Thursday trading in NY was again quiet and again in a narrow range from the previous day’s close. Crude Oil prices, which had starting lifting the previous day, zoomed from about 6am ET to about 10:30am, closing the session at 121.18 (+$5.62/bbl). That’s a two-day gain of $6.64/bbl.

Precious metal traders didn’t miss the point of a crashing $USD either as $GOLD jumped +$22.70/oz to 839.00. The $USD plunged -1.07% to 76.11, while the Euro (+1.04% to 1.4901), Yen (+1.29% to 92.18), Pound (+0.83% to 187.74) and Loonie (+1.71% to 95.89) all soared.

Yesterday, the DJIA (+12.78 +0.11% to 11430.21), S&P 500 (+3.18 +0.25% to 1277.72), and NASDAQ Composite (-8.70 -0.37% to 2380.38) were mixed, but quiet.

In Canada, the Toronto Exchange Composite gained +1.4% to 13539 and the Venture Board gained +1.6% to 1950. The Venture stocks index has gained +2.51% in two days, while the senior stocks on the Toronto exchange gained +3.61%, so the trading is mostly institutionally oriented at the moment.

The strongest sector in NY yesterday was Energy again (XLE +2.5%), for a two-day gain of +5.4%. Financials again were the big loser (XLF -1.8%), for a two-day loss of -3.0%.

Airlines ($XAL -4.1%), for a two-day loss of -7.4%, were flattened by the hammer of soaring oil prices. The Integrated Oils ($XOI) and Oil Services ($OSX) each gained +2.1%.

According to the NOAA Weather Advisory at 5:00am, Fay is likely to remain a “minimal tropical storm” with heavy rainfall, with a forecasted northerly direction later today or tomorrow, taking the 50 mph winds away from the Gulf oilfields.

Of the extreme Cara 100 stocks, the big gainers were commodity plays again, led by Goldcorp (GG +7.6%), Barrick (ABX +6.8%), Statoil (STO +6.7%), Cameco Uranium (CCJ +5.8%) and Canadian oil sands plays Suncor (SU) and Imperial Oil (IMO). Bill Gates and Warren Buffett visited the oil sands for a personal inspection. The loser was Indian bank ICICI (IBN -4.1%).

The long bond ($USB) lost -0.26% to 117.73, as the $USD crashed. The T-Bill yield lifted a bit to 1.685.

Earlier today, the Asia-Pacific equity markets were mixed: Australia’s All Ords index (up +1.22% to 5010.2); Shanghai (-1.09% to 2405.2); Hong Kong (closed); India’s Sensex (+0.98% to 14383.4); and Japan’s Nikkei (-0.68% to 12666.0).

At about 6:19am ET in Europe, markets are stronger as the Financials are up in the morning: the French CAC is up +0.69%; the German DAX +0.61%; and the UK FTSE +1.03%.

This morning at 6:10am ET, the $USD is stronger at 76.645 (+0.315); and the Euro/USD at 1.4807 (-0.05%).

Crude Oil futures are down -0.47/bbl to 120.71.

The DJIA futures at 6:10am ET are at 11426, up +18.

Gold, palladium, platinum and silver futures at 6:10am ET are looking a bit weaker.

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Comments & Outlook

Nemo stated in the Discourse last evening: "Higher oil prices will be taken as a distinct negative by traders, but this too could be part of a plan by certain vested interests to force the Administration to save Fannie and Freddie." O.K Bill, I give up. Could you give me a scenario?

