Global stock markets are still under correction. Major indices haven't succeeded to rally after they bottomed on March this year. Last week Dow Jones Industrial Average has turned into the bear market by drop more than 20% from recent October high. Market lab show still Head and Shoulders bearish pattern for S&P 500 and DJIA on weekly basis. We have closed 4 consecutive weeks in negative for broad US indices.Iran tension and weak USD lift crude oil to new all time high. Another commodity supported by current market conditions is gold by endless sub-prime mortgages financial crises.Worse earnings reports are dragging down shares which again triggers selling pressure on US dollar. Which makes vicious spiral.Outflow from US dollar and shares helping some markets and their currencies. Especially economies growing still at modest pace. Have a look to Czech currency Koruna. Despite 20% appreciation ...

“Another crisis, another June,
Another REPO, this afternoon,
Another reason, it is the season,
Da Boyz make whoopee.”

The Fed tossed in another $31 billion to the banksters today and they know just where to route it–right to the trading desks. So, when you start slicing and dicing the next earnings reports from Da Boyz, make sure you check out their trading desk profits as compared to any other source of revenue or profits if any.

Speaking of manipulation, as stated here last week, the Fed would jawbone the dollar higher if they could. If that failed, they’d threaten to intervene. Right on cue, Treasury Secretary Paulson hinted [that’s all it takes] at intervention by saying he wouldn’t take that action off the table. So, I’d say Uncle Buck has found the “Paulson/Bernanke Put”.

Markets were still negative sporting higher …

Solar has been on fire the past few days due to some positive earnings reports out of the Chinese names. With Yingli Green Energy (YGE) approaching a 20% gain in 3 days, I am going to sell off another 200 of my remaining 500 shares. Earnings are tomorrow and clearly with the "right" numbers the stock could be up 30% tomorrow for all I know, but if so I will probably sell the last of my position into that spike. When this group gets hot and heavy as it is beginning to, I begin to get nervous. Either way, I can lock in some gains here so I am choosing to, with the stock near $26.20. This takes the position down from 1% of fund to 0.6%.Again as I stated with some sales of late, on a technical basis, many traders would actually ...

First, AIG - the huge insurer just blew a massive tire, announcing a $8 billion writeoff - and another capital raise, which again dilutes current shareholders and means earnings PER share is going to be punished for years to come. But really it's all good - whats $8 billion among friends - and it's all priced in (oops, not so much, down 8% after hours, but maybe by tomorrow morning after CNBC announces it's a good thing it will be up). What I want you to do now is close your eyes and imagine Uncle Ben B as a short order cook. He is now ringing that bell over his head and shouting over to the other minion cooks - "got a fresh order, let's get up some more billions of US pesos pronto, print 'er up!" More paper currency ...

I don't own these 2 names directly but do own peers, and these are bellweathers for their sectors so I thought I'd post them. One thing to note today - despite great numbers, the stocks are not reacting. Hence, we could be prone for a pullback shortly in these names. When stocks do not react to great news, that is a potential change in character, just like when stocks shake off bad news and go up. The charts in "commodities" despite some pullback, are still quite overextended and yesterday's call of Goldman $150-$200 oil [Goldman Sachs: Gasoline Not Driving Oil Price - Oil Going to $150-$200] would be the perfect catalyst to mark a near term top... Despite my Kool Aid infusion I am still quite bearish and I view this period akin to Sep/Oct 2007 when we partook in the foolishness to make money but ...