Economic Notebook: May 2009

Sunday, May 31, 2009

Week in Review (May 25 - 29 2009)

{Dow}
(Fri) =        8,500.33      96.53(+) ; δ (last) = 188 ; δ (current) = 154
(Thurs) =    8,403.80    103.78(+) ; δ (last) = 207 ; δ (current) = 188
(Wed) =        8,300.02    173.471(-) ; δ (last) = 269 ; δ (current) = 207
(Tues) =    8,473.49    196.17(+) ; δ (last) = -- ; δ (current) = 269
(Mon) =        closed
last week's range [8277, 8504] ; δ = 227
last week's Δ range = [15, 235] ; π = +8.68
last week's δ range = [74 , 242]

{Toyota}
(Fri) =        80.15    0.64(+) ; δ (last) = 1.49 ; δ (current) = 1.62
(Thurs) =    79.51    2.61(+) ; δ (last) = 2.23 ; δ (current) = 1.49
(Wed) =        76.90     0.89(-) ; δ (last) = 2.81 ; δ (current) = 2.23
(Tues) =    77.79    2.47(+) ; δ (last) = -- ; δ (current) = 2.81
(Mon) =        closed
last week's range [75.3, 76.8] ; δ = 1.50
last week's Δ range = [0.35, 2.07] ; π = +0.92
last week's δ range = [1.13 , 2.01]

{Honda}
(Fri) =        29.03   0.10(+) ; δ (last) = 0.61 ; δ (current) = 0.595
(Thurs) =    28.93   0.79(+) ; δ (last) = 0.58 ; δ (current) = 0.61
(Wed) =        28.14    0.78(-) ; δ (last) = 1.27 ; δ (current) = 0.58
(Tues) =    28.92   0.44(+) ; δ (last) = -- ; δ (current) = 1.27
(Mon) =        closed
last week's range [27.7, 28.9] ; δ = 1.2
last week's Δ range = [0.28, 0.81] ; π = -0.05
last week's δ range = [0.43 , 0.81]

{Tata Motors}
(Fri) =        9.68      0.43(-) ; δ (last) = 0.41 ; δ (current) = 0.99
(Thurs) =    10.11   0.47(+) ; δ (last) = 0.46 ; δ (current) = 0.41
(Wed) =        9.64     0.18(+) ; δ (last) = 0.397 ; δ (current) = 0.46
(Tues) =    9.46       0.15(-) ; δ (last) = -- ; δ (current) = 0.397
(Mon) =        closed
last week's range [8.9, 9.6] ; δ = 0.7
last week's Δ range = [0.06, 1.47] ; π = +2.01
last week's δ range = [0.56 , 1.46]

{BRK/A:US - Berkshire Hathaway Inc}
(Fri) =        91600      350(+) ; δ (last) = 1470 ; δ (current) = 1600
(Thurs) =     91250      100(+) ; δ (last) = 2505 ; δ (current) = 1470
(Wed) =     91150       650(-) ; δ (last) = 2695 ; δ (current) = 2505
(Tues) =     91800    2600(+) ; δ (last) = -- ; δ (current) = 2695
(Mon) =     closed
last week's range [89200, 92998] ; δ = 3798
last week's Δ range = [100, 2998] ; π = +80
last week's δ range = [1200, 2050]

{Futures/Commodities}
{Oil}
(Fri) =           $66.64   1.87(+) ; δ (last) = 2.69 ; δ (current) = 1.96
(Thurs) =     $64.77   1.87(+) ; δ (last) = 1.63 ; δ (current) = 2.69
(Wed) =     $62.90   0.36(+) ; δ (last) = 3.01 ; δ (current) = 1.63
(Tues)    =     $62.54   2.89(+) ; δ (last) = -- ; δ (current) = 3.01
(Mon)    =     $closed
last week's range [59.2, 61.7] ; δ = 2.5
last week's Δ range = [0.49, 2.69] ; π = +3.28
last week's δ range = [0.65, 3.21]

