crude oil futures (the near contracts know as $WTIC) rallied +5.09 pct W/W to 70.82.

Does anyone recall the famous words of Steve Forbes: "Oil is soon going back to $35, where it belongs." This guy could have been President. It took an oil man or two or ten in the White House to put that oil price where it belongs.

Is anybody talking oil in the 40's any more?

Weekly Crude Oil:

Daily Crude Oil:

Yes, I still think that the long-term play in the Alberta oil sands is a good one.

Integrated Oil & Gas - Canada

Oil & Gas Exploration & Production -Canada

---

Gold:

A week ago I wrote: "Two weeks ago, $GOLD rallied to close at 560.10. Now, for Pete's sake, if it doesn't crack 600, traders seem worried. I say, take a deep breath. When $GOLD hit a high of 598.31 on Friday, that would have been a two-week move of +6.8 pct. So when the $USD is shot out of a flame-throwing Oval Office on Friday morning, $GOLD closed at 589.15. Big deal. That is STILL a two-week gain of +5.25 pct. I know hedge fund managers who didn't do those numbers over the past 52 weeks! So, please give it a break. "

I'm glad you listened. $GOLD was up this week +1.25 pct ($7.36) to close at 596.51. The high on Tuesday was 604.20.

Next week or the one after that could be lift-off. Too many of the big Wall Street wire houses have recently lifted their metals targets for traders to ignore.

Weekly Gold EOD Continuous Contract Index:

Daily Gold EOD Continuous Contract Index:

This interactive chart shows the recent trading for the Gold Bullion index.

---

A week ago I wrote: "$SILVER closed up +5.01 pct W/W at 12.08. Exclamation mark. Two weeks ago, it was +7.2 pct in a single week. The week before that, it was up +3.8 pct. Is there a message here? Yes, SLV is an ETF on its way to your portfolio and mine."

Three weeks ago, I opined that Silver (then at $10.67) would hit $15 before falling back. That must have raised eyebrows. But this week $SILVER was up a further +6.73 pct ($0.81) to $12.90, which is a 3-week gain of +21 pct. So, we're more than half-way there!

It was just 26 weeks ago that $SILVER bottomed out at 6.64. One look at the price chart, however, clearly shows the application of geometry to market prices, at certain times. Use common sense.

Weekly Silver EOD Continuous Contract Index:

Daily Silver EOD Continuous Contract Index:

This interactive chart shows the recent trading for the Silver Bullion index.

---

$PLAT was up $13.00 (+1.21 pct) W/W to close at $1,087.70.

I'm getting many requests to review junior platinum-related resource companies, so I will look into it in a separate article.

Weekly Platinum EOD Continuous Contract Index:

Daily Platinum EOD Continuous Contract Index:

This interactive chart shows the recent trading for the Platinum metal index.

---

$PALL chilled a bit at the end of this week, down -$3.36 (-0.95 pct) W/W to 350.11. $PALL hit a new intra-day high of 364.60 on Tuesday.

Weekly Palladium EOD Continuous Contract Index:

Daily Palladium EOD Continuous Contract Index:

This interactive chart shows the recent trading for the Palladium metal index.

---

$COPPER was once again the talk of the week. The contracts reached a new all-time high of $280.58 (up +$16.58 or +6.29 pct W/W) to close at 280.28.

A week ago I wrote: "What can you say about an industrial (base) metal going up +7.25 pct in a week to close at 263.70. That's a gain in the contracts of $17.83. Can anybody say "SHORT"?" Yes, I do believe there is a short squeeze, but I don't know for certain. I'm listening to experts who trade the physicals.

A week ago, the all-time record was 264.23. So, at this point cease listening to fundamental analysts. This is pure trading.

I have to laugh that at least one Wall Street house is saying aluminum will now replace copper because of price. Sure, it might; if long-term oriented industrial buyers actually believe this short-term trading condition will become permanent. NOT.

Weekly Copper EOD Continuous Contract Index:

Daily Copper EOD Continuous Contract Index:

This interactive chart shows the recent trading for the Copper metal index.

