Yesterday, the DJIA (+68.88 +0.61% to 11417.43), S&P 500 (+7.85 +0.62% to 1274.54), and NASDAQ Composite (+4.72 +0.20% to 2389.08) appeared stronger at the close than during the day. Today will not be so strong at the open.

In Canada, the Toronto Exchange Composite gained +2.2% to 13350 and the Venture Board gained +1.0% to 1920.

The strongest sectors yesterday were Energy (XLE +2.9%), Financials (+2.1%), and Basic Materials (XLB +1.8%). The loser was Consumer Discretionary (-1.2%).

Airlines ($XAL -3.3%) weakened as the Crude Oil price strengthened. NatGas ($XNG +3.4%) and Banks ($BKX +2.3%) were leaders among the industry groups.

$GOLD closed down -$0.20 to 816.30, but is stronger this morning. Traders are focused on Fannie Mae (FNM -26.8% to $4.40) and Freddie Mac (FRE -22.1% to $3.25), which are continuing to slide in the pre-market today as everybody is wondering what the monetary authorities are planning to do.

Of the extreme Cara 100 stocks, the big gainers were commodity plays again, led by China National Offshore Oil (CEO +7.5%), Suncor (SU +6.1%), Vale (RIO +5.9%), Teck (TCK +5.4%) and Imperial Oil (IMO). The losers were JC Penny (JCP -3.0%), Brunswick (BC) and Carnival Cruise (CCL) both down -2.9% and GOL airlines of Brazil (GOL -2.7%), mostly all due to concerns over oil price increases.

The long bond ($USB) gained +0.40% to 118.05, which is the highest close for a while.

The T-Bill yield dropped quickly -5.4% to 1.67% and may drop again today as traders are refocused on a potential bank failure.

Earlier today, the Asia-Pacific equity markets were very weak: Australia’s All Ords index (down -0.96% to 4949.6); Shanghai (-3.63% to 2431.72); Hong Kong (-2.58% to 20392.06); India’s Sensex (-2.96% to 14243.73); and Japan’s Nikkei (-0.77% to 12752.21).

At about 7:29am ET in Europe, markets are also weak, but have strengthened during the past hour: the French CAC is down -1.09%; the German DAX -0.60%; and the UK FTSE -0.02% from yesterday’s close. But the FTSE was down -0.53% an hour ago.

This morning at 7:30am ET, the $USD is weaker at 76.72 (versus 76.89 an hour ago); and Euro/USD at 1.4774 (versus 1.4739 an hour ago).

Crude Oil futures are now up +1.99/bbl to 117.55 (vs 117.11 an hour ago), which is weakening the $USD.

The DJIA futures at 7:35am ET are at 11368, down -38 (vs down -49 an hour ago). This confirms the stronger markets in Europe in the past hour, but nothing is set in stone this morning as volumes are very light and emotions very high. Fannie and Freddie are down -4% to 5% in the pre-market again.

Spot gold, palladium, platinum and silver at 7:45am ET are, compared to prices at the same time for the past three days at this time (in brackets): 827.32 (814.92, 789.85 and 791.40), 286 (282, 272 and 278), 1402 (1352, 1323 and 1373), and 13.62 (13.30, 12.865 and 13.06). The prices are stronger in the past hour as the $USD softened.

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Comments & Outlook

With CNBC late afternoon pumping for higher oil prices (histrionic and needless shouting that tropical storm Fay was reversing course and heading toward the Gulf oilfield) and Cramer (apparently) pumping for Treasury to save Fannie & Freddie, calling it “just so unfair to the little guy”. Bloomberg this morning is pushing the same theme.

All of this promotion seems to be scripted by Hill & Knowlton, and, together with the Condi Rice sudden trip to Iraq, is knocking down the $USD. That is pushing the oil and gold prices higher. As I sense it, there is clearly panic among the vested interests that control the US equity market, and they are pushing mainstream media to help them out.

Fannie and Freddie appear to have been written off in the minds of most traders. This is helping drive capital into US treasuries, which pushes yields lower, which helps the banks that are keeping their rates firm. In any case, the T-Bill yield sank -5.4% on the day as there was more talk about a major US bank failure on the horizon. Lehman Bros appears to be the first one that may fail.

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. Thankfully, I see a couple Fed heads or ex-Fed heads saying that those companies should be allowed to fail. Doing so would facilitate the cleaning out of all the dubious assets on the books of all the banks and would force a series of mergers, which in itself (based on the extra due diligence and tough decisions required) would force the banking industry to take responsibility for their past actions.

Weak banks can quickly fail. Their major assets, which are their key people, are being openly solicited by stronger banks. Clients are pulling out assets too, and that puts pressure on the banks to raise more capital to replace lost reserves. But there are no bids by stronger financial companies for some of these banks, so the end is near for some of them.

Through all this mess, it’s interesting that the Treasury Secretary and Fed Chairman are quiet. They are probably in meetings with the predator banks, slicing up the pie.

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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