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OBSERVATIONS

 Sat, 13 Mar 2010 16:03:48 GMT
  • Senate, Obama spar over health plan's pet projects (AP)

    Senate Majority Leader Harry Reid of Nev., left, along with Gina Owens from Seattle, Wash.,left, whose daughter, Tiffany Owens died after losing her job and health care, Senate Majority Whip Richard Durbin of Ill. center, and others, arrive for a health care news conference on Capitol Hill in Washington, Thursday, March 11, 2010. (AP Photo/Harry Hamburg)AP - President Barack Obama says he wants projects helping specific states yanked from the health care bill Congress is writing. Democratic senators, being senators, beg to differ.


  • Economy the focus as China political session ends (AP)

    Delegates rise to sing the Chinese national anthem during the closing session of the Chinese People's Political Consultative Conference (CPPCC) in Beijing's Great Hall of the People, China, Saturday, March 13, 2010. China's top parliamentary adviser said Saturday that keeping the economy stable and steady must remain the government's biggest priority this year. (AP Photo/Alexander F. Yuan)AP - Mao Zedong's grandson couldn't have put it more simply. China's biggest challenge? "Economic development," he said, as the nation's most public political meetings end with sweeping goals to expand growth — and help more Chinese enjoy it.


  • New Sen. Brown bashes Obama's `bitter' health push (AP)

    Sen. John McCain, R-Ariz., left, and Sen, Scott Brown, R-Mass., ride the Senate Subway on Capitol Hill in Washington, Wednesday, March 10, 2010, after voting on the Tax Extenders Act. (AP Photo/Harry Hamburg)AP - Newly arrived Republican Sen. Scott Brown of Massachusetts accused President Barack Obama and Democrats on Saturday of a "bitter, destructive and endless" drive to pass health overhaul legislation that Brown warned would be disastrous.


  • China to bid on US high-speed rail projects (AP)

    FILE - In this Wednesday, March 3, 2010 file photo, a worker checks a CRH high-speed train at a maintenance base in Wuhan, in central China's Hubei province. China plans to bid for contracts to build U.S. high-speed train lines and is stepping up exports of rail technology to Europe and Latin America, Deputy Railways Minister Wang Zhiguo said Saturday, March 13, 2010. China has built 6,500 kilometers (4,000 miles) of high-speed rail for its own train system and President Barack Obama issued a pledge in November with his Chinese counterpart Hu Jintao to cooperate in developing the technology. (AP Photo/File) ** CHINA OUT **AP - China plans to bid for contracts to build U.S. high-speed train lines and is stepping up exports of rail technology to Europe and Latin America, a government official said Saturday.


  • GOP's Ryan Dissects ObamaCare, Lays Out 'Roadmap' To Health (Investor's Business Daily) Investor's Business Daily - Rep. Paul Ryan, R-Wis., took the national stage last month as he cut down Democratic health care plans point by point. If the GOP should win back the House In November, Ryan will become chairman of the House Budget Committee. And he has lots of ideas. He recently updated his "Roadmap for America's Future" to address many issues, including the budget deficit, entitlement programs, the tax system and health care.

CURRENCIES
US INDEXES
GOLD
Currencies - Trillions and Trillions Everyday
Mar 20, 2009 The June Euro was lower due to profit taking overnight as it consolidates above 50% retracement level of the December-March decline crossing at 135.215. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible. If June extends this month's rally, the 62% retracement level of the December-March decline crossing at 137.736 is the next upside target. Closes below the 20-day moving average crossing at 128.603 would temper the near-term friendly outlook. First resistance is the 62% retracement level crossing at 137.736. Second resistance is the 75% retracement level crossing at 140.557. First support is the 10-day moving average crossing at 130.492. Second support is the 20-day moving average crossing at 128.603.

Currency News...

US Index Futures - the New Day Trading
Mar 20, 2009 The June S&P 500 index was lower due to profit taking as it consolidates some of this week's rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that additional gains are possible. If June extends this rally, gap resistance crossing at 816.20 is the next upside target. Closes below the 20-day moving average crossing at 734.36 would temper the near-term friendly outlook in the market. First resistance is Thursday's high crossing at 800.50. Second resistance is gap resistance crossing at 816.20. First support is the 10-day moving average crossing at 748.08. Second support is the 20-day moving average crossing at 734.36. The June S&P 500 Index was down 6.60 pts. at 773.50 as of 6:01 AM CST. Overnight action sets the stage for a lower opening by the March S&P 500 index when the day session begins later this morning.

Market News...

GoldBug Delight
Mar 20, 2009 April gold was lower due to profit taking overnight as it consolidates some of Thursday's rally. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If April extends this week's rally, February's high crossing at 1007.70 is the next upside target. Closes below Wednesday's low crossing at 882.70 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 967.80. Second resistance is February's high crossing at 1007.70. First support is the 20-day moving average crossing at 933.20. Second support is the 10-day moving average crossing at 921.90.

May silver was steady to slightly higher overnight as it extends Thursday's rally. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. If May extends this week's rally, February's high crossing at 14.635 is the next upside target. Closes below the 10-day moving average crossing at 12.898 would confirm that a short-term top has been posted.

Gold News...
CRUDE OIL
COMMODITIES
INTERNATIONAL
Energy - An Old Bug-A-Boo
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Oil News...

A New Era?
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Commodity News...
In For The Long Haul
Thu, 11 Mar 2010 14:18:49 -0600

Time to Regulate Derivatives (Like Every Other Financial Instrument)
What is it about derivatives that makes otherwise rational humans
become so damned stupid? There is no need to over-complicate this; a
rather simple series of steps can be undertaken to bring the most
dangerous of derivatives out of the shadows and into light of day.

Thu, 11 Mar 2010 14:10:08 -0600

Business Economists on the CFPA
The National Association for Business Economics does a semi-annual Economic Policy Survey
of its members, who are primarily private-sector economists. The March
2010 survey isn’t up on their site yet, but this is what it has to say
about the Consumer Financial Protection Agency:

“A key point of discussion in Congressional
deliberations on financial services regulatory reform has been the [...]
Thu, 11 Mar 2010 13:49:41 -0600

The Speech for Which We Have Been Waiting
For nearly two years now we have waited for a speech.  We need a
simple speech and a direct speech – most of all a political speech –
about what exactly happened to our financial system, and therefore to
our economy, and what we must do to make sure it can never happen again.

Wed, 10 Mar 2010 10:53:31 -0600

‘Swap Tango’ – A Derivative Regulation Dance: Part 2
A question of values
…

Derivative contracts are
valued on a mark-to-market ("MtM") basis. This requires valuation of
the contracts based on the current market price.

OTC derivatives trade
privately. Market prices for specific transactions are not directly available.
This means current valuations rely on pricing models.

In current accounting
argot, most derivatives are Level 2 assets (Mark-to-Model). In practice, [...]
Tue, 09 Mar 2010 12:44:52 -0600

The Gold Bubble
This represents my personal opinion, not the views of the SEC or its staff.

I am not going to spend time here talking about how the price of
gold is off-the-wall, that it is not just a bubble in the making, but a
bubble waiting to burst. I don’t want to waste your time on that
point.We all know it [...]
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