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OBSERVATIONS

 Wed, 10 Mar 2010 09:41:31 GMT

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
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 [...]
Tue, 09 Mar 2010 11:51:05 -0600

Happy Anniversary: Top and Bottom!
By one of those oddly serendipitous coincidences, this week marks not one but two major Wall Street anniversaries: 

Happy Bottoms:
The 12 year low was set one year ago this week. On March 6, 2009, the
markets made their “Devil” bottom: The S&P500 hit 666.79, down
57.69% from October 11, 2007 high of 1576.09. The Dow Jones Industrials
peaked the [...]
Mon, 08 Mar 2010 13:10:35 -0600

More on the Resolution Authority Headfake
Self-deception is a remarkably useful form of mental disturbance.
Calculated liars have to keep their stories straight, while the deluded
are sincere and often unshakable in their misguided beliefs.

The Powers That Be insist that a magic bullet called a special
resolution authority will solve many of the problems with the “heads I
win, tails you lose” taxpayer backstopped financial [...]
Sun, 07 Mar 2010 23:39:06 -0600

A New Index of Financial Conditions
What do current financial indicators tell us about where the economy is headed?

Macroeconomists have long observed that changes in financial
indicators often presage future changes in the economy. For example, a
big gap between yields on long-term relative to short-term bonds often signals that faster real economic growth is coming, while an increase in the spread between risky and [...]
Sun, 07 Mar 2010 23:18:17 -0600

‘Swap Tango’ – A Derivative Regulation Dance: Part 1
On 30 July 1998, Alan
Greenspan, then Chairman of the Federal Reserve argued that: "Regulation
of derivatives transactions that are privately negotiated by professionals is
unnecessary." In October 2008, the now former Chairman grudgingly
acknowledged that he was "partially" wrong to oppose
regulation of credit default swaps ("CDS"). "Credit default
swaps, I think, have serious problems associated with them," he [...]
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