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May 18, 2007
Cara’s Daily Board, Fri., May 18, 2007, 8:25 AM
Standing firm in the face of +4 pct gains in both oil and gasoline futures and falling bond prices, the DJIA (-10.81 -0.08 pct) and NASDAQ (-8.04 -0.32 pct) put in a solid session.
Despite sharply rising oil and fuel prices, there were countervailing forces: the Retailers ($RLX +0.29 pct) bounced back and the Airlines ($XAL +0.63 pct) flew again on the wings of positive analyst comments for Delta (DAL) and British Airways (BAB) as well as the tender offer by AirTran (AAI) for Midwest Air (MEH, which set a 52-week high).
In fact there were 13 new intra-day highs in the Cara Global 100 and zero new lows, yesterday.
Unfortunately there was another tough day for the Precious Metals and related stocks, but I’ll get into that in the Report. Not to worry.
Quiet day today. This is usually a positive at a time the data is typically bad and has to be spun to be made to look good.
Usually, the gnomes give the spin doctors the Fri-Sat off, only to have then return on Sun to get their stories straight for Monday (Asia-Pacific time, while we are sleeping).
A generally weak market throughout Asia-Pacific was led south by small caps. One of the leading indicators I look for is weakness in the small caps of the Asia-Pacific markets such as Hong Kong, Singapore, Tokyo, Shanghai and Bombay because that shows me when the Average Joe and Joey and their capital managers are getting tired. It’s the HB&B desks in those cities that pumps the large caps when they try to juice the market.
But, sometimes, the independent traders just get tired, and then worried, and then they take profits, and then…
Rising markets in Europe early today at 7:33am ET. Traders are looking at a quiet calendar, and they see the FTSE 100 at close to a 7-year high.
The $USD at 82.332, which is up strongly from 81.156 at this time. That partly explains the smashing in the PM and metals group.
So if you are a PM bull, you want to see something like a $USD spike down like from 82.379 to 82.20 earlier this morning before recovering. That’s the kind of thing that has to repeat before your screens will turn green.
But We have a friend in China. Dr Joe at the Peoples Bank is going to raise rates, increase the reserve requirements at commercial banks and let the Yuan float (not like a Bumblebee, but higher nonetheless). This is not so good for the $USD initially, but in time will be a big help to global forex stabilization.
U.S. Treasury Bond Jun. 2007 contract
As I wrote yesterday, “The T-Bond appears headed further down from here. Let’s see how yields move today.”
Well, T-Bar (yields) up and T-Bonds down that slope. Last at 110.4375.
Don’t look back, but a week ago (Friday), the T-Bonds hit a high of about 112. This has been a tough week for your bond portfolio as yields have continued north.
Yesterday morning at this time, I wrote, “The $WTIC had been in a rally mode until a few minutes ago when it got smashed after hitting a 63.100 high, now at 62.875 (8:05am ET).” I wasn’t pleased because I could foresee Dollar strengthening and PM’s about to get smashed (as I also warned).
But, if you can’t take the pain, you won’t be there for the gain.
Crude Oil pumped prices much higher yesterday. Presently 64.95. The mid-day Thursday move fuelled the rocket – from 62.50 to over 65.
Gold Jun-07 contracts on the NYMEX
I warned yesterday morning that “At the end of (Wednesday’s) session, gold futures dipped sharply. During the day yesterday they dipped even more, to set up a wonderful buying opportunity for those who have ice-water in their veins.
June Gold at 959.1 at 6:39am, after bouncing off a 657.5 low.
The spot gold market at 7:20am ET dropped to 658.40, which (despite all the screaming I hear) compares not bad to yesterday’s 661.50 at this point.
Spot silver prices at 12.85 at 7:20am ET. Yes, yesterday at this time, the price was 12.82, and under extreme pressure.
So, silver is on the way back.
As of 7:22am ET, Spot Platinum is at 1309, down from an early morning high of 1313.5.
But yesterday at this time, Spot Platinum was getting smashed, and was at 1303, and going lower, down from yesterday’s early hour’s high of 1315. So we are almost back.
Yesterday I wrote, “This is not pretty, but may just be another test.” Others were screaming “Sell, sell!”
I, on the other hand, am the voice of reason and calm.
Spot Palladium was at 359 at 7:22am ET. Yesterday it was getting smashed as I wrote to you, asking for calmness. It had hit a high “of 360 just before 5am ET, but has been getting smashed since then and is now (8:11am ET) down to 352-353”.
I have led my people back.
With the help of the PBOC Governor Dr Joe, I will take my place now at the head of the parade. We shall overcome!
Tao, Brother.
The commodity market index ($CRB) is now up to 313.15, up from well under 310. That’s what happens when oil and fuel prices start to rock and roll.
KRY continues to strengthen, but yesterday was not a nice day. Take heart; today will be better.
Cara 100 Stockwatch
This data is supplied every day by the kind folks at KNOBIAS, Inc. The KNOBIAS database manager Danny Hughes is taking some time off I gather. We’re all pulling for you Danny.
Here are the Cara 100 gainers yesterday.
Interactive chart of the top 12 Watch List gainers
Here are the top Cara 100 losers yesterday.
Interactive chart of the top 12 Watch List losers (Interactive link)
Micron Tech (MU) announced a big, dilutive financing and the stock tanked -5.3 pct on 46.7 million share volume.
There were 13 stocks of the Cara 100 for yesterday that hit 52-week intra-day highs and zero that found lows.
Here, from “Chris”, are the interactive charts of up to a dozen stocks with (unsmoothed) RSI-7 above 70 and below 30, from “Chris”:
There are now 11 Cara 100 Company stocks that are below 30 on the Daily RSI-7 versus 18 above 70, using data from “Chris” – which he takes from BillCara2.com, which is not smoothed like David’s data, which he takes from Worden.
Btw, as I have been writing, all charts from all sources I use have been formally permissioned.
After the Website/blog gets a make-over that will be made clear in the presentation.
Here, from “David”, are the stocks in the Cara 100 trading with the highest Daily RSI-7 sorted by (i) daily and (ii) monthly values.
Here are the stocks in the Cara 100 trading with highest RSI-7 with Monthly-Weekly-Daily all either >70 or <30
Here are the stocks in the Cara 100 trading with RSI-7 Daily all >70 or all <30.
The most extreme stock, in the Accumulation Zone (but not yet with a Buy Alert) is WFMI. When the Daily RSI-7 crosses back above 30, that’s a Buy Alert, which then makes me look for a rising MACD and Stochastic, probably with cross-overs between the shorter-term and longer-term lines.
