Cesarnc's market talk, gossips, rumours & fun

Nice piece

Bear Stearns: How This DID Happen--And Will There Be More?
http://www.cnbc.com/id/23671663


Look who's back in town!

President Bush: "We've Taken Strong Decisive Action" on Credit Crisis.

Yeah rite.. i think the market will be better if he keep his mouth shut..:

yeah. they're pissing me off. I thought Pablo was dead.

Yep, I think the market's going to be sort of sideway-ish till the Fed tomorrow.

How about Crude today - $6.50 range. Up to $111.775 down to $105.125 and now back up to $108. Wild and crazy dayzzzzz.

Here's my technical view of the financial sector in USA

http://www.imagefreehost.com/files/1...1243704418.gif

This is BY FAR "The Post of the Month"

This one goes right above BWR's ski trip pictures.....

HOLLA

there's one smart arse in avery thread, very clever

Thats the very rare "holy shit" candle pattern.

Banks Vie for BoE Funds, Crisis Deepens

BOE, CENTRAL BANKS, ECONOMY, BRITAIN
By Reuters

Reuters
| 17 Mar 2008 | 08:24 AM ET


The Bank of England's emergency offer of 5 billion pounds of 3-day loans was nearly five times oversubscribed on Monday as financial institutions scrambled for cash in the face of a global credit crunch.


The central bank's "exceptional" offer was a direct result of much tighter money market conditions and was aimed at bringing overnight interest rates down after a spike higher in the wake of the firesale of U.S. investment bank Bear Stearns .

"It was very heavily bid which is not surprising given the overnight bank rate," said Russell Silberston at Investec Asset Management.
"It underlines how determined central banks are to keep some sort of order in the short-dated cash markets."

Overnight sterling lending rates in the interbank market shot above 5.5 percent early on Monday, considerably higher than the Bank's base rate of 5.25 percent.

The Bank said in a statement that like other central banks it was keeping a close eye on market developments The key problem is getting confidence back as financial institutions, fearful of the losses on each others' books, balk at lending money to each other which in turn is choking the world financial system.

Central Banks Act
The U.S. Federal Reserve cut its discount rate late on Sunday to 3.25 percent and allowed the 20 primary dealers in U.S. Treasuries to use its window in a bid to calm market jitters.

But the weekend move ended up smacking of panic and stock markets around the world started tanking even as interbank lending rates surged, prompting the BoE action.


The Euribor rate for three-month unsecured lending in euros between European banks rose to a fresh two-month high of 4.652 percent on Monday from Friday's 4.617 percent.

The BoE said this was only the second such exceptional fine-tuning operation since the credit crisis began last summer.

The first was a 4.4 billion pounds two-day repo offered on Sept. 18.

The cash offer was nearly times five times oversubscribed with the central bank able to satisfy 21.19 percent of bids made.

Sterling extended its decline against the dollar after the initial BoE announcement on fears Britain's massive financial sector made it more vulnerable to disruptions in financial markets.

Analysts said the thinking was that if technical measures to reintroduce liquidity to markets fail to have the desired effect, the Bank of England would have to cut interest rates more aggressively.

The BoE has cut interest rates twice -- in December and February -- since the credit crisis began last August and is widely expected to do so again in May.

But it has been hampered from the kind of aggressive monetary easing -- where the Fed is expected to its main lending rate by a full point this week -- because of worries over soaring inflation.

Copyright 2008 Reuters. Click for restrictions.
URL: http://www.cnbc.com/id/23669851/

Thanks! I was going through the encyclopedia tyring to find the pattern and it's name.

Situation is so ugly that Dow -60 gives headlines like "Dow pares losses"

Can someone post a link to that picture that is a classic

http://www.imagefreehost.com/files/1...1243704418.gif

As you can see 1.640 is a strong support line. This might be the bottom.

Part of a most recent Reuters story:

The deal's value is more than 90 percent below the company's Friday closing share price of $30.85. But JPMorgan said the total price tag would be $6 billion to account for litigation and severance costs.

Goldman Sachs Says Abby Cohen to Stop Making S&P 500 Forecasts

By Lynn Thomasson

March 17 (Bloomberg) -- Abby Joseph Cohen, the most bullish investment strategist on Wall Street this year, will stop making Standard & Poor's 500 Index forecasts for Goldman Sachs Group Inc. (Probably been smooking too much of that shit)

She was succeeded in the role by David Kostin, Goldman's U.S. investment strategist, spokesman Ed Canaday said in a telephone interview. Kostin today predicted the S&P 500 may fall 10 percent to 1,160 before rebounding to 1,380 by year's end. Cohen, as chief investment strategist, last predicted the benchmark for American equities would end 2008 at 1,675, representing a 32 percent rally from its current level.

The 56-year-old Cohen now has the title ``senior investment strategist'' and contributor to the portfolio strategy team, according to Canaday. Her prediction for the S&P 500 this year was the highest among 14 Wall Street forecasters followed by Bloomberg.

``She will continue to meet with our clients around the world and provide commentary on financial markets focusing more on longer-term market activity,'' Canaday said in an e-mailed statement.
To contact the reporter on this story: Lynn Thomasson in New York at [color=#0000ff]lthomasson@bloomberg[/color]