{NYH-RBOB-G}
(Fri) =        $1.91          0.005(+) ; δ (last) = 0.0515 ; δ (current) = 0.0445
(Thurs) =     $1.905      0.0235(+) ; δ (last) = 0.0508 ; δ (current) = 0.0515
(Wed) =     $1.8815    0.0171(+) ; δ (last) = 0.091 ; δ (current) = 0.0508
(Tues)    =     $1.8645       0.037(+) ; δ (last) = -- ; δ (current) = 0.091
(Mon)    =     $closed
last week's range [1.76, 1.83] ; δ = 0.07
last week's Δ range = [0.002, 0.09] ; π = +0.149
last week's δ range = [0.05, 0.1]

{NaturalG}
(Fri) =        $3.89   0.078(-) ; δ (last) = 0.407 ; δ (current) = 0.306
(Thurs) =     $3.968   0.423(+) ; δ (last) = 0.126 ; δ (current) = 0.407
(Wed) =     $3.545    0.044(-) ; δ (last) = 0.201 ; δ (current) = 0.126
(Tues)    =     $3.589 0.081(+) ; δ (last) = -- ; δ (current) = 0.201
(Mon)    =     $closed
last week's range [3.5, 4.2] ; δ = 0.7
last week's Δ range = [0.04, 0.39] ; π = -0.597
last week's δ range = [0.16, 0.42]

{Corn}
(Fri) =        $436.20    7.60(+) ; δ (last) = 12 ; δ (current) = 5.60
(Thurs) =     $428.60    2.60(-) ; δ (last) = 7.80 ; δ (current) = 12
(Wed) =     $426         1.40(-) ; δ (last) = 10.80 ; δ (current) = 7.80
(Tues)    =    $427.40    2.80(-) ; δ (last) = -- ; δ (current) = 10.80
(Mon)    =    $closed
last week's range [421, 430] ; δ = 9
last week's Δ range = [0.4, 6] ; π = +13
last week's δ range = [7, 15]

{Wheat}
(Fri) =        $637.20    6.80(+) ; δ (last) = 25 ; δ (current) = 7.40
(Thurs) =     $630.40    4.80(+) ; δ (last) = 17 ; δ (current) = 25
(Wed) =     $625.60    13.60(+) ; δ (last) = 10.40 ; δ (current) = 17
(Tues)    =    $612    0.40(-) ; δ (last) = -- ; δ (current) = 10.40
(Mon)    =    $closed
last week's range [589, 612] ; δ = 23
last week's Δ range = [1.8, 19] ; π = +35
last week's δ range = [12, 27]

{Sugar}
(Fri) =        $21.80   0.35(+) ; δ (last) = 0.36 ; δ (current) = 0
(Thurs) =     $21.45   0.05(-) ; δ (last) = 0.30 ; δ (current) = 0.36
(Wed) =     $21.55   0.40(-) ; δ (last) = 0 ; δ (current) = 0.30
(Tues)    =    $21.95   0.05(-) ; δ (last) = -- ; δ (current) = 0
(Mon)    =    $closed
last week's range [21.7, 22] ; δ = 0.30
last week's Δ range = [0, 0.16] ; π = +0.36
last week's δ range = [0, 0.22]

{no-core, but often considered essential}
{Soybeans}
(Fri) =        $1184              5(+) ; δ (last) = 21 ; δ (current) = 17
(Thurs) =     $1179               8(-) ; δ (last) = 22.60 ; δ (current) = 21
(Wed) =     $1187         1.60(+) ; δ (last) = 30 ; δ (current) = 22.60
(Tues)    =    $1185.40    9.40(+) ; δ (last) = -- ; δ (current) = 30
(Mon)    =    $closed
last week's range [1146, 1175] ; δ = 29
last week's Δ range = [6, 16] ; π = +35.6
last week's δ range = [12, 26]