Microsoft has agreed to pay $6 billion to acquire aQuantive, which helps strengthen its position against Google and Yahoo in the on-line advertising space.
General Electric (GE) will soon sell its plastics division for about $11 billion to Saudi Basic Industries.
AG Edwards moved Target (TGT) from Hold to Buy.
Pru is gambling with MGM, gong to Overweight.
CAT and CMG have been dropped to Hold, and UBS dropped BEN from Buy to Neutral.
There are various sources for up/down grades by broker-dealers. One is at Briefing.com. Traders ought to check everyday for ratings changes. That website updates in the morning.
Wrap up:
Wolfowitz finally resigned as World Bank president. I wonder who the White House owes favors to who will be the next WB president?
Remember, the big story today is that China’s People Bank (PBOC) announced they will raise interest rates, increase the commercial banking system reserve requirements (yet again) and will let the Yuan swing higher (thank you my preciousss). $USD going lower now.
It’s a great weather day in Toronto. Lots to do, and people to see.
Saturday is WIR day. I’m thinking of changing it to Sunday, and writing a different report on Saturdays. After all, I need to keep busy, now that I’m feeling better.
Have a golden one.
Posted by Posted by Bill Cara on May 18, 2007 08:25:04 AM | Category: Cara's Bull Board
Discourse
One rumoured contender for World Bank president is Tony Blair according to UK media.Favours being returned perhaps.
Posted by: john uk ![[TypeKey Profile Page]](http://www.billcara.com/nav-commenters.gif)
at
May 18, 2007 8:43 AM [link]
RE: Investing in China - from the Asia Times Online:
BEIJING - The Chinese government will look kindly on outbound investment in four sectors - overseas resources, infrastructure, research and development (R&D) and service industries, Zhang Xiaoqiang, vice minister of the nation's top economic planning body, said on Wednesday.
"The government will offer preferential diplomatic, forex, tax, customs, credit and insurance policies to companies investing in these sectors," said the vice minister of the National Development and Reform Commission (NDRC).
Full article at http://www.atimes.com/atimes/China_Business/IE18Cb02.html
Posted by: RobBoss at
May 18, 2007 9:03 AM [link]
Hello All-
INTC upgraded to buy at Merrill Lynch, so up go all the US indices! If you wanted to goose the US markets, you could hardly pick a better upgrade. INTC will open at a 52wk high (price not seen since Jan'06).
[Aside: I was pretty sick for awhile there, barely able to watch any Globetrotters (market) games the last couple weeks, but I've been reviewing the tapes, and they haven't dropped a shot, have they!? Woe to the hapless Washington Generals (DXD SDS QID). You gotta wonder if they'll *ever* get the ball...]
LL&P
t4k
Posted by: trade4keeps at
May 18, 2007 9:08 AM [link]
I was reading The Economist last night before bed and there was an article in it about Tony Blair and what he might do post PM gig. It was mentioned and quickly dismissed that TB may head World Bank. Dismissed due to his lack of sound economic understanding.
IOW, they will be competing directly with U.S. private equity and folks like Warren Buffett to buy inflating assets before they are unaffordable.
Pick your reason, but assets will increase in value (supply/demand) and currencies will fall in value (supply/demand).
That's good for Dorothy, Toto and their travelling companions.
Posted by: Craig at
May 18, 2007 9:12 AM [link]
Gosh, don't you sometimes wish that the US would have an equivalent to the Chinese NDRC - competently staffed, adequately funded and immune/isolated from lobbyists? (Those last qualifiers eliminates the World Bank as a surrogate-:)
Just think of what we might be able to accomplish in the alternative/sustainable energy area, for example.
Posted by: RobBoss at
May 18, 2007 9:13 AM [link]
t4k -
Don't forget Citigroup's conversion on VZ with their upgrade from Sell (PT $33) to Buy (PT $48). "Can you hear me now?"
Also some firm (UBS?) raises IBM's target to $124. More blue juice for the DJI.
JML
Posted by: Jumble at
May 18, 2007 9:20 AM [link]
Re China: I recall meeting many of the Visiting Scholars from the PRC at the University of Michigan in the late 70s/early 80s...they spent longs hours in the research labs, but also lots of time absorbing American culture...they are now undoubtedly helping to set foreign investment policy, and will be looking to import ideas needed to help them cope with some serious problems--pollution, health care, water quality...
Posted by: 2nd_ave at
May 18, 2007 9:31 AM [link]
Microcap 100
Couple weeks/days ago I mentioned a small video codec company On2 Technologies (ONT) with hesitation. First check out this beautiful chart.
http://tinyurl.com/27s3pr
I have no position; I my cost basis was below $.80 per share and I sold all of it on the run up to $2.50 area.
But after this run up the strength and volume has been astonishing; it almost hit $4 this week. without any real news the stock has stayed strong at these nose bleed levels. I have no source but the recent inclusion of On2 codec in Akami's live streaming functionality gives me the hunch that someone like adobe, msft, akam, ebay/skype, will buy this company out.
I must warn proceed with caution. I was stuck under $1 for a long time with this stock and have been through 2 ceos. But the technology they provide is compelling. If you want to distribute video with the smallest footprint on web, mobile phone, etc, on2 has a solution for you. They video codec is getting ready for mass deployment on mobile phones in china.
No Position right now.
Posted by: NYUgrad at
May 18, 2007 9:37 AM [link]
SBUX is on fire, high volume.
Posted by: SiO2 at
May 18, 2007 9:47 AM [link]
RobBoss,
I believe the capital outflow from China will be relatively small to start. I also believe it is an effort by the authorities there to cool the Yuan. But if it leads to foreign speculation, further stressing local interest rates, and possibly resulting in big losses abroad, then I think the authorities will not allow it to expand as some would hope.
I do agree this move by the Chinese will help locals buy control of foreign natural resource companies that could help support the rapid growth of the Chinese economy. That's good for PM's.
Recall, I said recently that Venezuela's Chavez might be waiting for the Chinese to fully declare their interests in helping him finance the natural resources of his country (as he has BIG plans and annot go it alone), and that could be a reason for the delay in the Crystallex environmental permit.
Re KRY, I think by now we all understand that there are reasons for things happening as they do. We do not live in a random world. Once you understand what I mean by the reference to Gnomes, you will begin to draw lines between the dots. That makes trading a heck of an interesting intellectual challenge, doesn't it.
