China’s Liquidity Squeeze Creates Enormous Global Risks
18 minutes ago
Monday, May 31, 2010
Updates: GLD/Currency ETF Ratios (GLD/UUP, GLD/FXE, GLD/FXB, GLD/FXY, GLD/FXY, GLD/FXC, GLD/FXA)
Case Shiller Home Price Index Down 3.2% in Second Quarter, At 2003 Levels Nationally
Yale's Robert Shiller still sees uncertainty with home prices. was on BloombergTV see the video below. From S&P press release on May 25, 2010:
David Rosenberg Sees S&P at 900-925, Gold at 3000 Reasonable (SPY, GLD) - Bloomberg Video
David Rosenberg, Chief Economist and Strategist at Gluskin Sheff + Associates, was on Bloomberg Television Friday giving his views on the S&P 500 and Gold price. In short summary, Rosenberg would be "interested" in the S&P between 900-925 (w/ no double dip recession) and believes gold will hit 3,000 an ounce in the next several years, which is a conservative forecast. That's more than double where gold stands today folks. David does not see $90 or $85 EPS on the S&P next year and sees revenue growth cutting short. Front month June gold contract (GCM10) is at 1,215. Watch for a confirmed ascending triangle breakout, above ceiling resistance, or lack thereof. Look at the 3 yr $GLD chart below. Video below courtesy of BloombergTV.
Israel Raid of Flotilla Off Gaza Coast: Articles, Video Footage Links, Differences [#Flotilla, #Israel, #Gaza]
Links to articles and videos on the Flotilla raid off Gaza. See my middle east link fest from April, aka beware of geopolitical volatility in the middle east. You never know if this sh* will escalate into something bigger. Peace in the middle east people. I embedded a news video from Reuters and threw up a bunch of links to articles. It's a lot of noise, but I'm just showing the differences of views.
Hugh Hendry Debates w/ Columbia's Jeffrey Sachs on European Debt Crises (May 26, 2010 on BBC Newsnight Video)
Friday, May 28, 2010
Amid the Financial Turmoil One Economic Indicator is Soaring - Guest Post
Guest post by OilPrice.com
Amid the Financial Turmoil One Economic Indicator is Soaring
The financial world is coming unglued again. Greece has pushed the E.U. to the brink. Global stock markets are tumbling.
And yet, at the same time at least one economic indicator is soaring. The Baltic Dry Index.
Amid the Financial Turmoil One Economic Indicator is Soaring
The financial world is coming unglued again. Greece has pushed the E.U. to the brink. Global stock markets are tumbling.
And yet, at the same time at least one economic indicator is soaring. The Baltic Dry Index.
U.S., Canada, Germany and Japan Back to Pre-2003 Industrial Production Levels - Guest Post, Chart
Guest post by OilPrice.com
U.S., Canada, Germany and Japan Back to Pre-2003 Industrial Production Levels
An interesting chart from the Bank of Japan's latest monthly economic report.
Japanese capacity utilization is way down. Around 20% of manufacturing facilities are standing idle.
This is an improvement from the beginning of 2009, when 35% of capacity was shut down. But a marked decrease from pre-financial-crisis levels, when there was almost no excess capacity to be found.
U.S., Canada, Germany and Japan Back to Pre-2003 Industrial Production Levels
An interesting chart from the Bank of Japan's latest monthly economic report.
Japanese capacity utilization is way down. Around 20% of manufacturing facilities are standing idle.
This is an improvement from the beginning of 2009, when 35% of capacity was shut down. But a marked decrease from pre-financial-crisis levels, when there was almost no excess capacity to be found.
Lake Erie Wind Farm to be First Freshwater Offshore Project in U.S. - Guest Post
Interesting news on wind energy submitted by OilPrice.com
Lake Erie Wind Farm to be First Freshwater Offshore Project in U.S.
The first step in an ambitious project to generate 1,000 megawatts of electricity from offshore wind turbines in Lake Erie was taken this week with an order to General Electric for five massive turbines.
Lake Erie Wind Farm to be First Freshwater Offshore Project in U.S.
The first step in an ambitious project to generate 1,000 megawatts of electricity from offshore wind turbines in Lake Erie was taken this week with an order to General Electric for five massive turbines.
Greece Stock Index Tests March 2009 Low, NBG Downgraded By JP Morgan to Sell, Almost at $2 Low
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| DJ Greece Index |
Thursday, May 27, 2010
S&P Future +2.19% Overnight Testing 200 Day Average, Dollar Index Nervous on Uptrend (ES_M, DX_M Charts, $UUP, $SPY Related)
S&P Future Update: The June E-mini S&P Future is up 1.91% tonight, testing the 200DMA and downtrend resistance level [it is now up 2.19%]. The $1,050 floor and flash crash low are holding for now. Tonight's move is a decent reversal from Tuesday when ES was down 2.50%. There are still plenty of bulls out there, look at my link fest from earlier. Bulls still need to clear the 200DMA and downtrend resistance level for breakout confirmation. I put up charts of the E-Mini S&P June Future (ESM10) and Dollar Index June Future (DXM10). The Dollar is looking nervous at uptrend support, it's still holding but watch for a break. ES gave back some gains, up 1.98%..... Looks like fresh green volatility.
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| E-mini S&P Future (Snapshots from OptionsXpress) |
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| June Dollar Future DXM10 |
Wednesday, May 26, 2010
Einhorn Shorts Moody's, Rosenberg Sees 30% Decline, Gold Update (XAU/USD, 5/26/2010)
This link fest is almost as important as my previous link fest, a re-test of the highs of importantness if you will. I'm also watching gold and provided a look at the gold spot chart priced in US Dollars (XAU/USD) below. It broke out on the hourly chart, we'll see if it hits 1,230 again. Also take a look at the live US National Debt clock embedded below courtesy of zFacts.
Whitney Tilson Explains Short Homebuilders Bet, $ITB Technical Update (Fast Money Video, 5/24/2010)
Tuesday, May 25, 2010
Leader Capital's John Lekas Sees 4,200 On Dow By Q2 2011, Interest Rates and LIBOR Higher (CNBC Video)
Like David Tice who runs the Prudent Bear Fund, Leader Capital's John Lekas is one of the rare ones calling for a 50% decline from here on the Dow. He sees the Dow hitting 4,200-5,000 by the second quarter of 2011. He said increasing LIBOR, interest rates and lower earnings (S&P EPS $85 to $55) will be the catalysts. The Dow closed at 10,043 today. In October of 2009 on CNBC, John was calling for 6,900 by the end of 2009 (which didn't pan out) and 4,200 by the end of 2011.