{Coffee}
(Fri) =        $136.75 0.05(+) ; δ (last) = 4.35 ; δ (current) = 3.05
(Thurs) =     $136.70 2.55(+) ; δ (last) = 3.70 ; δ (current) = 4.35
(Wed) =     $134.15 2.95(-) ; δ (last) = 5.50 ; δ (current) = 3.70
(Tues)    =    $137.10 2.70(+) ; δ (last) = -- ; δ (current) = 5.50
(Mon)    =    $closed
last week's range [129, 136] ; δ = 7
last week's Δ range = [0.95, 3.35] ; π = +5.9
last week's δ range = [2.90, 4.20]

{Cocao}
(Fri) =        $2585        4(-) ; δ (last) = 122 ; δ (current) = 71
(Thurs) =     $2589     81(+) ; δ (last) = 121 ; δ (current) = 122
(Wed) =     $2508   104(+) ; δ (last) = 41 ; δ (current) = 121
(Tues)    =    $2404       17(-) ; δ (last) = -- ; δ (current) = 41
(Mon)    =    $closed
last week's range [2297, 2421] ; δ = 124
last week's Δ range = [2, 65] ; π = +83
last week's δ range = [39, 85]

{Orange Juice}
(Fri) =        $93.80   0.80(-) ; δ (last) = 3.05 ; δ (current) = 5.05
(Thurs) =     $94.60   0.35(+) ; δ (last) = 3.05 ; δ (current) = 3.05
(Wed) =     $94.25    1.85(+) ; δ (last) = 2.50 ; δ (current) = 3.05
(Tues)    =    $92.40    1.05(+) ; δ (last) = -- ; δ (current) = 2.50
(Mon)    =    $closed
last week's range [89.5, 91.3] ; δ = 1.8
last week's Δ range = [0.20, 1.85] ; π = -1.75
last week's δ range = [2.30, 5.65]

{Pork Bellies}
(Fri) =        $72.60   0.35(-) ; δ (last) = 0.80 ; δ (current) = 2.65
(Thurs) =     $72.95   0.30(+) ; δ (last) = 1.425 ; δ (current) = 0.80
(Wed) =     $72.65 0.22(+) ; δ (last) = 1.10 ; δ (current) = 1.425
(Tues)    =    $72.43 0.78(-) ; δ (last) = -- ; δ (current) = 1.10
(Mon)    =    $closed
last week's range [72, 79] ; δ = 7
last week's Δ range = [0.70, 1.80] ; π = -2.4
last week's δ range = [0, 1.15]

{Other Indicators}
{Dollar Index}
(Fri) =        79.255   1.39(-) ; δ (last) = 0.88 ; δ (current) = 1.25
(Thurs) =     80.645   0.335(-) ; δ (last) = 0.945 ; δ (current) = 0.88
(Wed) =     80.98    0.77(+) ; δ (last) = 0.725 ; δ (current) = 0.945
(Tues)    =    80.21    0.03(+) ; δ (last) = -- ; δ (current) = 0.725
(Mon)    =    closed
last week's range [80.2, 82.6] ; δ = 2.4
last week's Δ range = [0.32, 0.95] ; π = -2.91
last week's δ range = [0.67, 1.36]

{10yr Treasury}
(Fri) =        118.625   1.365(+) ; δ (last) = 0.045 ; δ (current) = 1.04
(Thurs) =     117.26   0.13(+) ; δ (last) = 0.035 ; δ (current) = 0.045
(Wed) =     117.13    0.995(-) ; δ (last) = 0.04 ; δ (current) = 0.035
(Tues)    =    118.125    0.96(-) ; δ (last) = -- ; δ (current) = 0.04
(Mon)    =    closed
last week's range [119.1, 120.3] ; δ = 1.2
last week's Δ range = [0.01, 0.84] ; π = -1.18
last week's δ range = [0.01, 1]

{Libor (1 month)}
(Fri) =        99.67    0.017(+) ; δ (last) = 0.015 ; δ (current) = 0.015
(Thurs) =     99.653    0.013(+) ; δ (last) = 0 ; δ (current) = 0.015
(Wed) =     99.640    0.005(+) ; δ (last) = 0 ; δ (current) = 0
(Tues)    =    99.635    -- (*) ; δ (last) = -- ; δ (current) = 0
(Mon)    =    closed
last week's range [--, --] ; δ = --
last week's Δ range = [--, --] ; π = --
last week's δ range = [--, --]