Btw, "Eric" wrote me last evening as follows:
--------------------------------------------
"Hi Bill,
Today I was at my mechanic's shop and I got to talking to an Indian fellow. We both had trading books with us and that's what sparked the conversation. We exchanged a few ideas, informally testing each other's knowledge of the capital markets, throwing little darts of knowledge.
I referred to him to your site and welcomed him to join our community. Just wanted to tell you that you are one of but a few that I have learned from on this subject. Enough so that I can hold a conversation with a full-time trader and offer certain opinions that I agree with on a macro level. It's great. He likes futures, which is something I will not venture into.
The problem I am having with learning so much about the macro picture from you and others, about HB&B, the government, etc. is that it's hard to remain optimistic when this sort of corruption is rampant at our highest, most regarded levels of authority. If they are not good people, and we are led to believe they understand, well its just a very discouraging situation.
I'm happy I found your blog, if for nothing more than the satisfaction of knowing that there are some good people like you around that have been through the power positions.
Do you have a network of great people? Or in your experience do the crooks outnumber the good guys by a ratio that I'd care not to know?
/Eric"
--------------------------------------
I replied,
Hi Eric,
You ask a great question. The truth lies in both camps. I worked closely with at least a dozen or more individuals (from good firms) who subsequently went to jail.
Some of them were apparently good people, running the back office or the wealth management dept, or a brokerage firm or whatever, who ran afoul of the law at one point and got caught. It's a tough business. You are usually closer to the line than you'd hope to ever be.
But, when under stress in a financial situation, if you always ask yourself one question, "Would I like to see my face and name on billboards and wanted posters?" then you usually take the right road whenever you do get close to the line.
I get into this (so-so negative) discussion for two reasons: (i) to tell people (in the public who have never worked inside the capital markets) they are closer to being gullible than careful, for the most part, and (ii) to let people know that if you are careful, skillful and lucky, you can win against the market regardless of how the odds are stacked. This takes hard work, which is what I try to show that even a person in my situation has to do, despite my years of experience.
To a certain extent, the world is built on b.s., in every part of life, but nothing else beats the b.s. and deception that goes on in the market because this isn't entertainment -- it's real money being traded. If its yours or under your control, then other people want to take it, and they will do pretty much anything to get it. Nobody teaches you that at school.
You ask about friends, I choose mine very carefully. If, for instance, I see somebody trying to use me to get ahead, I'm history pretty quickly. My best friends are former heads of stock exchanges, securities commissions, central banks, banks and brokerage firms. A friend will lay his cards on the table and ask for your help, openly, and try to help you in return.
Although it is definitely growing because of this blog, my list of real friends is not extensive, and I'm happy to keep it that way. The capital market has taught me to be a defensively-minded, skeptic. When it comes to money, that is not being negative; it's just good old fashioned common sense.
Best,
/Bill
---------------------------------------
I hope people get the message.
Posted by: Bill Cara at
May 18, 2007 9:48 AM [link]
SBUX:
Won legal battle with Chinese coffee co. over naming rights.
Also issued 200,000 options to CFO.
Posted by: Craig at
May 18, 2007 9:56 AM [link]
SBUX:
Looks like we've got the RSI 7 cross above 30. The monthly never did make it < 30, but for this stock it hasn't touched 30, at least not back to 1993.
STO looks in position, MACD not quite there but shaping up.
http://stockcharts.com/h-sc/ui?s=SBUX&p=D&b=3&g=0&id=p40037235424
No position.
Posted by: doug11 at
May 18, 2007 10:03 AM [link]
My patience with TypeKey (and maybe MT Blog Publisher) is running very thin.
Every day I get numerous complaints from readers (and regular commenters) getting prevented from making comments here. Trust me, I am not stopping these comments.
Here's one that I just received from jmf in Germany. You'll recognize him as a daily commenter:
----------------------------------------
hi bill, thanks for the kind word and sorry to hear that you are having trouble with typepad. but maybe thats the price you have to pay for being such popular/excellent blog :-)
this was the post from today
reit index rolling over / chart
america´s fear over china / economist
story fits perfectly to the news from today
China Widens Trading Band, Lets Yuan Rise Faster Against Dollar
China Raises Rates for a Second Time This Year to Cool Growth
http://immobilienblasen.blogspot.com/
have a nice weekend
this was the response
Thank You for Commenting
Your comment has been received. To protect against malicious comments, I have enabled a feature that allows your comments to be held for approval the first time you post a comment. I'll approve your comment when convenient; there is no need to re-post your comment. Return to the comment page
----------------------------
That is a fraud. I did not issue those words. That came from either TypeKey or MT Blog Publisher.
I received no such mail on my server that manages this MT-created blog and, like others yesterday and the days before that, there is no "pending" comment. These are simply being dropped, and I am looking like the culprit.
I am getting really pissed with this crappy software, but to use a system that purports to have me say I am in control of matters of which I have no knowledge is, as I say, a fraud.
These people at TypeKey and MT Publishers are running a business. They ought to get their act together before I dress them in a clown suit and send them packing.
Posted by: Bill Cara at
May 18, 2007 10:05 AM [link]
Dear Bill,
You wrote "I worked closely with at least a dozen or more individuals (from good firms) who subsequently went to jail."
That goes to show ya, Enforcement of securities laws in Canda probably is, like everything else up there 'cept the weather, better than down here in the U.S. Down here we had 12 people TOTAL wind up in prison over securities fraud. As I say, and I'm not a partisan, Guiliani cleaned the streets of criminals so that the city would be safe for the criminals in the office-suites. Heck, I personally know and have worked with 12 people who each deserve a "room of their own", (I was a broker for a while until I realized I hated it), and each one walks the streets a free man/woman. Down here, stealing is actually condoned, if not precisely legal, if the people you're stealing from don't know about it and your lawyers say it's ok. And to the guy struggling with his idealism, get over it. Idealism is for kids. This is the real %^$&*^% world.
Chris
Posted by: shark_attack at
May 18, 2007 10:07 AM [link]
Right after I published my Daily Report (8:25am ET) today, the gold market started going crazy. Look at the action. Somebody is trying to stop the advance.
Guess who that might be?
http://quotes.ino.com/chart/?s=FOREX_XAUUSDO&v=s
What pisses me is that right before the eventual move, these manipulators (you know who you are) can be on the phone to Friend & Family.
GATA and Sprott are the activists on this front who have been pressing for years the case I make here. There is a rot in Washington that traders around the world can smell.
