But there are still doubters among all parties. Yesterday, the losses on the international equity markets were bad, including in NY where the DJIA (-189.01 -2.00% to 9258.10), S&P 500 (-11.29 -1.13% to 984.94) and NASDAQ Composite (-14.55 -0.83% to 1740.33) were down again.

The Toronto Composite (+226.8 +2.31% to 10056.31) rebounded, but the Venture Board (-21.82 -1.99% to 1072.64) capitulated, down almost -20% in three days.

In NY, two sectors held up with nice gains: Basic Materials (XLB +3.2%) and Energy (XLE +1.9%). The Financials (XLF -4.0%) sank. The losses in two days are -15%. Consumer Staples and Discretionary Spending (XLP -2.7% and XLY -2.0%) both sank as well under concerns that the credit system problems have not been solved.

The best performing industry group was the Goldminer stocks ($XAU +17.2%), which was spectacular.

The $USD pulled back -0.18%, while the $CDW (Cdn Loonie) dropped -1.67% (to 80.85 and 89.02 respectively, while the Euro and Yen gained +0.5% and +2.0% respectively. The British Pound dropped -1.0%.

Crude Oil ($WTIC -$1.63/bbl to 88.43) and $GOLD (+$24.50/oz to 906.50) moved in opposite directions. There was late session profit taking or selling from the Fed that moved the $GOLD contracts back from their highs.

$GOLD futures this morning are at about 889.6 (-16.6), trying to consolidate the gains of yesterday, but probably under central bank selling pressure.

Crude Oil futures are basically unchanged at 88.59.

Precious metals spot prices at 8:30am ET today vs 8:30am yesterday are for gold, palladium, platinum and silver: 888.47 (899.80); 196.5 (199); 1036 (1001); and 11.66 (11.70) respectively. So, platinum is up while the others are a bit soft.

Overnight, the Asia-Pacific equity markets closed mixed: All-Ords of Australia (-1.80% to 4291.3); Shanghai Composite (-0.84% to 2074.6), Hong Kong (+3.31% to 15943.2), India Sensex 30 (closed), and Japan’s Nikkei 225 (-0.50% to 9157.5).

In Europe at 8:30am ET, the French CAC (+2.16%), German (+1.34%) and UK FTSE 100 (+1.44%) are showing strength.

The DJIA futures are at 9343 (+142).

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Comments & Outlook

Last evening (7pm ET) I focused on IBM as a Cara 100 company that pre-announced a solid quarter, which I believe will help lead the equity market recovery. I expect the stock to soar today.

Here is a repeat of the IBM review:

IBM Announced Preliminary 2008 Third-Quarter EPS of $2.05; Reaffirms Full-Year 2008 EPS Outlook of at Least $8.75

-- Diluted earnings of $2.05 per share, up +22%

-- Net income of $2.8 billion, up +20%

-- Pre-tax income of $3.9 billion, up +19%

-- Revenue of $25.3 billion, up +5%

ARMONK, N.Y.--(BUSINESS WIRE)--xx--IBM (NYSE:IBM) today announced third-quarter 2008 diluted earnings of $2.05 per share from continuing operations, an increase of 22 percent, compared with diluted earnings of $1.68 per share in the third quarter of 2007. The company also reported net income of $2.8 billion, an increase of 20 percent. Revenue increased 5 percent, including 3 points of currency benefit, to $25.3 billion, compared with the third quarter of 2008.

IBM said it continues to expect full-year 2008 earnings per share of at least $8.75, or year-to-year growth of 22 percent.

The company's gross profit margin in the third quarter was 43.3 percent compared with 41.3 percent in the third quarter of 2007. Pre-tax income was $3.9 billion, an increase of 19 percent compared with the third quarter of 2007.

At the end of the third quarter, IBM's year-to-date free cash flow was approximately $6.4 billion and its cash balance was $9.8 billion.

"Our results demonstrate that the combination of a steady base of recurring revenue and profits, investments for growth in emerging markets, a range of products and services that deliver value to clients, and a strong and flexible financial foundation give IBM a competitive edge in good times and tough times," said Samuel J. Palmisano, IBM chairman, president and chief executive officer. "We remain confident in our full-year outlook."

From my perspective, this is an excellent report.

I believe these shares @ $90.55 represent excellent value.

The Monthly-Weekly-Daily charts show RSI-7 at 29.2-14.8-13.8 and due for a significant rebound, and commencement of a new Bull.

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IBM [GICS 45, Dow 30]

(IBM: Google Finance file)

(IBM: Yahoo Finance file)

(IBM: StockChart chart)

(IBM: Billcara2 chart)

(IBM: ADVFN Financial Data)

(IBM: Value Line Report Jul. 11: next one is due Oct. 10)

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The Value Line report will be issued on Friday. I anticipate a good one. I know their analyst likes the company.

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Yesterday in this space, I opined: “ I think the goldminer stocks should have a good day. Goldcorp (GG +3.39% to 25.91), Barrick (ABX +1.63% to 30.50) and Silver Wheaton (SLW -7.73% to 5.97) are my picks, but many of the others will do well if the $USD continues to fall today.

I also wrote in this space yesterday, “…. this is the time to be buying stocks. Averaging the S&P 500 and NASDAQ, the US equity market has dropped -40% in the past 52-weeks. I think the gain from here in the next 52-weeks will be +20% to +25%. With effective option strategies and purchases of stocks of the highest quality companies in Energy, Basic Materials, Industrials and Technology in particular, I believe your portfolios will lift +30% to +40% across the board.”

Purchasing IBM is one of those decisions that will permit your portfolio to grow by +30% or more annually for the next couple years.

Have a good day. The weather here in Bahamas will be nice through Friday, mostly sunny and 89 degrees, but then through the full moon next Tuesday there will be higher winds and a fair bit of rain. Rainy season, ie, period of high humidity, gets ushered out soon and replaced with dryer winter air. That makes for cooler and more pleasant days through about the middle of May.

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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 15: 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 13: 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 14: 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 13: 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