Gulf Spill Puts US Energy Bill on Slippery Slope - Guest Post
Guest post by OilPrice.com
Gulf Spill Puts US Energy Bill on Slippery Slope
With energy, Senate Democrats find themselves between a rock and two hard places. Nonetheless, Sen. John Kerry, D-Mass., and Sen. Joe Lieberman, I-Conn., have introduced their climate and energy bill.
Its timing is awful. Its fate is uncertain. Yet its sponsors felt it had to be done now.
While the Gulf of Mexico is being damaged by a runaway well, spewing millions of gallons of oil-like bile from hell, any energy bill has the chance that it will be amended to become an anti-energy bill and will fail when hoped-for Republican support evaporates.
Gulf Spill Puts US Energy Bill on Slippery Slope
With energy, Senate Democrats find themselves between a rock and two hard places. Nonetheless, Sen. John Kerry, D-Mass., and Sen. Joe Lieberman, I-Conn., have introduced their climate and energy bill.
Its timing is awful. Its fate is uncertain. Yet its sponsors felt it had to be done now.
While the Gulf of Mexico is being damaged by a runaway well, spewing millions of gallons of oil-like bile from hell, any energy bill has the chance that it will be amended to become an anti-energy bill and will fail when hoped-for Republican support evaporates.
Overnight Volatility- S&P June Future Down 2.5%, Dollar Near Highs ($SPX, ES_M, DX_M, GC_M, SPY Charts)
Monday, May 24, 2010
Archive Videos: 2010 TechCrunch Disrupt Conference #TCdisrupt
Watch the 2010 TechCrunch Disrupt conference embedded below on LiveStream. Find it originally at http://disrupt.techcrunch.com/. Find full presentations on the video library widget. I found out about this conference from SecondMarket on Twitter. They are trying to disrupt private illiquid stock and debt markets!
After May Sell Off Prechter Still Sees Long Bear Market, Likes Cash Not Gold (Has Too Many Bulls)
Roubini Sees 20% Downside, Be In Cash or German Short-Term Debt (CNBC Video 5/20/2010)
Last week Nouriel Roubini (NYU Professor/Roubini Global Economics) was on CNBC. Here are key points he made from the video below (5/20/2010).
Sunday, May 23, 2010
South Korea's Lee Responds to Alleged Torpedo Attack, North Korea Said Will Retaliate With War If Attacked, Keep Eye On Geopolitical Volatility
Hugh Hendry Shorts China, Klarman Sees Another Lost Decade, The Most Important Distressed Volatility Link Fest Ever (5/22/2010)
Saturday, May 22, 2010
Live BP Video of "Deepwater Horizon" Well Oil Spill
Watch oil leak from that busted Deepwater Horizon oil well in the Gulf of Mexico. It's a live stream by BP. For more information on the leak go to NOAA.gov. I also embedded a video with oil spill forecasts updated by WKRG (Mobile/Pensacola).
Gartman on Technical Damage Done to Markets, Euro (Bloomberg, 5/21)
Google Golden Cross, Sentiment and 50% Retracement Watch ($GOOG Short Interest, Put-Call Ratio Trend)
Footage From Top of Burj Khalifa Tower Spire! [Video from ImreDubai]
I just thought this was cool. Look down from the Burj Khalifa (aka Burj Dubai) tower courtesy of ImreDubai. It is 828m above sea level, "the tallest man-made structure ever built".
Friday, May 21, 2010
Crude Oil Prices Remain Under Pressure After Dipping Below $70 a Barrel in Week, Oil Market Summary for 05/17/2010 to 05/21/2010 (Guest Post)
Guest post by OilPrice.com
Crude Oil Prices Remain Under Pressure After Dipping Below $70 a Barrel in Week
Oil Market Summary for 05/17/2010 to 05/21/2010
Crude oil prices ended just above $70 a barrel on Friday after dipping below that threshold earlier in the week. The benchmark June contract for West Texas Intermediate settled at $68.01 before it expired on Thursday, after falling below $65 a barrel in intraday trading.
Crude Oil Prices Remain Under Pressure After Dipping Below $70 a Barrel in Week
Oil Market Summary for 05/17/2010 to 05/21/2010
Crude oil prices ended just above $70 a barrel on Friday after dipping below that threshold earlier in the week. The benchmark June contract for West Texas Intermediate settled at $68.01 before it expired on Thursday, after falling below $65 a barrel in intraday trading.
Google TV Keynote Video [Google I/O 2010], Coming Fall 2010 on Sony TVs at Best Buy, Watch Intro Videos and CEO Partner Panel #GoogleTV, $GOOG
Thursday, May 20, 2010
Whitney Tilson Bets Against Housing (ITB), Paulson is Bullish (BZH, Beazer Homes)
Euro/Dollar Parity After Bounce? (INO/MarketClub Video Update) $EURUSD
Wednesday, May 19, 2010
Leveraged Loan/High Yield Bond Market Update (Charts, S&P LCD Videos for May)
Here's an update on the leveraged loan and high yield bond market by S&P LCD from their Youtube channel LCDComps. I also follow them on Twitter @LCDNews. Check out the S&P/LSTA US Leveraged Loan 100 Index chart. After a monster run, the Leveraged Loan Index is testing January 2010 support levels. There are two indexes, click the links for further explanation. Retail can't trade leveraged bank loans, only banks and financial institutions "over-the-counter", but it doesn't hurt to KNOW how they're being priced. Retail investors can trade high yield bond ETFs (HYG, JNK et al.). See recent posts on high yield bond ETFs by clicking the labels at the bottom.
Source: https://www.lcdcomps.com/lcd/index.html
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| Courtesy of Bloomberg.com SPBDLLB:IND |
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| Courtesy of Bloomberg.com SPBDLL:IND |
US Leveraged Loan / High Yield Bond Market Analysis (May)
European Leveraged Loan/High Yield Bond Market Analysis (May)
Source: https://www.lcdcomps.com/lcd/index.html
Videos: Anti-Government Protests by Red Shirts in Bangkok, Thailand, Global Revolution Trend Intact
There are anti-Government protests going on in Bangkok, Thailand. The "Red Shirts" are running a campaign to oust the Prime Minister. Rioters burned 27 buildings including banks, hotels, shopping malls and the Thai Stock Exchange (Bangkok Post via Bangkok Metropolitan Administration). They also raided Thai Channel 3. It is just me or is this global anti-Government protest trend intact? See recent blog posts with anti-Gov protest videos to see what I mean. Below are Thai protest videos from various news organizations.