If the US authorities tell us we have a free capital market, I say they are liars. I'll put my faith and confidence in GATA/Sprott any day as to where the truth really is.
Posted by: Bill Cara at
May 18, 2007 10:14 AM [link]
One more thing...The guy who said "UXG here for a trade", I think it was 2nd ave, picked right.
Chris
Eric I'm not saying to become a crook, only to confirm that the world's full of them, and those that can afford to stand on principle are mostly former members of that camp or those with enuff cash to allow their "better nature" to prevail.
Posted by: shark_attack at
May 18, 2007 10:22 AM [link]
Bill-
IMO, still need it to be set up for the final shakeout. We aren't quite there yet.
Posted by: MarkM at
May 18, 2007 10:25 AM [link]
Bill,
I don't know if this is type key related or what, but yesterday had some periods were loading/reloading was very slow. At the time I noted GIF files were loading, specifically 2yd006.gif and 2yd007.gif. They acted as if they were uncompressed full size files.
Hope this helps.
Posted by: Craig at
May 18, 2007 10:27 AM [link]
What is happening with IBKR?
Entering LEH for a day trade at 72.72
Posted by: JogyP at
May 18, 2007 10:27 AM [link]
GPN breaking up from through very tight Bollinger bands. Long GPN.
Nice rebound by STO with price of oil, special dividend and buyback approval.
Disclosure: Long STO
Posted by: Seamus at
May 18, 2007 10:28 AM [link]
JogyP, I know charts are in the eye of the beholder, but with LEH, what is your reasoning for expecting this stock to rise today for a daytrade?
TIA
Posted by: Telestar3d at
May 18, 2007 10:43 AM [link]
Craig,
ZYD006 (78599 bytes) and ZYD007 (28445 bytes) are tiny files. When I ftp them to the server, it takes a split second to upload and they should be instantly downloaded by you.
I think what happened yesterday was that for the Knobias charts, for some reason (me!), the template didn't get updated and I saw that and immediately changed it. Once (many) readers are looking at a production version of the report, it takes time for an MT static file to change. All the readers are fighting for the banwidth the system needs to force my updated and correct version.
For the most part, MT does a great job with its blog management system. I just need to discover the problem with these dropped comments. I really have no time available to babysit their system and the complaints I get.
But, please send me those complaints because otherwise the problems would never be addressed.
Posted by: Bill Cara at
May 18, 2007 10:44 AM [link]
Reg: LEH
LEH, MS, MER and GS were reiterated buy today morning by Bernstein. (LEH target 85.)
MS, MER, GS all were nicely up early morning while LEH stayed behind. So I am counting on a late rally for LEH.
Posted by: JogyP at
May 18, 2007 10:49 AM [link]
JogyP,
Your crystal ball is kinda working here...I'm not ready to say PMs are going up from here (you're messing with MarkM's crystal ball), but things look better than they have in a few days...
Posted by: 2nd_ave at
May 18, 2007 10:50 AM [link]
manipulation in the stock market is nothing as compared to the futures markets. is that brylcreem that i see in eric bolling's hair?
Posted by: stktrader at
May 18, 2007 10:51 AM [link]
i keep reading that the market won't go down until the J6P's jump in; these charts show otherwise.
http://suddendebt.blogspot.com/2007/05/household-equity-ownership-direct-vs.html
don't wait for J6P to get in the market; they are already in it through pension and 401(k) funds. Who's going to be the greater fool this time?
Posted by: rob d at
May 18, 2007 10:52 AM [link]
Matt
Sixapart IS MT.
MT plus several other blog publishing systems they bought.
Every blogger has a favorite, which is usually the only one they have ever used. :-)
I was thinking of switching at one point, but on further examination I think MT is the best one out there for me. For the most part it works. As I wrote yesterday, I am the culprit because MT is a system built for PhD's and I am just learning how to read (the MT manual). I could be doing so much more with this blog if I was an expert in MT.
Just think, I might even figure out how to drop TypeKey and still filter comments properly. I might even figure out why some comments get dropped into the ether.
Posted by: Bill Cara at
May 18, 2007 10:53 AM [link]
Does anyone here trade Sepracor (SEPR)? I have no position, just curious as to why it's in freefall this morning - can't find any news on what I have access to. Is this just options pressure, or something else?
Maggie
Posted by: writersblock at
May 18, 2007 10:55 AM [link]
I'm awaiting arrival of Richard Bookstaber's new book A Demon of our own Design, which sets forth how derivatives will create financial meltdown. As the designer of "portfolio insurance" in the '80s, he's rather well qualified to speak on this subject! - Today's WSJ has a piece on him.
good morn all. re. kry?? whats the chance of a permit commin on a friday. has a permit ever arrived on a friday. great board i really like it bill.
Posted by: russty1 at
May 18, 2007 10:55 AM [link]
Hello Bill. On my first post a couple of days ago, I received the typekey malicious content message as well.... FYI.
General observation related to China's movements... It would appear that this may be the biggest story out there right now. I'm a greenhorn in this field, but I'm thinking their move will not only continue to bolster the US equities markets, but global equities for some time to come. Opinions? am I bassackwards?
Hope the post makes it to the board...
mattv
Posted by: moabmatt at
May 18, 2007 11:01 AM [link]
2dave-
The utter cynic in me says to let some more people get on the train before you run it off the bridge. Better film for the 6 o'clock news that way.
Posted by: MarkM at
May 18, 2007 11:02 AM [link]
Bill,
Sixapart may be a good account manager, where you are free to drive vs dealing with servicing the car yourself on small annoyances. I have no affiliation with them but they seem to be a real company.
I am being greedy; the less you have to deal with account mgmt issues with MT, the more you are going to have do what you do on the blog.
And imagine when your traffic doubles and triples from current levels. I would hate to see you dealing with that yourself.
Posted by: NYUgrad at
May 18, 2007 11:02 AM [link]
Hi Bill,
This is probably a redundant ?, but why do you need to control the posts coming into your blog? Isn't there software that can control vulgar language if that is the purpose? I asked Kirk why he did not allow the community on his blog to communicate and he stated that he did not have the time or patience to monitor the responses and that that feature would never be forthcoming.
Posted by: stktrader at
May 18, 2007 11:06 AM [link]
Rusty, I was curious about the day of week of GRZ's permit also. It's receipt was announced on Wednesday MArch 28. As for it's likelihood of happening this very day, well, remember that folks have been waiting literally for YEARS for this baby. But of course, since GRZ got THEIR permit quite recently, and since both companies projects share a piece of infrastructure, anticipation has been hightened that the time may well be soon. I however, think that extra attention must be paid to Bill's recent and repeated suggestion that perhaps a deal with the Chinese may be in the offing, in which case the KRY shareholder, myself included, will send for the worthless certificates and have them framed, as they will make very interesting objects de art and small gag gifts for friends and associates.