---

To spot the moves in precious metal miners, you will have to monitor the individual stock charts, as follows:

AAUK NEM ABX AU GFI GG HMY GLG KGC BVN
15-minute data
60-minute data
Daily data
Weekly data

MDG LIHRY AEM BGO IAG EGO PAAS GOLD CDE GRS
15-minute data
60-minute data
Daily data
Weekly data

CBJ SSRI RGLD SIL NG KRY HL TSE_HRG TSE_GUY TSE_AGI
15-minute data
60-minute data
Daily data
Weekly data

NXG GSS MNG DROOY MFN RNO RANGY MRB CLG GRZ
15-minute data
60-minute data
Daily data
Weekly data

Here are the key Silver miners:

SIL CDE HL PAAS SSRI SLW WTZ MGN

15-minute data
60-minute data
Daily data
Weekly data

And a link to read: http://finance.yahoo.com/q?s=sil+asm.v+cde+fsr.to+hl+paas+ipoaf.pk+ssri&d=t

---

This week the U.S.-listed goldminers index ($XAU) was flat at 145.47. Next target is the prior cycle high of 149.33 set two weeks ago.

Here are the Weekly and Daily Data charts of the indexes:

Weekly U.S. Goldminers Index:

Daily U.S. Goldminers Index:

The Toronto Exchange-listed goldminers ETF (XGD) was down -0.97 pct this week to close at 76.87. On Thursday, XGD was up $0.61 0r +0.80 pct.

Note that the Investertech very short-term charts are incorrect.

Here are the Weekly, Daily and Hourly data charts for the TSX Goldshares (XGD) index:

XGD Weekly data:

XGD Daily data:

XGD Hourly data:

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Forex:

The trade-weighted USD was down a bit on the week. It was down -0.16 pct to 89.55.

Not much happening from what I can see other than a lot of talk about the China PBOC's so-called "manipulation" of the Yuan. I don't believe the story. Traders need to stick their eyeballs to the tape instead of listening to these Talking Heads.

Weekly U.S. Dollar Index:

Daily U.S. U.S. Dollar Index:

The Euro (priced in USD) was absolutely flat on the week, closing at 121.02 again.

Weekly Euro Dollar Index, priced in USD:

Daily Euro Dollar Index, priced in USD:

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International Equities:

The Nikkei dropped off w/w but is still a force to be reckoned with. And the Footsie had a good week.

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Japanese equity market ETF: EWJ

The Japanese equity market ETF (EWJ, priced in USD), was down -1.36 pct W/W to 14.48.

The Weekly data RSI is showing negative divergence. Could be concern over what's been happening to the Dow 30?

Here is the Japanese (EWJ) equity market ETF Weekly, Daily and Hourly data charts:

EWJ Weekly data:

EWJ Daily data:

EWJ Hourly data:

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U.K. equity market ETF: EWU

The EWU (U.K. equity market ETF that trades in the U.S. in USD) was up again. This week UWU was up +0.49 pct W/W to 20.50. Thursday was the recovery day.

Here is the United Kingdom (EWU) equity market ETF Weekly, Daily and Hourly data charts:

EWU Weekly data:

EWU Daily data:

EWU Hourly data:

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Canadian equity market ETF: EWC

Even with commodity prices on the rise, the EWC (Canada's equity market ETF that trades in the U.S. in USD) was down -0.16 pct W/W to 24.21, which is just 4 cents American (almost a nickel Cdn).

A week ago, I wrote: "The (bull) move is happening here, like Australia, because of strength in oils and metals. (But) It could be that at some time rising rates will hurt the banks and income trust market." It appears to me that was the case, particularly at the open Thursday when U.S. rates were jumping.

Here is the Canadian (EWC) equity market ETF Weekly, Daily and Hourly data charts:

EWC Weekly data:

EWC Daily data:

EWC Hourly data:

(Japan, Taiwan, Hong Kong, Singapore)

(U.K., Germany, France, Italy)

(Canada, Mexico, Brazil, Australia).

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U.S. Equities:

1Q06 Earnings Season started off with an upside surprise for Alcoa, which sent AA to a 5-day gain of +4.82 pct. That move plus GM (+4.35 pct) and BA (+3.90 pct) helped push the DJIA to a very modest gain on the week of +0.16 pct to 11,137.65.