White House Covers Up Menacing Oil "Blob" - Guest Post
Guest post by OilPrice.com
White House Covers Up Menacing Oil "Blob"
In an exclusive for Oilprice.com, the Wayne Madsen Report (WMR) has learned from Federal Emergency Management Agency (FEMA) and U.S. Army Corps of Engineers sources that U.S. Navy submarines deployed to the Gulf of Mexico and Atlantic Ocean off the Florida coast have detected what amounts to a frozen oil blob from the oil geyser at the destroyed Deep Horizon off-shore oil rig south of Louisiana. The Navy submarines have trained video cameras on the moving blob, which remains frozen at depths of between 3,000 to 4,000 feet. Because the oil blob is heavier than water, it remains frozen at current depths.
White House Covers Up Menacing Oil "Blob"
In an exclusive for Oilprice.com, the Wayne Madsen Report (WMR) has learned from Federal Emergency Management Agency (FEMA) and U.S. Army Corps of Engineers sources that U.S. Navy submarines deployed to the Gulf of Mexico and Atlantic Ocean off the Florida coast have detected what amounts to a frozen oil blob from the oil geyser at the destroyed Deep Horizon off-shore oil rig south of Louisiana. The Navy submarines have trained video cameras on the moving blob, which remains frozen at depths of between 3,000 to 4,000 feet. Because the oil blob is heavier than water, it remains frozen at current depths.
Institutional Investors Keep Buying Dips (Robert Shiller of Yale)
Does SPY Revisit Flash Crash Low of 105.25, Broke Monday Low (Chart)
SPY broke through Monday's low (5/17). The flash crash low was $105.25.
Previous:
Welcome Back Volatility, Where Does SPY Bottom? 200DMA, May Crash Low OR June 2009 High/Support (Charts/Videos) (SPY, DIA, XLF, VXX, LDQ, TLT, IEF, UUP)
PG Loses 30%, But Closes Down 2%! (Chart), NYSE CEO on Sell Off (Video)
Interesting Reads at Zero Hedge Today (5/6/2010), SPY Lost 9% at One Point
SPY (SPDRS S&P 500 ETF) courtesy of FreeStockCharts.com
Previous:
Welcome Back Volatility, Where Does SPY Bottom? 200DMA, May Crash Low OR June 2009 High/Support (Charts/Videos) (SPY, DIA, XLF, VXX, LDQ, TLT, IEF, UUP)
PG Loses 30%, But Closes Down 2%! (Chart), NYSE CEO on Sell Off (Video)
Interesting Reads at Zero Hedge Today (5/6/2010), SPY Lost 9% at One Point
Psychological Plunge in Oil Prices Makes OPEC Nervous, Official Says - Guest Post
Guest post by OilPrice.com
Psychological Plunge in Oil Prices Makes OPEC Nervous, Official Says
The plunge in oil prices in the wake of the euro crisis has OPEC worried.
Qatar oil minister Abdullah bin Hamad Al Attiyah emerged as an unofficial spokesman for the oil cartel over the weekend in a series of news agency reports from the Gulf that signaled the group’s concern.
Psychological Plunge in Oil Prices Makes OPEC Nervous, Official Says
The plunge in oil prices in the wake of the euro crisis has OPEC worried.
Qatar oil minister Abdullah bin Hamad Al Attiyah emerged as an unofficial spokesman for the oil cartel over the weekend in a series of news agency reports from the Gulf that signaled the group’s concern.
Germany Bans Naked Short Selling in 10 Banks, Insurers and Eurozone Government Debt (Naked CDS)
Germany's BaFin (financial regulator) decided to temporarily ban naked short selling in 10 German banks and insurance companies and ban naked credit default swap speculation in European Government debt. Below are ten financial institutions that made the cut (BaFin press release). Get ready for an interesting day tomorrow. EUR/USD is trading at 1.21936, blew right through 1.25 support, pretty crazy out there.
Germany Bans Naked Short-Selling, Swaps Speculation (Bloomberg)
The Definitive Incomplete Analysis Of Today's German Shock And Awe (Zero Hedge)
German ban on risky bets seen backfiring (Reuters)
German regulator issues naked short-selling ban (BusinessWeek)
Swaps Soar on Germany’s ‘Act of Desperation’: Credit Markets (Bloomberg)
* AAREAL BANK AGMarket chaos warning after German ban on shorting - (Telegraph.co.uk)
* ALLIANZ SE
* COMMERZBANK AG
* DEUTSCHE BANK AG
* DEUTSCHE BÖRSE AG
* DEUTSCHE POSTBANK AG
* GENERALI Deutschland HOLDING AG
* HANNOVER RÜCKVERSICHERUNG AG
* MLP AG
* MÜNCHENER RÜCKVERSICHERUNGS-GESELLSCHAFT AG
Germany Bans Naked Short-Selling, Swaps Speculation (Bloomberg)
The Definitive Incomplete Analysis Of Today's German Shock And Awe (Zero Hedge)
German ban on risky bets seen backfiring (Reuters)
German regulator issues naked short-selling ban (BusinessWeek)
Swaps Soar on Germany’s ‘Act of Desperation’: Credit Markets (Bloomberg)
Tuesday, May 18, 2010
Jim Cramer Likes Gold ($GLD), Gartman Sells Anticipating Pullback
Jim Cramer on Mad Money yesterday (video below) gave reasons to own Gold and said it could be headed to $2,000oz. Dennis Gartman of the Gartman Letter advised clients to "rush to the exits", anticipating a technical pullback (CNBC article). They are looking at two different time frames I believe. It makes sense that traders would get scared at the December 2009 high ($119.54) and flee back to home base (support), forming a double top. Traders might re-evaluate another breakout attempt at the 50DMA or uptrend support level. If that uptrend from late 2008 gets broken on strong volume I'd be careful with protection (IMO). I don't think we've seen the official parabolic move in gold yet (being only 20% above the March 2008 high, before the crisis/FX printing spree?) but that's just me. A spike in Treasury yields would take my attention away from gold though on a structural basis. Right now I'm watching the US Dollar/Gold (UUP:GLD) ratio and FXB:GLD, FXE:GLD etc. Boo yaahh... Below is a chart of $GLD and the Mad Money video courtesy of CNBC.com.Don't Be Misled By 13F Filings, They Don't Disclose Shorts, Credit Default Swap Exposure (CDS)
People, don't be misled by 13F SEC Filings reported by hedge funds and institutional investment managers every quarter. They don't have to report short positions or naked credit default swap exposure (credit insurance) against underlying long positions. Meaning 10 million shares of Company X might just be part of a large net short position. This is an interesting comment on the potential nature of Paulson's MGM holding this Q.
