For the DJIA index, there was a rally of +225 points in the first two and a half hours, followed by a fall of -365 points in the next three hours, ending with a final hour run-up of +310 points.

At the close, the DJIA (+151.17 +1.83% to 8424.75), S&P 500 (+8.37 +0.98% to 859.12) and NASDAQ Composite (+1.22 +0.08% to 1483.27) were, to say the least, confused.

The Canadian equity market was also in turmoil as the Toronto Composite gained +40.28 +0.46% to 8835.73, while the Venture Board plunged -35.54 -4.52% to 750.25.

In NY, the leading sectors were Energy (XLE +2.8%) and Technology (XLK +1.4%) while the losers were Financials (XLF -1.4%) and Basic Materials (XLB -1.1%).

Typically, the XLE and XLB track together, which wasn’t the case. Also, as a rule, XLK is strong when the NASDAQ Composite is strong, which wasn’t the case. So, chaos was the order of the day.

In the industry groups, the leaders were Big Oil ($XOI +3.5%), led by Exxon (XOM +4.0%), Computer Hardware ($HWI +3.2%), led by Hewlwtt-Packard (HPQ +14.5%), and Oil Services ($XOI +2.8%). Here are the charts for XOM and HPQ. The losers were Broker-Dealers ($XBD -2.2%) and Semi-conductors ($SOX -2.0%).

The extreme traders in the Cara 100 were, for the winners, Brunswick Corp (BC +20.2%), Research In Motion (RIMM +11.9%), Manufacturers Life (MFC) and GOL Airlines (GOL) both up +5.6%, Nokia (NOK +5.2%). The losers were Interactive Brokers -7.7% on 256% of average daily trade volume, PDA, KB and TCK, down between -5.3% and -5.8%.

Many of the extreme winners one day are the extreme losers the next day, probably the result of programmed trading in a low volume environment.

The US long bond ($USB) gained +1.13% to 120.16; however, the bond futures closed before the equity market began to soar, so today the bond futures are likely to open well down. T-Bill’s were yielding just 0.11%, which underscores the degree of risk aversion in the equity market these days.

On the forex front, there was not much action compared to a week ago: the $USD was up +0.46% to 87.20. Yesterday the gain was just +0.09%. The Euro was down -0.12% to 126.28. The Pound -0.19% to 149.65, the Yen -0.80% to 102.97 and the Loonie -0.45% to 81.18, were also weaker.

$GOLD lost a bit to 738.20 (-$3.80/oz).

$WTIC (Crude Oil) gained +$0.36/bbl to 55.85.

Overnight, the Asia-Pacific equity markets were all down except for China where the Shanghai Composite boomed (+6.05% to 2017.5) as domestic energy company stocks soared as a tax on imports was introduced.

The Japanese Nikkei (-0.66% to 8273.2), Hong Kong (-0.77% to 12815.8), Australia (-0.85% to 3483.2) and India (-1.83% to 8773.8) all traded lower on bank viability issues and economic recession concerns. The focus on Japanese banks is now on industry consolidation.

At 8:00am ET (vs 6:15am ET) today, the French CAC was down -2.40% (-1.25%), German DAX -2.71% (-0.66%), and UK FTSE -2.27% (-1.43%), which is worsening. Banks are continuing to pull equity markets down.

At 8:00am ET (vs 6:15am ET) today, the gold, palladium, platinum, and silver spot prices were: 735.30 (737.28), 213 (212), 830 (836), and 9.40 (9.51).

At 8:00am ET, the Euro is flat at 126.31 (vs a bit soft at 126.10 at 6:15am) and $USD is at 87.375 (vs 87.455).

Crude Oil is at 54.50-54.53 and stable.

The DJIA futures have dropped from 8385 to 8368 in the past two hours, down -126, but hardly the “rapidly worsening” conditions that Bloomberg is reporting.

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Comments & Outlook

When watching Financial Entertainment TV, traders have to be on the alert for two situations:

(i) It’s the job, according to the marketing suits at FETV, to create a sticky audience. They do that by playing on your emotions via exaggeration, hype, replays of guests like Nouriel Roubini and Marc Faber who they know cause the blood to boil in many of the audience, and by raising their voice, speaking rapidly, walking into camera shots, and too many tricks to mention here. I find it disgusting – not for me because I look at these people wearing clown suits – but for an audience that hangs on every word.

(ii) Traders are slow to readjust their sense of change. They have become used to trading percentages – it used to be eighth’s a few years back – and when prices drop to the extreme cycle lows present today, it’s more spectacular when a 20 cent move in a $2.50 is reported as +8% than say a year ago when that stock may have been a $10.00 stock and the 20 cent move was only +2%. This is why some day traders like to take 100,000 share block positions in the $2.00 stocks, but wouldn’t dare in the $100 stocks.

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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