{Baltic Dry Index}
(Fri) =        3494    196(+)
(Thurs) =     3298   134(+)
(Wed) =        3164    222(+)
(Tues) =     2942   156(+)
(Mon) =     closed
last week's range [2605, 2786] ; δ = 329
last week's Δ range = [1, 112] ; π = +242

{Asia}
{NI225 - Japan}
(Fri) =        9,522.50    71.11(+) ; δ (last) = 139 ; δ (current) = 96
(Thurs) =     9,451.39   12.62(+) ; δ (last) = 80 ; δ (current) = 139
(Wed) =     9,438.77   127.96(+) ; δ (last) = 148 ; δ (current) = 80
(Tues) =     9,310.81    36.19(-) ; δ (last) = 157 ; δ (current) = 148
(Mon) =     9,347.00   121.19(+) ; δ (last) = 141 ; δ (current) = 157
last week's range [9039, 9345] ; δ = 306
last week's Δ range = [38, 252] ; π = -39.21
last week's δ range = [88, 170]

{HK:HSI - Hong Kong}
(Fri) =        18,171.00    285.73(+) ; δ (last) = 636 ; δ (current) = 394
(Thurs) =     17,885.27   893.709(+) ; δ (last) = 636 ; δ (current) = 636
(Wed) =     17,885.27   893.709(+) ; δ (last) = 306 ; δ (current) = 636
(Tues) =     16,991.561    130.26(-) ; δ (last) = 475 ; δ (current) = 306
(Mon) =     17,121.82   59.301(+) ; δ (last) = 559 ; δ (current) = 475
last week's range [17023, 17544] ; δ = 521
last week's Δ range = [68, 521] ; π = +271.82
last week's δ range = [212, 728]

{SENSEX:IND - BSE SENSEX 30 INDEX India}
(Fri) =        14,625.25   329.24(+) ; δ (last) = 295 ; δ (current) = 342
(Thurs) =     14,296.01   186.37(+) ; δ (last) = 275 ; δ (current) = 295
(Wed) =     14,109.64   520.409(+) ; δ (last) = 467 ; δ (current) = 275
(Tues) =     13,589.23   323.989(-) ; δ (last) = 208 ; δ (current) = 467
(Mon) =     13,913.22   26.069(+) ; δ (last) = 326 ; δ (current) = 208
last week's range [13737, 14302] ; δ = 565
last week's Δ range = [18, 2111] ; π = +1713.73
last week's δ range = [326, 1090]

{SHCOMP:IND SHANGHAI SE COMPOSITE IX}
(Fri) =        2,632.93        44.355(+) ; δ (last) = 43 ; δ (current) = 43
(Thurs) =     closed                       (*) ; δ (last) = 43 ; δ (current) = --
(Wed) =     2,632.93     44.355(+) ; δ (last) = 33 ; δ (current) = 43
(Tues) =     2,588.575     21.435(-) ; δ (last) = 80 ; δ (current) = 33
(Mon) =     2,610.01     12.409(+) ; δ (last) = 39 ; δ (current) = 80
last week's range [2598, 2677] ; δ = 79
last week's Δ range = [8, 41] ; π = -47.66
last week's δ range = [27, 67]

{FSSTI:IND Singapore STRAITS TIMES INDEX}
(Fri) =        2,329.08   36.11(+) ; δ (last) = 44 ; δ (current) = 59
(Thurs) =     2,292.97   13.11(-) ; δ (last) = 44 ; δ (current) = 44
(Wed) =     2,306.08   67.29(+) ; δ (last) = 43 ; δ (current) = 44
(Tues) =     2,238.79   28.67(-) ; δ (last) = 36 ; δ (current) = 43
(Mon) =     2,267.46    22.19(+) ; δ (last) = 55 ; δ (current) = 36
last week's range [2173, 2269] ; δ = 96
last week's Δ range = [9, 83] ; π = +101.43
last week's δ range = [28, 81]