But the other major equity indexes were down: the Naz (-0.55 pct), S&P 500 (-0.49 pct) and the recently favored Russell 2000 small caps (-0.66 pct).

Momentum is slowing, but the technical action is otherwise bullish " for now. I think traders are going to decide on intermediate-term strategy only after they see (i) if bonds can recover from the very over-sold condition today, and (ii) if Earnings Season is a season of upside earnings surprises and positive guidance.

Thursday morning delivered some very positive U.S. economic news in terms of consumer confidence, retail sales and import prices.

Next week there is the CPI and PPI data coming out. The bonds are already on the floor and traders say they can't get up. Solid CPI and PPI would give them quite a lift however. Then on the other hand, traders would say that the FED would not be so willing to raise. That perception would shoot the precious metals, and probably the oils, even higher.

So, let's just take this a day at a time.

Here is the Monthly data chart of the Nasdaq Composite, S&P 500, Dow30, and Russell 2000 (small cap) indexes.

Here is the Weekly data chart of the Nasdaq Composite, S&P 500, Dow30, and Russell 2000 (small cap) indexes.

Here is the Daily data chart of the Nasdaq Composite, S&P 500, Dow30, and Russell 2000 (small cap) indexes.

Here is the Hourly data chart of the Nasdaq Composite, S&P 500, Dow30, and Russell 2000 (small cap) indexes.

The following table shows the weekly price performance of the Dow 30 stocks, which I sorted by 1-week price change. There were 12 Dow stocks up, and 18 down on the week, thanks to a terrible Friday.

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
AA	33.71	-0.38	-1.11%	4.82%	9.73%	11.51%	12.74%	16.44%	49.56%	10.89%
GM	20.40	0.37	1.85%	4.35%	-3.13%	-8.19%	7.94%	0.15%	-24.86%	-27.99%
BA	82.93	-0.28	-0.34%	3.90%	5.75%	8.08%	17.90%	19.36%	24.73%	41.35%
CAT	76.94	-0.90	-1.16%	1.71%	6.27%	2.72%	33.11%	23.44%	42.48%	73.68%
HON	43.41	0.95	2.24%	1.31%	2.53%	1.93%	15.88%	16.82%	21.02%	17.20%
MCD	34.85	-0.34	-0.97%	0.72%	0.87%	-0.60%	3.97%	1.10%	8.74%	11.63%
DIS	27.88	-0.04	-0.14%	0.72%	0.04%	-2.79%	14.26%	8.48%	18.99%	0.65%
C	48.05	0.45	0.95%	0.42%	1.63%	1.54%	-2.52%	-1.78%	7.45%	4.89%
INTC	19.45	0.33	1.73%	0.36%	-1.27%	-1.02%	-23.93%	-24.58%	-16.27%	-14.77%
DD	43.30	0.19	0.44%	0.23%	1.86%	1.55%	0.56%	8.06%	13.26%	-11.07%
JPM	42.19	0.29	0.69%	-0.24%	1.59%	2.11%	4.98%	5.69%	25.01%	22.04%
MMM	80.97	-0.13	-0.16%	-0.50%	5.82%	8.12%	2.35%	4.48%	15.56%	-3.86%
XOM	61.56	0.10	0.16%	-0.85%	0.72%	-0.13%	5.28%	0.97%	5.85%	4.07%
JNJ	57.91	0.04	0.07%	-1.01%	-2.43%	-3.52%	-6.04%	-6.32%	-9.52%	-15.57%
KO	41.26	0.11	0.27%	-1.03%	-2.04%	-3.35%	0.88%	-0.12%	-1.10%	-2.00%
PG	56.60	0.18	0.32%	-1.57%	-1.79%	-4.70%	-3.71%	-3.90%	0.71%	2.52%
GE	33.89	-0.57	-1.65%	-1.68%	-2.19%	-1.43%	-4.18%	-3.45%	-0.38%	-4.91%
WMT	45.77	-0.13	-0.28%	-1.70%	-3.97%	-1.27%	-1.00%	0.81%	2.26%	-5.76%
MSFT	27.07	-0.13	-0.48%	-1.78%	-0.59%	-0.62%	0.86%	-0.44%	10.09%	8.11%
UTX	57.14	-0.30	-0.52%	-1.87%	-1.52%	-1.87%	1.08%	2.66%	13.17%	13.08%
AXP	51.21	0.02	0.04%	-2.03%	-1.76%	-5.38%	-2.61%	-4.17%	6.13%	-1.67%
MO	69.00	-0.59	-0.85%	-2.07%	-3.79%	-6.63%	-7.98%	-9.73%	-0.86%	4.75%
IBM	81.98	1.23	1.52%	-2.18%	-1.47%	-1.07%	-0.10%	-1.43%	-0.27%	-3.06%
PFE	24.50	0.08	0.33%	-2.35%	-2.78%	-5.95%	3.03%	-0.69%	-0.04%	-10.19%
HD	41.12	0.13	0.32%	-2.42%	-2.97%	-3.81%	-0.29%	-1.88%	8.35%	8.50%
VZ	32.81	-0.21	-0.64%	-2.58%	-4.87%	-4.95%	8.00%	1.96%	10.10%	-5.99%
MRK	33.94	0.09	0.27%	-2.58%	-4.69%	-3.80%	3.63%	1.40%	26.59%	-1.68%
AIG	63.40	0.01	0.02%	-3.12%	-4.04%	-8.43%	-8.93%	-9.49%	1.81%	22.84%
T	25.58	-0.04	-0.16%	-3.29%	-5.33%	-5.64%	3.52%	2.36%	14.97%	7.34%
HPQ	32.62	0.29	0.90%	-4.34%	0.15%	-3.66%	13.38%	2.26%	19.75%	48.61%