13F-Reports are filed quarterly by institutional investment managers (managing more than $100 million) less than 45 days after the quarter ends at SEC.gov. 13D-Reports are filed when institutional investment managers own 5% or more of a company within 10 days of the purchase. They must report material changes (acquisitions or dispositions) greater than 1% of the holding.
13F-Reports are filed quarterly by institutional investment managers (managing more than $100 million) less than 45 days after the quarter ends at SEC.gov. 13D-Reports are filed when institutional investment managers own 5% or more of a company within 10 days of the purchase. They must report material changes (acquisitions or dispositions) greater than 1% of the holding.
Monday, May 17, 2010
"Large Volume" Trades Outside Recognized Exchanges, Dark Pools
Today on CNBC Larry Tabb of Tabb Group explained that any "large volume" trades outside recognized exchanges in dark pools. It seems to me like high speed liquidity, front-running and hiding trades (whether over-the-counter or in dark pools) for hedge funds and investment institutions is more important than market transparency. At least start a High Frequency Trading ETF to let retail investors join the front-running party.
Illinois Has $4.5 Billion In Unpaid Bills, $1.75 Billion Due June 10 (Short Term Debt), Higher Taxes Looming?
Illinois' financial update by Distressed Volatility Public Finance (DVPF)The April 2010 Illinois Comptroller Quarterly, by Illinois Comptroller Daniel Hynes, stated they had $4.496 Billion in unpaid bills and $1.75 Billion + interest that must be repaid on June 10. Below is part of the quarterly report (PDF here). Read the articles below and also check out the daily cash balance chart comparing 2007-2010. Higher taxes coming?
Sunday, May 16, 2010
'Meltup' (National Inflation Association Video), $TIP ETF Chart (Treasury Inflation Protected Securities ETF)
RBS's Bob Janjuah: Gold to 1,500, Euro/Dollar Parity, S&P 850 Fair Value, Treasuries Long Term Problem
Below are highlights and the embedded video.
Skating The California Foreclosure Monster
This is an interesting video called "Cannonball" about skating the pools of foreclosed homes in Fresno, CA. It's a deep video about the housing / economic crisis in California and has some strong language FYI. Thanks Reformed Broker for the video (via Good Magazine and originally Californiaisaplace.com).
Distressed Volatility Links 5/16 (Rosenberg, Roubini, Jim Rogers, El-Erian, Shiller, Chavez)
PIMCO's El - Erian Says U.S. Inflation May Accelerate - Reuters/NY Times
David Rosenberg Part 1: "Why The Depression Is Ongoing" - Zero Hedge
David Rosenberg Part 2: "Gold Increasingly Being Viewed As Currency Of Its Own" - Zero Hedge
Bloomberg's Tom Keene interviews Pimco's El-Erian - Zero Hedge
Robert Shiller: Fear of a Double Dip Could Cause One - NYT
Bailout Is ‘Nail in the Coffin’ for Euro, Rogers Says - BusinessWeek
Roubini Says Greece May Lead Euro Exodus, China Faces Slowdown - BusinessWeek
NYU’s Roubini Says ECB Has ‘Room to Maneuver’ to Back Recovery - BusinessWeek
Loan on mall partly owned by Simon about to default - Reuters via The CRE Review
Biggest Tea Grower Plans ’War Chest’ for Acquisitions (Update2) - Bloomberg
Greece Considering Legal Action Against U.S. Banks for Crisis - Bloomberg
Newest Addition to the Team, Taste_Arbitrage: Flash Crash - Stone Street Advisors
Bangkok fighting leaves 30 dead, 232 injured - AP
‘Iron Man 2’ Tops Box Office for 2nd Weekend With $53 Million - Bloomberg
Skateboarders’ Paradise Amidst the Real Estate Carnage - Reformed Broker
Banks Embrace ‘Extend and Pretend’ as U.S. Hotels Await Rebound - Bloomberg
Funding Curves Update and A Curious Observation - Professor Pinch
Chavez asks Venezuelans to tweet on speculators - AP
David Rosenberg Part 1: "Why The Depression Is Ongoing" - Zero Hedge
David Rosenberg Part 2: "Gold Increasingly Being Viewed As Currency Of Its Own" - Zero Hedge
Bloomberg's Tom Keene interviews Pimco's El-Erian - Zero Hedge
Robert Shiller: Fear of a Double Dip Could Cause One - NYT
Bailout Is ‘Nail in the Coffin’ for Euro, Rogers Says - BusinessWeek
Roubini Says Greece May Lead Euro Exodus, China Faces Slowdown - BusinessWeek
NYU’s Roubini Says ECB Has ‘Room to Maneuver’ to Back Recovery - BusinessWeek
Loan on mall partly owned by Simon about to default - Reuters via The CRE Review
Biggest Tea Grower Plans ’War Chest’ for Acquisitions (Update2) - Bloomberg
Greece Considering Legal Action Against U.S. Banks for Crisis - Bloomberg
Newest Addition to the Team, Taste_Arbitrage: Flash Crash - Stone Street Advisors
Bangkok fighting leaves 30 dead, 232 injured - AP
‘Iron Man 2’ Tops Box Office for 2nd Weekend With $53 Million - Bloomberg
Skateboarders’ Paradise Amidst the Real Estate Carnage - Reformed Broker
Banks Embrace ‘Extend and Pretend’ as U.S. Hotels Await Rebound - Bloomberg
Funding Curves Update and A Curious Observation - Professor Pinch
Chavez asks Venezuelans to tweet on speculators - AP
Saturday, May 15, 2010
Oil Prices Drop Further in Week as Euro’s Travails Continue - Guest Post
Submitted by OilPrice.com
Oil Prices Drop Further in Week as Euro’s Travails Continue
Oil Market Summary from: 05/10/2010 to 05/14/2010
Crude oil prices plunged nearly 4% on Friday and were off almost 20% from their 18-month high less than two weeks ago, as the euro continued to lose ground against the dollar and U.S. oil inventories continued to build.