{KOSDAQ - SKorea}
(Fri) =        528.80   7.69(+) ; δ (last) = 24 ; δ (current) = 9
(Thurs) =     521.11   3.22(-) ; δ (last) = 24 ; δ (current) = 24
(Wed) =     524.33    12.21(-) ; δ (last) = 18 ; δ (current) = 24
(Tues) =     536.54    5.54(-) ; δ (last) = 52 ; δ (current) = 18
(Mon) =     542.08   12.01(-) ; δ (last) = 11 ; δ (current) = 52
last week's range [545, 563] ; δ = 18
last week's Δ range = [1, 9] ; π = +10.55
last week's δ range = [4, 12]

{KOSPI - SKorea}
(Fri) =        1,395.89   3.72(+) ; δ (last) = 36 ; δ (current) = 18
(Thurs) =     1,392.17    30.15(+) ; δ (last) = 36 ; δ (current) = 47
(Wed) =     1,362.02   10.02(-) ; δ (last) = 48 ; δ (current) = 36
(Tues) =     1,372.04    28.86(-) ; δ (last) = 99 ; δ (current) = 48
(Mon) =     1,400.90    2.85(-) ; δ (last) = 29 ; δ (current) = 99
last week's range [1387, 1436] ; δ = 49
last week's Δ range = [5, 42] ; π = +12.02
last week's δ range = [12, 29]

{TWSE - Tiawan}
(Fri) =        6,890.44   207.33(+) ; δ (last) = 187 ; δ (current) = 187
(Thurs) =     closed                (+) ; δ (last) = 187 ; δ (current) = --
(Wed) =     6,890.44    207.33(+) ; δ (last) = 180 ; δ (current) = 187
(Tues) =     6,683.11    51.35(-) ; δ (last) = 170 ; δ (current) = 180
(Mon) =     6,734.46    2.8301(-) ; δ (last) = 131 ; δ (current) = 170
last week's range [6578, 6737] ; δ = 159
last week's Δ range = [15, 89] ; π = +248.2
last week's δ range = [96, 163]

Saturday, May 30, 2009

[Articles of Interest] China warns Federal Reserve over 'printing money'

China has warned a top member of the US Federal Reserve that it is
increasingly disturbed by the Fed's direct purchase of US Treasury bonds.

By Ambrose Evans-Pritchard

Last Updated: 1:52PM BST 27 May 2009

Richard Fisher, president of the Dallas Federal Reserve Bank, said: "Senior
officials of the Chinese government grilled me about whether or not we are
going to monetise the actions of our legislature."

"I must have been asked about that a hundred times in China. I was asked
at every single meeting about our purchases of Treasuries. That seemed to be
the principal preoccupation of those that were invested with their surpluses
mostly in the United States," he told the Wall Street Journal.

His recent trip to the Far East appears to have been a stark reminder that
Asia's "Confucian" culture of right action does not look kindly on
the insouciant policy of printing money by Anglo-Saxons.

Mr Fisher, the Fed's leading hawk, was a fierce opponent of the original
decision to buy Treasury debt, fearing that it would lead to a blurring of
the line between fiscal and monetary policy – and could all too easily
degenerate into Argentine-style financing of uncontrolled spending.

However, he agreed that the Fed was forced to take emergency action after the
financial system "literally fell apart".

Nor, he added was there much risk of inflation taking off yet. The Dallas Fed
uses a "trim mean" method based on 180 prices that excludes
extreme moves and is widely admired for accuracy.

"You've got some mild deflation here," he said.

The Oxford-educated Mr Fisher, an outspoken free-marketer and believer in the
Schumpeterian process of "creative destruction", has been running
a fervent campaign to alert Americans to the "very big hole" in
unfunded pension and health-care liabilities built up by a careless
political class over the years.

"We at the Dallas Fed believe the total is over $99 trillion," he
said in February.

"This situation is of your own creation. When you berate your
representatives or senators or presidents for the mess we are in, you are
really berating yourself. You elect them," he said.

His warning comes amid growing fears that America could lose its AAA sovereign
rating.