Chris
Posted by: shark_attack at
May 18, 2007 11:10 AM [link]
Have they announced a solution for the copper and cyanide that were on the way to get the env. permit?
Posted by: SiO2 at
May 18, 2007 11:20 AM [link]
SEPR
Downgraded by Credit Suisse
Posted by: Telestar3d at
May 18, 2007 11:21 AM [link]
MarkM--no more lawyer talk, man.. .seriously though, i think bill is right about Friends and Family...think about it, one cryptic phone call is all it would take, let your imagination tell you where it goes from there...
Posted by: 2nd_ave at
May 18, 2007 11:22 AM [link]
Thanks, Telestar.
Posted by: writersblock at
May 18, 2007 11:25 AM [link]
Chris -
Interesting comment. Indeed, Bill's notion of a possible deal with Chinese is food for thought. In a VZ-gov't-to-Chinese-gov't deal, maybe there's no HB&B involved, and the "etiquette" of respecting shareholder rights might go out the window. Still, I suspect smart money would quietly begin to abandon GRZ & KRY as word got out, and declining share prices would tell the rest of us to get out.
Dear Jock,
You're right, I was just being dramatic.
Chris
KRY making a move....
Posted by: shark_attack at
May 18, 2007 11:36 AM [link]
another one to research for john in the UK
Posted by: rob d at
May 18, 2007 11:39 AM [link]
Chris,
Re KRY and Chinese and all that stuff: I think KRY is in a terrific position here. This is not a major deal for the Venezuela economy, and nobody is going to steal a relatively small mining property.
Now, the Venezuelan oil fields are a different matter. That is a world class asset on anybody's scorecard.
Still, I think, without a backer like the Chinese, Chavez will have to play fair with the oil companies in terms of the prices he will have to pay for the right to take their assets.
Posted by: Bill Cara at
May 18, 2007 11:40 AM [link]
Jock and Chris,
Unless you have access to pre-market and after-market trading there would be no escape. Look at AQNT. It opened this morning 78% higher on an after-market announcement that MSFT was buying the company. Could you get in on that action? I couldn't. I guess you could set up long stops and hope that you don't get hoovered prior to a positive announcement.
Fred
Posted by: lovesaves at
May 18, 2007 11:44 AM [link]
SEPR:
Ugh, I went into the Yahoo chatroom. I'm not familiar with SEPR's offerings, but there seems to be some noise about generic equivalent to one of their drugs in addition to some Medicare reimbursement.
KRY thoughts: It was last August when Chavez visited China. There was talk of cooperation and working together. China has an interest in working with VZ as it needs to think of oil and Chavez sees opportunity also.
There was a Chinese mining company (Shandong Mining listed on the Shanghai mkt) with interest in VZ. I quickly checked their website this a.m., but saw zip re VZ. I haven't checked further.
Bill, perhaps the Fly may have an update about China-VZ?
Posted by: Seamus at
May 18, 2007 11:51 AM [link]
JogyP,
"What is happening with IBKR?"
I believe things are unfolding pretty much as I expected in my post two weeks ago. My bid of 27.10 wasn't taken last Friday as I had hoped, but continued lack-lustre volume kept me eying the stock this week as my yo-yo did it's thing. I just entered at 26.80 today, a week later, and am wondering where the next buy will be ( averaging up or down on what appears to be fundamentally a good company and worthy of Cara100 status). At least Bill has taught me to exercise patience and wait for the price to come to me, even if it means letting an opportunity pass me by. When the noise goes away I think IBKR will prove to be a good trading opportunity. Hang in there!
Posted by: TerryC at
May 18, 2007 11:55 AM [link]
Leisa, thanks, too. Yes, I found that Medicare has put out info saying they will only reimburse for Sepracor's Xopenex at generic level, i.e., Albuterol. I wonder how much of SEPR's earnings were tied to that drug, as well as, forward expectations. Given the way it's getting hammered this morning, I would say a lot! I've been watching it, to buy the next time it went below 48, as it's been a fairly dependable performer, whenever it went to that level, and rebounded. However, I'm really glad I didn't just snap it up this morning!
Posted by: writersblock at
May 18, 2007 11:57 AM [link]
Nautilus Minerals is listed in the UK. Very interesting junior with investments from three majors.
Posted by: moab at
May 18, 2007 12:00 PM [link]
Fred/Bill - that's a great question w/respect to AQNT trading today.
The announcement came out at approximately 7:55AM.
W/E*Trade (and all other online brokers that I am familiar with) - the earliest that they allow trading in the AM, is 8:00.
I immediately checked E*Trade and saw that AQNT was already up some 60+% - PRIOR to 8:00 AM
Question - who was trading AQNT prior to 8:00 AM?
Why can't we (Joe and Jane Doe) trade w/whomever was trading PRIOR to 8:00 AM?
The sooner we get to 24x7 trading, ALL markets, ALL the time - the better for everyone.
Learn2Invest
Posted by: Learn2Invest at
May 18, 2007 12:11 PM [link]
SEPR--I wouldn't take a position here. Xopenex is half of their sales. If Medicare has decided to cut reimbursement to the price of albuterol, then they are essentially saying that Xopenex (which is simply a form of albuterol with one isomer removed) is neither safer nor more effective than albuterol. (I think the original argument was that Xopenex would provide all the benefits of albuterol, but with fewer of the cardiac side-effects.) This decision will trigger more insurance companies to argue the same, and Xopenex will be taken off their formularies. I think sales go down from here...
Posted by: 2nd_ave at
May 18, 2007 12:20 PM [link]
All the other foreign mkts are trading U.S. equities (like we trade ADR's) while we are sleeping. Turnabout is fair play, we should learn more about int'l mkts and trade their co's off hours (theirs) to our benefit.
More on the Globetrotter/Nationals theme i think.
Posted by: Craig at
May 18, 2007 12:20 PM [link]
In fact, I think SEPR is a short...
Posted by: 2nd_ave at
May 18, 2007 12:23 PM [link]
It seems that 'they' want to take SPY to 152.8 to get a record.
Will they get it today with a lot of press over the weekend so that a 'deals Monday' can provide back to back 100+ dow days?