Oil Prices Drop Further in Week as Euro’s Travails Continue
Oil Market Summary from: 05/10/2010 to 05/14/2010
Crude oil prices plunged nearly 4% on Friday and were off almost 20% from their 18-month high less than two weeks ago, as the euro continued to lose ground against the dollar and U.S. oil inventories continued to build.
Friday, May 14, 2010
Welcome Back Volatility, Where Does SPY Bottom? 200DMA, May Crash Low OR June 2009 High/Support (Charts/Videos) (SPY, DIA, XLF, VXX, LDQ, TLT, IEF, UUP)
Diaspora (Personally Controlled Social Web Server) vs. Facebook
Thursday, May 13, 2010
GLD, SLV, GDXJ Above Resistance, Why Art Thou Lagging GDX? (Also Check Out Implied Volatility)
Wednesday, May 12, 2010
Jim Iuorio Likes Silver, Not Just Catch Up Trade to Gold (SLV, GLD)
Jim Iuorio of TJM Institutional Services (who called the massive US Dollar rally in November - video) had some words about gold and silver today on CNBC.
Irene Aldridge (Able Alpha) Explains High Frequency Trading Strategies and What Could Have Caused the Crash Last Week (BNN, 5/7/2010)
The Terminator Irene Aldridge, of high frequency trading firm ABLE Alpha, was on BNN (Business News Television in Canada) discussing high frequency trading, different strategies (market making, statistical arbitrage, event arbitrage) and what could have sparked the crash last week. She thinks a giant order in the futures market by a human or computer was responsible, whether erroneously ("fat finger") or purposely to manipulate the market. She said these trading algorithms are only as good as the person who programs them. Go ahead, trade against her.... Make her day.
Irene Aldridge on BNN (5/7/2010 - link)
Irene Aldridge on BNN (5/7/2010 - link)
Tuesday, May 11, 2010
High Frequency Traders Are Like Hackers (Mark Cuban's Thoughts On Wall Street)
Read Mark Cuban's blog post about Wall Street, it is interesting. What Business is Wall Street In? - BlogMaverick, May 9, 2010.
Gold, Dollar Futures Diverging With S&P E-Mini Future (ES_M, GC_M, DX_M, GLD, SPY, UUP, May 11 Charts)
Since April 27, the June Gold and Dollar Index future have been diverging with the June E-mini future. This marriage looks familiar. I'm charting out the gold and silver ETFs tomorrow and watching resistance (GLD, SLV).
E-mini S&P June Future vs. Dollar Index Future vs. Gold Future
(Snapshots courtesy of OptionsXpress)
Euro Going To 1.20 By 4th Quarter (FX Concepts John Taylor), EUR/USD Technicals (Chart)
Monday, May 10, 2010
Nothing Fazes Barton Biggs, Next Move in US Market is Up 15-20% Led By Technology, Sees Lower Euro
Greenland Proceeds with Plans for Offshore Drilling in Arctic Waters - Guest Post
Guest post by OilPrice.com
Greenland Proceeds with Plans for Offshore Drilling in Arctic Waters
While the oil spill from a sunken drilling rig in the Gulf of Mexico threatens to become an environmental disaster, plans are proceeding for opening up new drilling territories in the iceberg-infested waters off Greenland.
Greenland Proceeds with Plans for Offshore Drilling in Arctic Waters
While the oil spill from a sunken drilling rig in the Gulf of Mexico threatens to become an environmental disaster, plans are proceeding for opening up new drilling territories in the iceberg-infested waters off Greenland.
Rep Alan Grayson: Federal Reserve Owns Red Roof Inn Through Bailed Out Bear Stearns Commercial Mortgage Securities Trust
Sunday, May 9, 2010
Insuring USO From Oil Volatility Monster w/ Put Options ($OVX) - Reflection of April Complacency Capitulation and Failed Breakout (May/July USO Puts)
Reading: David Rosenberg on 3,000 Gold, JPM Silver Probe, Squawking the S&P Crash, Copper Pierced 200DMA, Venezuela Inflation Hits 30%
News you can use for Sunday May 9, 2010
Venezuela inflation rate hits 30%, highest in Latin America - USA Today h/t @futureshock
JP Morgan silver probe by CFTC, DoJ - Zero Hedge
EU Preps Euro Fund to Fight ‘Wolfpack,’ Debt Crisis - Bloomberg
Britain rejects Eurozone bailout fund - ABC.net.au (h/t market ticker)
Indonesia Hit by Magnitude 7.4 Quake, USGS Says - BusinessWeek
Copper future pierces 200DMA - chart at Pragmatic Capitalist
Ben Lichtenstein of TradersAudio squawking the crash from S&P 500 pit! - Zero Hedge (mp3)
David Rosenberg: The Case For Gold Going To $3,000 Is Getting Stronger - BusinessInsider
ECB advises Spain to make tough economic reform - Reuters
BP Oil-Collection Chamber Clogs, Removed From Leaking Gulf Well - Bloomberg
Oil at $65 a barrel may sound alarm bells for OPEC - Reuters
Rogers, Faber Advise Paring Investments as U.S. Stocks Slump (5/7) - Bloomberg
Venezuela inflation rate hits 30%, highest in Latin America - USA Today h/t @futureshock
JP Morgan silver probe by CFTC, DoJ - Zero Hedge
EU Preps Euro Fund to Fight ‘Wolfpack,’ Debt Crisis - Bloomberg
Britain rejects Eurozone bailout fund - ABC.net.au (h/t market ticker)
Indonesia Hit by Magnitude 7.4 Quake, USGS Says - BusinessWeek
Copper future pierces 200DMA - chart at Pragmatic Capitalist
Ben Lichtenstein of TradersAudio squawking the crash from S&P 500 pit! - Zero Hedge (mp3)
David Rosenberg: The Case For Gold Going To $3,000 Is Getting Stronger - BusinessInsider
ECB advises Spain to make tough economic reform - Reuters
BP Oil-Collection Chamber Clogs, Removed From Leaking Gulf Well - Bloomberg
Oil at $65 a barrel may sound alarm bells for OPEC - Reuters
Rogers, Faber Advise Paring Investments as U.S. Stocks Slump (5/7) - Bloomberg
Saturday, May 8, 2010
What Do These 8 Technical Indicators Mean for the Markets? - Guest Post
What Do These 8 Technical Indicators Mean for the Markets?
