The 30-year US Treasury Bond ($USB) is now at 120.55, and the yield on the 3-month T-Bill has dropped to 1.570. Lehman Brothers continues on its death march, and the Financials (XLF -1.2%) are the sector stocks that are leading the market down.

The major market indexes in New York recovered a bit from the prior day’s trouncing, but all is not well.

At the end of the session yesterday, the DJIA (+38.19 +0.34% to 11268.92), S&P 500 (+7.53 +0.61% to 1232.04), and NASDAQ Composite (+18.99 +0.85% to 2228.70) all rebounded (temporarily). Canada’s Toronto Composite (+350 +2.88% to 12497) went higher but the Venture Board (-24.5 -1.51% to 1596.7) continued to sink.

Earlier today, prices in Asia-Pacific markets were hammered: Australia’s All Ords (-1.81% to 4871.5); Shanghai (-3.34% to 2079.0); Hong Kong’s Hang Seng (-3.06% to 19388.7); India’s Sensex (-2.31% to 14324.3); and Japan’s Nikkei 225 (-1.98% to 12102.5).

Europe is weak too this morning too, down between -1.74% and -1.78% across the board at 8:36am ET.

In NY yesterday, the winning sector was Energy (XLE +3.9%), while the losers were Financials (XLF -1.2%) and Consumer Discretionary (XLY -1.0%). Goldminers and NatGas stocks recovered ($XAU +4.7%) and ($XNG +4.2%). Airlines ($XAL -2.9%) and Broker-Dealers ($XBD -1.7%) were down. Lehman Brothers (LEH) is the focus today.

The biggest losers among stocks of Cara 100 companies were: BA -3.6% and AMAT -3.1%. The winners were VIP +7.6%, SLW +5.9%, STO +5.8% and RIMM and RIO both up +5.3%. Research In Motion is going to come out soon with a flip Blackberry.

The $USD continues to rally, lifting +0.51% to 79.84, while the Euro dropped -0.76% to 140.15, the Yen -0.75% to 92.95, and the Pound -0.31% to 1.7544. The Cdn Loonie was up +0.11% to 93.43.

$WTIC Crude Oil dropped to 102.58 and $GOLD was hammered -$29.50/oz to 762.50.

In the futures and spot markets moments ago, Crude Oil October contracts on the NYMEX are down -0.53/bbl to 102.05; the Euro Sept contracts are at 1.3930; and the $USD Sept contracts are at 79.98. The Sept DJIA is 11159 (-132).

Spot gold, palladium, platinum and silver at 9:04am ET are: 751.31, 229.5, 1166, and 10.87, respectively.

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Comments & Outlook

In last weekend’s Week In Review, I stated:

Technical analysts looking at the major equity market indexes of various countries this weekend must be stunned to see a consistent pattern where prices are on the verge of simultaneous collapse.

I hope my opening paragraph captured your attention because it also means the end of the Bear is one step removed. Just one more leg down – probably 10-12% -- is what the sellers will take to complete the bottom, I believe.

Now is the time to be scouring the market for the best quality companies that trade at attractive valuations. Now is not the time to panic.

Earlier this year, I found the appetite for goldminer shares to be extremely voracious, so I opined that it was time to feed these traders by selling shares. I recommended selling Goldcorp at US$44.71. Yesterday, GG hit a low of $24.79 and closed at $26.42. Now is the time to be buying.

Because the price of gold has fallen to the mid-700s and silver to the low 10s, Wall St analysts will be downgrading these commodity producers now on the basis their reserve calculations must be re-done at lower values. Remember, these are the same analysts who were, unanimously as I published in their own words in my report, so bull-minded early this year.

In most securities broker-dealers, the analysts and salespersons are not traders. In fact, most of them make lousy traders because they drink their own lemonade. Traders often see lemons, and take advantage of the weaknesses of their colleagues.

A true story is that when I worked at Dean Witter (now Morgan Stanley) over 20 years ago, we had a mining analyst in New York who, if he put out a new Buy report, we would sell into the bullish order flow. Call us skeptics, but I assure you we made more money trading than the clients of that analyst.

There will be plenty of downgrades in the Oil & Gas, Base Metals and Precious Metal industries in the next two months. That presents you the best opportunity to buy.

When the market comes to you, you buy; when it gets away, you sell. As a rule.

But you still need to do you own due diligence, and follow your own trading plan. If I told people I don’t know that GG should be bought at 26, I know for certain there will be somebody out there who will be screaming at me that their sister was able to buy it later for 25 or 24. The point is, I don’t know you and I’m not trading for you. Everybody in the market has unique characteristics in terms of risk tolerance, financial resources, strategies and tactics. You have to make these decisions accordingly.

As the DJIA heads to a cycle bottom about 1000 points lower and Crude Oil drops from 102 to maybe 80-85 in the next couple months, there will be downward pressure on the stocks of quality commodity producers. That will be the time to use the ammunition pile you have been building.

The next Bull will be economically driven, not financially driven, which will be something quite new in the annals of trading.

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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)

Table 12: US Utilities

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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