I responded:

Lower interest rates in the US at this point would serve those shareholders and bondholders hoping to save Fannie, Freddie, Lehman and other weak financial companies. But those financial companies will be "saved" for others who are standing by ready to pounce. By goosing the oil price, and crashing the $USD by -1.1% today, soon before Bernanke is going to speak at the Fed's annual symposium at Jackson Hole Wyoming, it puts the Fed into a position where the prospect of lower rates must be ruled out. In fact, the language being used by the media at this point is that the Fed will wait until post-election to start raising rates from 2% to 3% through 2009. I believe these stories have been carefully crafted. In the absence of lower rates, I believe Fannie, Freddie and Lehman are toast and the Fed and the Treasury Secretary will be required to save them like they "saved" Bear Stearns. In other words, this is feeding time for other banks and friends of Paulson, and at the end of the day the taxpayer once again will assume all the liabilities while the new owners will take all the assets. I believe that people like Bernanke, Geithner, Dimon and Paulson and the people pulling their strings know how this is being played out and are facilitating it. The scripts are being written and practiced today for public consumption. We are witnessing the biggest transfer of wealth in the history of the world.

These are my views. We are all entitled to our own here. Mine may or may not be the most helpful. I am merely encouraging discussion.

ADDENDUM: I have asked Jeff to correct the chart problem. Unfortunately he's on Mountain Time, meaning that like the people at Jackson Hole this morning, he's probably still sleeping. :-)

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Links & Charts

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International Economics Review

US Economic Calendar.

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Knobias Cara100 Tables

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Cara 100 Daily RSI-7 Charts

At least one RSI value >70:

At least one RSI value <30:

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International Equity Markets Review

Europe

Here is the latest session data for the bourses of Europe.

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Here is the latest session data for the London stock exchange FTSE.

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Here is the latest session data for the German DAX.

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Here is the latest session data for the French CAC 40.

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Here is the latest session data for the Milan Italy stock exchange MIBTEL.

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Here is the latest session data for the Swiss market index.

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Asia-Pacific

Here is the latest session data for the Asia-Pacific stock exchanges.

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Here is the latest chart for the Japanese Nikkei 225 index.

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Here is the latest chart for the Singapore index .

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Here is the latest chart for the Shanghai Composite index .

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Here is the latest chart for the Hong Kong Hang Seng index .

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Here is the latest chart for the India BSE 30 index .

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Here is the latest chart for the Australian All Ordinaries index .

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US Equity Markets Review

DJIA (interactive) chart

NASDAQ Composite (interactive) chart

Table 14: Dow 30 List

You can do this table yourself by entering the following string into the Summaries window at www.billcara2.com 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

Here are the links to interactive Dow charts from Billcara2.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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The Americas

Here is the latest session data for the exchanges of the Americas.

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Here is the latest chart for the Brazilian Bovespa stock exchange in Sao Paulo.

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Here is the latest session data for the Toronto Stock Exchange composite index.

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Sector ETF Summary for the US equity market

The tables I show in this section are for ten (GICS) Sector Index Funds (ETF's) only, but they cover the full spectrum of the US equity market.

Table 1: Cara ETF List

You can do this table yourself by entering the following string into the Summary window at Billcara2.com and then clicking on the link for Performance. XLE XLB XLI XLY XLP IYH XLF SMH IYZ XLU XLK SPY . You can also add more ETF’s – up to 30 in total.

For a list of components to any ETF, go to the AMEX.com web site, and click on ETF's.

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10 (energy: XLE)

Table 2: Senior oil & gas equities

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15 (basic materials: XLB)

Table 3: Senior metals and steel equities

Table 12: Senior gold equities

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20 (industrial: XLI)

Table 4: Senior capital goods makers and transportation

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25 (consumer discretionary: XLY)

Table 5: Senior consumer discretionary equities

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30 (consumer staples: XLP)

Table 6: Senior consumer staples equities

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35 (healthcare: IYH)

Table 7: Senior healthcare equities

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40 (financial: XLF)

Table 8: Senior financial company equities

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45 (technology, semiconductor: SMH)

Table 9: Senior technology equities

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50 (telecom: IYZ)

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55 (utilities: XLU)

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International Equity Market USD-denominated ETF Review

Table 13: International equities perspective

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Japanese equity market ETF: EWJ

Here is the Japanese (EWJ) equity market ETF Daily data charts:

Interactive EWJ Daily data:

Interactive EWJ Weekly data:

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U.K. equity market ETF

Here is the United Kingdom (EWU) equity market ETF Daily data charts:

Interactive EWU Daily data:

EWU Daily data:

Interactive EWU Weekly data:

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Canada's equity market

Here is the Canadian (EWC) equity market ETF Daily data charts:

Interactive EWC Daily data:

Interactive EWC Weekly data:

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Bonds & Yields Review

Table 10: Yahoo Finance U.S. Treasury Debt, Municipal and Corporate Bond Yields

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Here is the $USB 30-year Treasury Bond chart.