May 7, 2010
Editor's Note: The following article is excerpted from Robert Prechter's April 2010 issue of the Elliott Wave Theorist. For a limited time, you can visit Elliott Wave International to download the full 10-page issue, free.
By Robert Prechter, CMT
Technical Indicators
It is rare to have technical indicators all lined up on one side of the ledger. They were lined up this way—on the bullish side—in late February-early March of 2009. Today they are just as aligned but on the bearish side. Consider this short list:
May 7, 2010
Editor's Note: The following article is excerpted from Robert Prechter's April 2010 issue of the Elliott Wave Theorist. For a limited time, you can visit Elliott Wave International to download the full 10-page issue, free.
By Robert Prechter, CMT
Technical Indicators
It is rare to have technical indicators all lined up on one side of the ledger. They were lined up this way—on the bullish side—in late February-early March of 2009. Today they are just as aligned but on the bearish side. Consider this short list:
Friday, May 7, 2010
Crude Oil Plunges as Turbulence Rocks Financial Markets, Oil Market Summary - Guest Post
Guest post by OilPrice.com
Crude Oil Plunges as Turbulence Rocks Financial Markets
Oil Market Summary for: 03/05/2010 to 07/05/2010
In a week of market turmoil resulting from Greece’s fiscal crisis, oil went from an intraday high above $87 on Monday – its highest point in more than a year and a half – to plunge briefly below $75 on Friday.
Crude Oil Plunges as Turbulence Rocks Financial Markets
Oil Market Summary for: 03/05/2010 to 07/05/2010
In a week of market turmoil resulting from Greece’s fiscal crisis, oil went from an intraday high above $87 on Monday – its highest point in more than a year and a half – to plunge briefly below $75 on Friday.
Germany Approves Greek Aid, Moody's on Italy, Portugal, Spain, UK, RMBS, BP and EUR/USD Rallies (5/7/2010)
Joe Saluzzi, Irene Aldridge, Santelli on The Crash of May 6, 2010, High Frequency Traders Shut Down Amid Turmoil
Thursday, May 6, 2010
PG Loses 30%, But Closes Down 2%! (Chart), NYSE CEO on Sell Off (Video)
The Cover-up: BP's Crude Politics and the Looming Environmental Mega-Disaster - Guest Post
Guest Post by OilPrice.com
The Cover-up: BP's Crude Politics and the Looming Environmental Mega-Disaster
We have been informed by sources in the US Army Corps of Engineers, Federal Emergency Management Agency (FEMA), and Florida Department of Environmental Protection that the Obama White House and British Petroleum (BP), which pumped $71,000 into Barack Obama's 2008 presidential campaign -- more than John McCain or Hillary Clinton, are covering up the magnitude of the volcanic-level oil disaster in the Gulf of Mexico and working together to limit BP's liability for damage caused by what can be called a "mega-disaster."
The Cover-up: BP's Crude Politics and the Looming Environmental Mega-Disaster
We have been informed by sources in the US Army Corps of Engineers, Federal Emergency Management Agency (FEMA), and Florida Department of Environmental Protection that the Obama White House and British Petroleum (BP), which pumped $71,000 into Barack Obama's 2008 presidential campaign -- more than John McCain or Hillary Clinton, are covering up the magnitude of the volcanic-level oil disaster in the Gulf of Mexico and working together to limit BP's liability for damage caused by what can be called a "mega-disaster."
Interesting Reads at Zero Hedge Today (5/6/2010), SPY Lost 9% at One Point
Interesting reading at Zero Hedge today giving the scoop. I'm going to write about $USO/$OVX, $USO puts gone wild, ETF ratios and currencies tonight. EUR/USD fell off a cliff today and is testing support in the descending channel as well as the 1.24 floor. Also at one point today $SPY, the S&P ETF, lost 9% (fat finger?, hedge fund liquidation? or.... weakness ahead for the economy).
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| $SPY Intraday 5/6/2010 (FreeStockCharts.com) |
Google Chrome Browser Speed Test Video, Faster Than Potato Bullet, Sound Waves and Lightning
Economist William Engdahl Does NOT See Greek Contagion Risk, Compares Eurozone Crisis to 1997 Asian Financial Crisis
Engdahl compares what's going on in Europe to the 1997 Asian Financial Crisis when the "smallest weak link" in the chain was targeted. In this case it's Greece in the Eurozone chain. He still blames Goldman for designing the special derivatives that allowed Greece to hide their true debt/deficit back in 2002.
Engdahl DOES NOT see Greek contagion risk infecting Spain and Portugal. The credit default swaps (held by America and City of London? lol) of Spain and Portugal are moving higher though.
Wednesday, May 5, 2010
Brown Brothers Harriman: Euro to 1.18, Greek Bailout is Disguised Bank Bailout (Marc Chandler)
Marc Chandler, global head of currency strategy at Brown Brothers Harriman, was on Bloomberg on May 4 talking about the Euro and Greek debt bailout. By the way, rioters tried to storm parliament today protesting the austerity measures and EUR/USD broke below 1.31 support.
ADB Launches $9 Billion Plan for Solar Energy in Asia (Asia Development Bank) - Guest Post
[Solar Energy] Guest post by OilPrice.com
ADB Launches $9 Billion Plan for Solar Energy in Asia
The Asian Development Bank launched a $9 billion solar power initiative to develop projects generating 3,000 megawatts by 2012.
The announcement, which came at the regional lending agency’s annual meeting in Tashkent, Uzbekistan, said that Central Asian countries would be prime candidates for siting the projects.
ADB Launches $9 Billion Plan for Solar Energy in Asia
The Asian Development Bank launched a $9 billion solar power initiative to develop projects generating 3,000 megawatts by 2012.
The announcement, which came at the regional lending agency’s annual meeting in Tashkent, Uzbekistan, said that Central Asian countries would be prime candidates for siting the projects.
$SPY 115 SUPPORT IN PLAY, BROKE 50DMA, POTENTIAL TARGETS (S&P 500, SPY, VIX, VXX)
Thousands of Greeks Riot Against Austerity Package (Videos, 5/5/2010)
Marc Faber: China Looks Weak Technically, Could Crash in 9-12 Months, State Street Rates China Tactical Underweight (FXI, EWH)
Tuesday, May 4, 2010
Mahmoud Ahmadinejad on Charlie Rose and RussiaToday (May 4)
Watch interesting interviews with Mahmoud Ahmadinejad (President of Iran) on Charlie Rose and RT America (embedded below) while he was in New York for the UN Nuclear Conference.