You can do this table yourself by entering the following string into your browser and then clicking on the link for Performance.

AA AIG AXP BA C CAT DD DIS GE GM HD HON HPQ IBM INTC JNJ JPM KO MCD MMM MO MRK MSFT PFE PG T UTX VZ WMT XOM

After you bring up the list, click on the Performance tab. To sort for the relative price performance for any recent period, you just need to click on the column header of the period that interests you.

The Dow 30 winners this past 5 days:
AA, up +4.82-pct, and up +9.7 pct for 2 weeks and +49.6 pct in 26 weeks
GM, up +4.35-pct, but down -8.27-pct a week ago
BA, up +3.90-pct, and was 4th strongest a week ago
CAT, up +1.71-pct, and was 3rd strongest a week ago
HON, up +1.31-pct, and +16.3 pct in three months

The Dow 30 losers this past 5 days:
HPQ, down -4.34-pct, and down -13.9 pct over 2 weeks since selling cash cow
T, down -3.29-pct, and was also down that a week ago
AIG, down -3.12-pct, and was also 3rd worst a week ago
MRK, down -2.58-pct, has lost a big case in court
VZ, down -2.58-pct, is like T and AIG saddled with debts and bonds

Here are the links to interactive Dow charts from Investertech.com that I broke into groups of ten, which you can add technical indicators for as well. (list one) (list two) (list three)

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Here are the latest Value Line Reports on the Dow 30 stocks GE, HPQ, IBM and INTC.

Next week is also a big one from Value Line. We get free reports on AA, DD, MRK and PFE.

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(GE) (GE) Financials ( Here is the Apr. 14 Value Line report on GE: next one is due Jul. 14)

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(HPQ) (HPQ) Financials (Here is the Apr. 14 Value Line report on HPQ: next one is due Jul. 14)

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(IBM) (IBM) Financials ( Here is the Apr. 14 Value Line report on IBM: next one is due Jul. 14)

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(INTC) (INTC) Financials ( Here is the Apr. 14 Value Line report on INTC: next one is due Jul. 14)

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Wrap up:

As I say, just remember there are at least two points of view on every subject.

This week has been a slice. So much for chocolate rabbits; I need to lose weight. Losing the beard helped some. But I'll gain four times that on Easter Sunday.

I also joined BlogBurst. I think this is a very smart group of Web Friendlies in Austin TX. I hope they are on to something.

BCara@BillCara.com