I think we need back to back (or back to back to back) 100+ dow days to top this thing.
But all we keep getting is a single 100+ dow day followed by a baby step back so the process just goes on and on and on. The charts (dow and spy) look as though someone just drew them out in advance (perhaps in July '06).
Posted by: esbisworried at
May 18, 2007 12:55 PM [link]
esbisworried
Sure looks like it. I watch a couple of tells, the general (GE) as Bill has referenced and GS in the financial area.
Posted by: Seamus at
May 18, 2007 1:01 PM [link]
Reg: LEH
Some one dumped 6.5 million shares at 72.
Does not look good for a happy ending.
Posted by: JogyP at
May 18, 2007 1:17 PM [link]
Learn2Invest, and all others,
Re AQNT: this is a topic I happen to have argued strongly in formal session of the chairs of all of Canada's Securities Commissions, Toronto Stock Exchange, and other Exchanges, Investment Dealers Association of Canada, plus the senior management of all key vendors of market data and trading systems like Bloomberg, Reuters, etc, with all their high-priced consultants from around the world. The occasion was the OSC Forum on Electronic Trading set up, by the way, by hedge fund manager Hugh Cleland's father, Hugh, when he was de facto head of staff at the OSC in the late 1990's.
Hugh (Sr) had asked me to speak on behalf of the public because every other axe that day was being wielded by the industry heavyweights. and there was a lot of b.s. flying around the hearing room that day.
As it turned out, just before the proceedings started, there was a company on the NYSE that had been delayed at the open over an hour in order to match orders. Later that day, that stock went on to set an all-time one-day volume record. It was a company that has recently been split up, called Cendant. You all know the brands that Cendant owns.
http://en.wikipedia.org/wiki/Cendant
There had been grievous errors discovered in the Cendant accounting systems the day prior to the OSC Forum. So, by the time Cendant opened for public trading on the NYSE late that morning, the price was a fraction of what it had been at the close the day before.
Now shortly before it was my time to speak (I had been given, like the others, about 20-25 minutes), the firm of Reuters Instinet (now one that also has been reorganized and in new hands) had delivered their message. They said they were just a little-bitty broker-dealer, and showed the audience an exhaustive slide-show to back their position. They argued also that any broker-dealer ought to have the right to use its technology to trade orders off-market 24 hours a day. The Forum was the last stage of the process to work out new regs for Canada.
So when I got to the podium, I turned to my Reuters friends who had taken much of the front row, and said that I strongly disagreed with their position. Reuters, I said, was an electronic exchange and they were, in fact, the global de facto electronic exchange, matching orders from the HB&B upstairs trading rooms that are operated 24 hours a day. They were unlicensed to do that, but what the hey, it's what HB&B wanted and that's what HB&B was going to get.
So, I said, why not call a spade a spade instead of this playing games and wasting time.
But I made my point strongly, much like Learn2Trade just discussed here.
After I pointed to the Reuters Instinet entourage that I said had been really busy trading all night shortly before that OSC Forum had started, I said that Cendant had just been crushed in the prior session's after-market on the bad news.
So as Cendant was crashing from x to a fraction of x as the hours slipped past midnight, two, four, six am ET, Reuters Instinet was busy matching tens and tens of millions of shares from HB&B at those falling prices, and we the public couldn't do a thing about it. So I began to point at the bench with these formal securities regulators, supposedly the friends of you and me, put into their respective chairs by their provincial governments, mandated to serve and protect.
I pointed to each of the nine chairpersons and asked, "Could you sell your Cendant last night? Could you, and you, and you? I know I couldn't." I went down the line. "Well, how is it that they could?" What makes Reuters Instinet special?" etc.
I expressed my usual tone of rank indignation in those situations because I knew all the people in that room would ignore my point that the capital market is not there to serve and protect the owners (and their managers) of capital; it's a con by the financial services industry (ie, the sell-side) to make us think we have a level playing field, and that we need their services to manage our capital.
What we have is a system so conflicted in favor of HB&B that the table is tilted almost upright to facilitate the rolling of our capital right off and into their pockets. We have allowed, since the US Securities Act and subsequent regs of 1933-34, a no-lose situation for HB&B, and it is a disgrace.
The conflict of advising the client and trading against the client at the same time, and having self-regulatory powers to resolve the client complaints is so sick that nowhere else in society would it remotely have a chance of occurring.
You asked about AQNT; don't even get me started.
Posted by: Bill Cara at
May 18, 2007 1:18 PM [link]
2nd_ave, RE:SEPR THanks. That now makes at least two important drugs in their model of left- or right-handed isomers that were supposed to be better, safer, etc, than the original, that have failed to "produce." The first was their version of Prozac, which, if I recall, was halted quite suddenly while still in the trial/experimental stage. Agree, Sepracor is probably a short, though it looks as if a LOT of that action is heading out the door today!
Maggie
Posted by: writersblock at
May 18, 2007 1:20 PM [link]
Now if MDY and SPY can be made to set records on the same day a 'media party' or perhaps 'media frenzy' can follow. Prepared well in advance.
"And the beat goes on.........drums keep pounding rhythm to the brain."
Posted by: esbisworried at
May 18, 2007 1:20 PM [link]
Regarding AQNT, look at yesterday's May 35 call activity.
Someone had advance knowledge of this and made a bundle. I won't hold my breath waiting for an SEC investigation, though.
Posted by: number2son at
May 18, 2007 1:52 PM [link]
LAM (tsx) is flying today.
Out of SBUX (jun 30 calls). Here's an article about it, says it's growing days are over, but a buy around $22: http://fon.gs/sbux/
(fon.gs is the same idea as tinyurl, except you can name the url with something mnemonic and the URLs are shorter).
Posted by: SiO2 at
May 18, 2007 1:55 PM [link]
Shorted AUY @ 13.70, just for fun. I hate going with the flow. stk
Posted by: stktrader at
May 18, 2007 1:59 PM [link]
Wasn't the stock split price on SBUX $24?
I would be looking around there, although who would pass-up $22? I'm a NW Washington person so I tend to follow SBUX/COST/MSFT/BA etc.
Wish I had bought it when I first saw it back.....oh nevermind.....
Posted by: Craig at
May 18, 2007 2:02 PM [link]
Regarding AQNT:
I just wrote a short email to Amanda Lang at BNN expressing my displeasure that the playing field isn't level and asking her to comment. I don't expect my email to accomplish anything but, I feel better.
Fred
Posted by: lovesaves at
May 18, 2007 2:19 PM [link]
Good afternoon, Bill.