Gulf Oil Spill Threatens Halt to White House Offshore Drilling Plans - Guest Post
Guest post by OilPrice.com
Gulf Oil Spill Threatens Halt to White House Offshore Drilling Plans
The oil spill in the Gulf of Mexico from a collapsed offshore drilling rig could affect White House plans to extend offshore drilling, press secretary Robert Gibbs acknowledged as the oil slick threatened onshore sites from the Louisiana wetlands to the Sarasota beaches and disrupted fishing and energy industries.
Gulf Oil Spill Threatens Halt to White House Offshore Drilling Plans
The oil spill in the Gulf of Mexico from a collapsed offshore drilling rig could affect White House plans to extend offshore drilling, press secretary Robert Gibbs acknowledged as the oil slick threatened onshore sites from the Louisiana wetlands to the Sarasota beaches and disrupted fishing and energy industries.
Syria Appeals For More Foreign Oil Money Yet Bureaucracy Remains A Questionable Obstacle - Guest Post
[Geopolitics] Guest post by OilPrice.com
Syria Appeals For More Foreign Oil Money Yet Bureaucracy Remains A Questionable Obstacle
As Syria aggressively courts foreign investors to rescue its dwindling oil and gas sector, government corruption and problems settling disputes remain sticking points for some interested international players. But experts are divided over how contentious these obstacles truly are.
Syria Appeals For More Foreign Oil Money Yet Bureaucracy Remains A Questionable Obstacle
As Syria aggressively courts foreign investors to rescue its dwindling oil and gas sector, government corruption and problems settling disputes remain sticking points for some interested international players. But experts are divided over how contentious these obstacles truly are.
Clear Resistance Above $FXI, April China PMI, Jim Chanos on Fox, Vitaliy Katsenelson Report, Charts (Shanghai Composite, Hang Seng, $FXI, $EWH)
EUR/USD Support Hits at 1.31 or 1.24, Euro Shorts Hit Record (COT)
Support for EUR/USD hits at 1.31 or 1.24 imho, if it stays inside the descending channel. It's currently trading at 1.31576, -0.35%. We'll see who in Euro-land is on deck after the IMF/EU bailed out Greece. The immediate term April low to test is 1.31147 (from 4/28). 1.31 must hold here or EUR/USD will hit the 20s. I've been watching EUR/USD sell off since late 2009 when the US Dollar broke out. It's been one hell of a ride for the Euro. Maybe shorts will target the US Dollar soon to give Europeans a break. Large speculators in the Euro are still piling on the short side.
"Hedge funds and other large speculators raised net wagers on a euro drop by 25 percent to 89,013 contracts in the week ended April 27, Commodity Futures Trading Commission data shows". [Bloomberg]Below is the monthly chart.
EUR/USD (Euro/US Dollar - Courtesy of FreeStockCharts.com
NYU's Altman Sees High Yield Bond Correction (JNK, HYG), Plus Greek Contagion Risk (Spain and Portugal) Feeding Into Euro
Edward Altman, a finance Professor at NYU, thinks a correction is near for high yield bonds. Below are quotes, the Bloomberg Video and charts of HYG and JNK (high yield bond ETFs) in a rising wedge, waiting for a catalyst.
"I'm concerned that it's come back too fast and too furious and the spread between high yield bonds and 10-year Treasuries now below 4.5% is too low given the risks in the market. So, it's very nice to see this recovery. The world was on a verge of elimination of its financial markets and now its come roaring back. But I think too fast, too furious and there will be a correction".
Monday, May 3, 2010
Ahmadinejad, Clinton Full Speech Videos at UN Nuclear Conference, US and Others Walk Out (New York)
Barton Biggs of Traxis Sees $88-90 EPS in 2010, $100 in 2011 (Video)
Barton Biggs aka Notorious B.I.Ggs of Traxis Partners thinks US earnings momentum will continue. He sees 2010 and 2011 S&P EPS (earnings per share) between $88-90 and $100 respectively. So.... 89 * 16 multiple = $1424 S&P in 2010 and 100 * 16 multiple = $1600 S&P in 2011. The S&P is currently trading at $1,204. JP Morgan's US Equity Strategist Thomas Lee thinks 2010 S&P EPS could hit $81, which would equal $1,296 on a 16 multiple. Hmmmm... What do you think folks? The video below is courtesy of Bloomberg.
Lloyd Blankfein CEO of Goldman Sachs on Charlie Rose (April 30, 2010)
Here is Lloyd Blankfein (CEO of Goldman Sachs) on Charlie Rose on 4/30/2010. Berkshire Hathaway's Warren Buffett (owner and client of $GS) still thinks highly of Lloyd B and recently said he should not step down. "Asked whom he would like to see run Goldman if Blankfein were replaced, Buffett said: "If Lloyd had a twin brother, I would vote for him. I have never given that a thought." "[MSNBC]
If interested here is the video of Lloyd Blankfein during the congressional testimony. For the Charlie Rose video click here.
Sunday, May 2, 2010
JNK (High Yield Bond ETF) and Credit Spread Analysis, How High Does JNK Go? (IEF, TLT, LQD, JNK)
[Update: I originally started this post with $JNK option activity but the massive call volume didn't transfer to open interest. I'm thinking it could have been gaming the monthly dividend (dividend capture using covered calls)]
In my opinion, these high yield ETFs aren't worth the fight until yields break out or people re-price credit risk on an event. These rising wedges and ceiling tests keep breaking out to the upside. I was surprised to see HYG (more liquid high yield ETF) and the S&P leveraged loan index so resilient during all of 2009. You have to respect ZIRP (zero interest rate policy)! By the way, the Fed Funds rate is still lounging between 0-0.25% (Fed statement, April 28). So how high does the value of junk go from here?
In my opinion, these high yield ETFs aren't worth the fight until yields break out or people re-price credit risk on an event. These rising wedges and ceiling tests keep breaking out to the upside. I was surprised to see HYG (more liquid high yield ETF) and the S&P leveraged loan index so resilient during all of 2009. You have to respect ZIRP (zero interest rate policy)! By the way, the Fed Funds rate is still lounging between 0-0.25% (Fed statement, April 28). So how high does the value of junk go from here?