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US Bond Funds -- Interactive 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:

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Table 11: Interest-sensitive securities

Consumer Finance -USA -- Interactive Daily Data Charts

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Commodities Review

$CRB Index

Open Futures Contracts

Interactive Chart of Daily CRB Commodities Index:

Interactive Chart of Weekly CRB Commodities Index:

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Oil Review

Here is the e-miNY Mar-08 Crude Oil chart.

Interactive Chart of Daily Crude Oil:

Interactive Chart of Weekly Crude Oil:

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Gold & Precious Metals Review

Spot gold chart for the week

Interactive Chart of Daily Gold EOD Continuous Contract Index:

Interactive Chart of Weekly Gold EOD Continuous Contract Index:

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Spot silver chart for the week

Interactive daily data

Interactive Chart of Daily Silver EOD Continuous Contract Index:

Interactive chart of the Silver Bullion index.

Interactive Chart of Weekly Silver EOD Continuous Contract Index:

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Spot platinum chart for the past three days

Interactive Chart of Daily Platinum EOD Continuous Contract Index:

Interactive Chart of Weekly Platinum EOD Continuous Contract Index:

Interactive chart of the Platinum metal index.

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Spot palladium chart for the week

Interactive Chart of Daily Palladium EOD Continuous Contract Index:

Interactive Chart of Weekly Palladium EOD Continuous Contract Index:

Interactive chart of the Palladium metal index.

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Interactive Chart of Weekly Copper EOD Continuous Contract Index:

Interactive Chart of Daily Copper EOD Continuous Contract Index:

Interactive chart of the Copper metal index.

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Table 12: Senior gold equities

To watch the moves in precious metal miners, you will have to monitor the individual stock charts, preferably in real-time, as follows:

NEM ABX AU GFI GG HMY AUY KGC BVN
Interactive Daily data
Interactive Weekly data

MDG LIHRY AEM BGO IAG EGO RGLD GOLD CDE GRS
Interactive Daily data
Interactive Weekly data

CBJ SSRI SIL NG KRY UXG GRZ TSE_HRG TSE_GUY TSE_AGI
Interactive Daily data
Interactive Weekly data

NXG GSS MNG DROOY MFN RNO RANGY MRB CLG
Interactive Daily data
Interactive Weekly data

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Here are the key Silver miners and the SLV ETF:

SLV SIL CDE HL PAAS SSRI SLW MGN

Interactive Daily data
Interactive Weekly data

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

Interactive Chart of Daily U.S. Goldminers Index:

Weekly U.S. Goldminers Index:

Interactive Chart of Weekly U.S. Goldminers Index:

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The U.S. goldminer share trust ETF trades under the ticker symbol GDX.

Here are the U.S. Goldminer ETF (GDX) index Weekly and Daily data charts:

GDX Daily data:

GDX Weekly data:

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The Toronto Exchange-listed goldminer iUnits S&P/TSX Capped Gold Index ETF trades under the ticker symbol TSE:XGD. Yes, just like GDX on the AMEX, you can trade XGD on Toronto.

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

Interactive Chart of XGD Daily data:

Interactive Chart of XGD Weekly data:

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Forex Review

Here is the chart of the week's trading in the $USD.

Interactive Chart of Daily U.S. Dollar Index:

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Interactive Chart of Daily Euro Dollar Index, priced in USD:

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Daily British Pound Index:

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Daily Japanese Yen Index:

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Daily Canadian Dollar Index:

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Wrap-up