Nice rebound in the PM stocks. Stktrader, you sure have an odd idea of fun. If anything, I think the sentiment is overall bearish.
Uranium stocks such as usu, urz, frg are moving well today.
Posted by: mogwai8myball at
May 18, 2007 2:22 PM [link]
Chart Specialists:
I am still learning to read charts.
Did CTSH chart (Price channel) indicate any signs of today's move 2 days ago on May 16.
Posted by: JogyP at
May 18, 2007 2:31 PM [link]
JogyP RE CTSH
My WAG is some moderate short covering along with the usual tomfoolery associated with options expiry....
Posted by: RobBoss at
May 18, 2007 3:00 PM [link]
ctsh -
the chart will tell me when it has turned up, but i don't think it will tell me 2 days before. think about it - if it could do that we would all starve to death in a relatively short time - months. you have to believe that - whatever the reasons for the sell off since march, they will moderate & reverse at some point.
Posted by: score22 at
May 18, 2007 3:10 PM [link]
KRY--shark_attack called it last night:
"Jock,
I believe KRY has one good rally back near five left in it (as well as a few more days in which to do it) before a very bearish feeling settles in about the timeliness (lack thereof) of the permit. I am long KRY for this last rally which may take us into next week. But there's only so long until folks get negative about this again.
Chris
Long KRY and God knows, I've been wrong before.
Posted by: shark_attack [TypeKey Profile Page] at May 17, 2007 8:28 PM"
Posted by: 2nd_ave at
May 18, 2007 4:10 PM [link]
And JogyP hit it close enough for me...
Posted by: 2nd_ave at
May 18, 2007 4:13 PM [link]
Well, we are left with only those three days in March 2000 to surpass. I would have expected the secondary Sep. 2000 peak to hold a bit stronger. But apparently the last hour on Fridays has become the new sure boost. Another sign to watch for top spotting when this last leg up finally fails.
I found Art Cashin's quick comment on CNBC (which I only overheard) quite telling: shades of '87 abound, young guns disregarding old hands' caution then and now.
JML
Posted by: Jumble at
May 18, 2007 4:16 PM [link]
stk-
And I bought it from you. Just for fun. Have a great weekend. :)
Posted by: MarkM at
May 18, 2007 4:24 PM [link]
Everything I'm reading about Gold today is negative...here's a typical example from Mark Manning on TSM: http://tinyurl.com/33tvl5
From a contrarian stand point, I think it's all bullish.
In fact, Hulbert's last commentary on the exposure of gold-timing newsletters was May 9...newsletters were recommending an average gold market exposure of only 14.3%, down from 57.1% April 25...Hulbert (who is usually right) considered that bullish. Full story: http://tinyurl.com/yvt28l
May 9 was exactly when the latest pull-back started, so he was wrong--but hey, being wrong once is OK.
Now it's 7 trading days later. At some point, everyone waiting for a better entry point into the miners will be frustrated, and we're on our way back to the high end of the range.
Posted by: 2nd_ave at
May 18, 2007 4:35 PM [link]
If MarkM is going long just for fun, that nails it! I think it gets better next week. Best wishes to all for a great weekend...
Posted by: 2nd_ave at
May 18, 2007 4:41 PM [link]
Forbes.com has issued its latest Favorite/Best of the Web review of "Stock Picking Communities".
http://www.forbes.com/bow/b2c/category.jhtml?id=280
Why not discuss those sites here this weekend and that will give Forbes editor Matt Rand some feedback.
Btw, this is the official start of the Summer Season in Canada, with a three-day holiday. We drink more beer than Americans apparently, so we need a head start.
I'll be doing the Week In Review on Sunday's from now on. Saturday's will be blank until I can figure out a meaningful value-add I can make (ie, a new report). I wouldn't want to see a day go by where I'm not working, right? (LOL)
Actually, I am hustling to get things done so that when I depart for Bahamas at the end of June, I can start to take life easier. :-)
Easier, not easy. I won't go that far.
My website make-over is going to be released as soon as I can find a pro photographer who can take my photo without damaging their equipment. Maybe by next Friday.
I think the graphics and the navigation looks good. The content will not change though.
I failed to have the time to review the Reader Survey. Maybe I'll do that this Saturday.
Posted by: Bill Cara at
May 18, 2007 5:38 PM [link]
MM,
I did lose $40 + $20 commission. I was up $40 at one point. With the way it traded sideways for so long, I sure thought that it would have sold off in the last hour to the 13.50 area. Options expiration? I guess you are going out to dinner and I am eating a tv dinner. stk
Posted by: stktrader at
May 18, 2007 5:39 PM [link]
Kaimu,
My wife loves the flowers that arrived today. $70 well spent. stk
Posted by: stktrader at
May 18, 2007 5:42 PM [link]
Gold:
Today's move was China talk and their preempting Washington before next weeks talks which focused everyone on the lousy USD.
Talk of freeing up investment capital with all kinds of gov't perks and the $3B they invested with Blackrock today is a sign of things to come.
I think China talk next week can't help but shine more light on the trade deficit/weak dollar (compared to everything else)and keep the markets in focus (could we or China crash while Paulson is talking to China?), so my call is for more of what we saw today.
I do note differences in volume between GLD and UXG. Low vol. on GLD but decent vol on UXG and the miners I track which are WGDF and GRS.
From what I heard from most of you the others held up nicely today.
Some volatility in that GRS Bill. Down and back in a couple days...yeow! Up on good volume today.
So overall I'm good with the volume and where we're headed. OZ!
Ah, now it's Friday and I have to pick a wine.
Likely one of the wife's fav Chard's.
Enjoy the free Saturday Bill.
Craig the Strawman
Posted by: Craig at
May 18, 2007 6:21 PM [link]
Bill,
Is it the weekend yet? I quickly visited the sites recognized in Forbes and was left a little confused. They have value in their own right but, are they communities. I thought that a community is place where two-way and group interaction and communication exist. To me a community is a place (real or virtual) where people form relationships. So, I thought ... maybe I don't understand what community is. Our friends at Wikipedia have lots to say about community. The following passage resonates with me:
"If the sense of community exists, both freedom and security exist as well. The community then takes on a life of its own, as people become free enough to share and secure enough to get along. The sense of connectedness and formation of social networks comprise what has become known as social capital." Bill, if you don't mind I much prefer this community here. Those other places seem cold and impersonal!