Mergers, Liquidations, Bailouts and a Mining Tax (Sunday Night News)
Continental and United to combine- Associate Press
Greece Gets $146 Billion Rescue on EU, IMF Austerity Package - Bloomberg
Movie Gallery to close all U.S. stores, shutting 2,415 Stores - Reuters
Australia unveils mining tax - Reuters
TEXT-Rio Tinto says concerned about Australia mining tax - Reuters
Australia Opposition Leader Abbott: Deeply Hostile To New Mining Tax - WSJ
IMF/EU Bails Out Greece (€110 billion), Papandreou Text - Distressed Volatility
Faber Says China's Economy May `Crash' in Next 12 Months - Bloomberg Video
Senate's Goldman Probe Shows Toxic Magnification - Wall Street Journal
China Raises Banks’ Reserve Ratios to Cool Economy (Update2) - BusinessWeek
Update to Fed Rent-to-House Price Graph - Calculated Risk
Greece Gets $146 Billion Rescue on EU, IMF Austerity Package - Bloomberg
Movie Gallery to close all U.S. stores, shutting 2,415 Stores - Reuters
Australia unveils mining tax - Reuters
TEXT-Rio Tinto says concerned about Australia mining tax - Reuters
Australia Opposition Leader Abbott: Deeply Hostile To New Mining Tax - WSJ
IMF/EU Bails Out Greece (€110 billion), Papandreou Text - Distressed Volatility
Faber Says China's Economy May `Crash' in Next 12 Months - Bloomberg Video
Senate's Goldman Probe Shows Toxic Magnification - Wall Street Journal
China Raises Banks’ Reserve Ratios to Cool Economy (Update2) - BusinessWeek
Update to Fed Rent-to-House Price Graph - Calculated Risk
IMF/EU Bails Out Greece (€110 billion), Papandreou Text, Greek Finance Minister, Riots (Videos)
"Greece reached a historic deal with other euro-zone countries and the International Monetary Fund for a three-year, €110 billion ($146.5 billion) bailout". [full WSJ article]
Roubini On Greece Debt Restructuring, Second Half US Growth, Euro (Bloomberg - 4/28/2010)
Nouriel Roubini (Prof at NYU, RGEmonitor.com) was on BloombergTV with Willow Bay on 4/28/2010. Here are a few key points he made about restructuring Greek debt, Euro-Zone contagion risk, potential double dips, the Euro and US growth in the second half of 2010 (+ the video). This just hit the wire: Greece Reaches Bailout Deal With EU, IMF - WSJ.On Greece/Euro-Zone
Dow 61.8% Retracement Level In Play, Could Pose Challenge To Market (DIA, DJI)
In the video below, Adam Hewison of MarketClub points out that the Dow (DJI) is trading at the 61.8% retracement level (2007 peak/2009 trough). This area could pose a challenge to the market, in his opinion. I will zoom in on short term support levels later that must hold.
Eric Sprott Talks Up Silver on CNBC, Silver Ready For Big Breakout? (SLV, GLD, PHYS)
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| Eric Sprott on CNBC 4/15/2010 |
Saturday, May 1, 2010
FOMC Statement April 28, Expects Low Rate For Extended Period, Closed All Special Liquidity Facilities Except CMBS TALF (Federal Reserve)
Release Date: April 28, 2010
For immediate release
Private Greece Bailout?, Chicago Pensions Lack Assets, Buffett Defends Goldman, Pensioenfonds Vervoer Dumps Goldman, Housing Recovery vs. Tax Credit End
Interesting news for 4/30-5/2/2010
SOME CRACKS IN THE FOUNDATION? (David Rosenberg Market Update) - PragCap
Aust unveils mining tax, cuts company rates - NZHerald
Update: Greece poised to sign rescue deal with EU, IMF - Reuters
Germany sees private sector helping Greece - Reuters
Greece sees rescue deal on Saturday, thousands protest - Reuters
Why SEC Has Strong Case Against Goldman, Part 1 - Suna Reyent
Greece Faces `Unprecedented' Cuts as $159B Rescue Nears - Bloomberg
Buffett strongly defends Goldman; Berkshire net up - Reuters
Chicago Pensions Lack Assets to Ensure Payment, Commission Says - Bloomberg
Faber Says Greece Needs Debt Writedown of as Much as 50% - Bloomberg
Euro Falls Versus Dollar for Fifth Month as Greece's Budget Crisis Spreads - Bloomberg
Paulson Saw Trading Risk At Goldman, Other Brokers in 2007 - Forbes
Housing Recovery Won't Be Derailed by End of U.S. Tax Credit, Agents Say - Bloomberg
FDIC concerned with swaps rules in Democrats' bill - Reuters
Pension fund set aside Goldman Sachs - Telegraaf.nl (translated to English)
Dutch plan dumps Goldman Sachs from €7 billion portfolio - Pensions & Investments
16 Crafar-owned farms receivership sale ($100M) attracting buyer interest in Asia - NZHerald
Video of Greeks protesting Government measures (via Reuters).
SOME CRACKS IN THE FOUNDATION? (David Rosenberg Market Update) - PragCap
Aust unveils mining tax, cuts company rates - NZHerald
Update: Greece poised to sign rescue deal with EU, IMF - Reuters
Germany sees private sector helping Greece - Reuters
Greece sees rescue deal on Saturday, thousands protest - Reuters
Why SEC Has Strong Case Against Goldman, Part 1 - Suna Reyent
Greece Faces `Unprecedented' Cuts as $159B Rescue Nears - Bloomberg
Buffett strongly defends Goldman; Berkshire net up - Reuters
Chicago Pensions Lack Assets to Ensure Payment, Commission Says - Bloomberg
Faber Says Greece Needs Debt Writedown of as Much as 50% - Bloomberg
Euro Falls Versus Dollar for Fifth Month as Greece's Budget Crisis Spreads - Bloomberg
Paulson Saw Trading Risk At Goldman, Other Brokers in 2007 - Forbes
Housing Recovery Won't Be Derailed by End of U.S. Tax Credit, Agents Say - Bloomberg
FDIC concerned with swaps rules in Democrats' bill - Reuters
Pension fund set aside Goldman Sachs - Telegraaf.nl (translated to English)
Dutch plan dumps Goldman Sachs from €7 billion portfolio - Pensions & Investments
16 Crafar-owned farms receivership sale ($100M) attracting buyer interest in Asia - NZHerald
Video of Greeks protesting Government measures (via Reuters).