Fred
Posted by: lovesaves at
May 18, 2007 6:26 PM [link]
Val.v went up 17% today. I was going to buy some this morning but had to leave early. Now I'm afraid I've missed the boat. Evidently there was a private placement today at 35 cents per unit which includes one share and one warrent. I was looking over their SEC filings yesterday, and I noticed that they bought their property from NEM and NEM has the right to buy it back if a certain threshold is reached. I am obviously unclear about the meaning of this.
I was also looking at NAK and observed that Rio Tinto now owns around 19% of the company. The CEO says that shareholders will ultimately retain a 50% interest in the Pebble properties and that this arrangement was made to enable the mines to become productive much earlier. How does this comport with Bill's statement that many of us will be dead by the time they start making profits? Does this mean the stock is a better deal around $11 per share than it was before? As a very naive investor/trader I'm just trying to factor in some items that I don't fully understand and would appreciate comments. Thanks in advance.
Posted by: aucourant at
May 18, 2007 6:46 PM [link]
lovesaves/Fred
You make a very good point. A "community" denotes a social network.
To foster community here, I had to put myself out there in a very personal way. Trust me, it wasn't easy. But I knew it would draw readers into a community where they would find comfort, and mutual respect.
I had to be a gatekeeper until the concept took hold because there are people hiding in the ether who despise the notion of "community" and wanting to spam it. Now our community takes care of that because I set a standard.
In about a week's time, the new website here will have all this explained.
As to a suggestion to Matt Rand at Forbes.com, maybe he should call that something like Trader's Special Interest Groups or something more appropriately named. Why not help him do that?
Posted by: Bill Cara at
May 18, 2007 7:00 PM [link]
Thanks to moab and rob d for suggestions of small gold miners listed in UK.Yesterday in my trawl through the many that I found listed on the AIM market I plumped for Mercator Gold plc. gold production to start june 07 in Australia
Posted by: john uk at
May 18, 2007 7:21 PM [link]
It's the weekend and the annual NY Subway series is upon us. Let's GO METS!!!
Glad to see crystallex ended strong today. I missed the entire thing.
Posted by: NYUgrad at
May 18, 2007 7:32 PM [link]
Just returned from watching the Cubbies beat up on the Sox! Yes!
Looks like the morning move continued for the PMs into the afternoon. Very nice day.
Reference all the currency talk, FWIW the G-8 meets in Germany this weekend. From Everbank's Daily Phennig: "I'm sure that once again the ministers will moan and groan about the weakness in yen... But to no avail, I'm sure!" I'm watching the 122 resistance line which would be a big surprise if the USD hurdled it. I just don't see that happening but stranger things have happened.
Looks like the loonie also closed at an all time high vs. the USD if my screen is accurate.
Bill, the survey results would cover Saturday work. Thanks as always. Time for some fine wine and dinner.
Posted by: Seamus at
May 18, 2007 7:39 PM [link]
Dear Bill and Everyone, KRY...KRY...KRY...
I was long Crystallex most of the week after sitting out the drop as you'll recall, and I ended up with a decent gain. I did sell all of the KRY today into the PM rally (above 4.80) that while hopefully is a sign of good things to come, may instead have been a real nice selling opportunity. Trend is strong, indicators are decent/good, and there may be a little more upside from here, sans permit. But we are back at the highs of last week from which these prices were rejected, we're back at the upper Bollinger. Also, I am genetically incapable of not selling into a rally like this one. Two rallies today actually, one in the AM also. I am just praying that the permit does NOT come Monday morning. Sorry to root against you guys, but I need to get back in, hopefully at $4.50 or so and then the permit can be aproved.
Have an awesome weekend!
Chris
Posted by: shark_attack at
May 18, 2007 8:23 PM [link]
ALOHA !!
stktrader ... Thanks ... Nothing like a happy wife and sometimes $70 for flowers is worth its weight in gold! I like happy wives ... WHY? Because I have seen UNHAPPY ones a few times(just a few)and belive me HAPPY IS BETTER !!!!!!
Posted by: kaimu at
May 18, 2007 10:07 PM [link]
ALOHA !!
stktrader ... Thanks ... Nothing like a happy wife and sometimes $70 for flowers is worth its weight in gold! I like happy wives ... WHY? Because I have seen UNHAPPY ones a few times(just a few)and believe me HAPPY IS BETTER !!!!!!
Thanks to all who participated in the Mothers Day madness! Its also better to have a HAPPY MOTHER!!!!
Posted by: kaimu at
May 18, 2007 10:10 PM [link]
ALOHA !!
Sorry for the double post but the Typekey said "I posted too many times in a short period" so I posted again because I did not know it had already posted ...
I agree Bill ... TypeKey is not the best and I also wish you had a way to edit posts after they have been posted and "spellcheck". I am just comparing your blog to others I have posted on. Am I asking for too much? OKAY ... I'll shut up!
Posted by: kaimu at
May 18, 2007 10:14 PM [link]
Dear Bill and Everyone,
Greetings !!! this is my first post and am hoping for some feedback. I saw this: "Investing Systems' Stock Picking Software Offers High Powered Gains on ''One-Click Stock Picks' (Business Wire)" on the WSW site at :http://www.wallstreetwindow.com/drupal/home.
It sounds like the very thing I have pleaded with the Gods to send me, so I am wondering if it is too good to be true. If anyone has an opinion on this product and the idea of software that picks winners often, please Opine ??
Thank you.
Posted by: moneygenie at
May 18, 2007 11:53 PM [link]
stk-
Sent a bottle over to your table where you and the missus were dining. We are square now. :)
I can't quite get over the notion that we will not have a puke it up spike down before resuming trend. I'd hide it in a general market selloff if I were The Boys.
Posted by: MarkM at
May 19, 2007 4:12 AM [link]
RE:AQNT..raw deal, not level field talk
It was trading at 65+ at 7:56am. Not sure what difference it would have made if one can trade before 8am or not. I'm a full-time trader and it made no difference and I have the chance to trade starting from 7am with a Canadian trading house.
Posted by: DJIMSTOCKS at
May 19, 2007 8:22 PM [link]
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reit index rolling over..? / chart
america´s fear of china / Economist
fits good to the news that
China Widens Trading Band, Lets Yuan Rise Faster Against Dollar
and
China Raises Rates for a Second Time This Year to Cool Growth
http://immobilienblasen.blogspot.com/
have a nice weekend
Posted by: jmf![[TypeKey Profile Page]](http://www.billcara.com/nav-commenters.gif)
at
May 18, 2007 8:34 AM [link]