Friday, May 29, 2009

The DECB Daily US Market Report

Dow =     8,500.33    96.53(+) ; δ (last) = 188 ; δ (current) = 154
last week's range [8277, 8504] ; δ = 227
last week's Δ range = [15, 235] ; π = +8.68
last week's δ range = [74 , 242]
Toyota =    80.15    0.64(+) ; δ (last) = 1.49 ; δ (current) = 1.62
last week's range [75.3, 76.8] ; δ = 1.50
last week's Δ range = [0.35, 2.07] ; π = +0.92
last week's δ range = [1.13 , 2.01]
Honda =    29.03   0.10(+) ; δ (last) = 0.61 ; δ (current) = 0.595
last week's range [27.7, 28.9] ; δ = 1.2
last week's Δ range = [0.28, 0.81] ; π = -0.05
last week's δ range = [0.43 , 0.81]
Tata Motors =    9.68   0.43(-) ; δ (last) = 0.41 ; δ (current) = 0.99
last week's range [8.9, 9.6] ; δ = 0.7
last week's Δ range = [0.06, 1.47] ; π = +2.01
last week's δ range = [0.56 , 1.46]
BRK/A - Berkshire Hathaway Inc = 91600    350(+) ; δ (last) = 1470 ; δ (current) = 1600
last week's range [89200, 92998] ; δ = 3798
last week's Δ range = [100, 2998] ; π = +80
last week's δ range = [1200, 2050]

{Futures/Commodities}
{core}
Oil    =   $66.64   1.87(+) ; δ (last) = 2.69 ; δ (current) = 1.96
last week's range [59.2, 61.7] ; δ = 2.5
last week's Δ range = [0.49, 2.69] ; π = +3.28
last week's δ range = [0.65, 3.21]
NYH-RBOB-G = $1.91    0.005(+) ; δ (last) = 0.0515 ; δ (current) = 0.0445
last week's range [1.76, 1.83] ; δ = 0.07
last week's Δ range = [0.002, 0.09] ; π = +0.149
last week's δ range = [0.05, 0.1]
NaturalG    =   $3.89   0.078(-) ; δ (last) = 0.407 ; δ (current) = 0.306
last week's range [3.5, 4.2] ; δ = 0.7
last week's Δ range = [0.04, 0.39] ; π = -0.597
last week's δ range = [0.16, 0.42]
Corn    =   $436.20    7.60(+) ; δ (last) = 12 ; δ (current) = 5.60
last week's range [421, 430] ; δ = 9
last week's Δ range = [0.4, 6] ; π = +13
last week's δ range = [7, 15]
Wheat    =   $637.20    6.80(+) ; δ (last) = 25 ; δ (current) = 7.40
last week's range [589, 612] ; δ = 23
last week's Δ range = [1.8, 19] ; π = +35
last week's δ range = [12, 27]
Sugar    =   $21.80   0.35(+) ; δ (last) = 0.36 ; δ (current) = 0
last week's range [21.7, 22] ; δ = 0.30
last week's Δ range = [0, 0.16] ; π = +0.36
last week's δ range = [0, 0.22]

{no-core, but often considered essential}
Soybeans    =   $1184    5(+) ; δ (last) = 21 ; δ (current) = 17
last week's range [1146, 1175] ; δ = 29
last week's Δ range = [6, 16] ; π = +35.6
last week's δ range = [12, 26]
Coffee    =   $136.75 0.05(+) ; δ (last) = 4.35 ; δ (current) = 3.05
last week's range [129, 136] ; δ = 7
last week's Δ range = [0.95, 3.35] ; π = +5.9
last week's δ range = [2.90, 4.20]
Cocao    =   $2585   4(-) ; δ (last) = 122 ; δ (current) = 71
last week's range [2297, 2421] ; δ = 124
last week's Δ range = [2, 65] ; π = +83
last week's δ range = [39, 85]
Orange Juice = $93.80   0.80(-) ; δ (last) = 3.05 ; δ (current) = 5.05
last week's range [89.5, 91.3] ; δ = 1.8
last week's Δ range = [0.20, 1.85] ; π = -1.75
last week's δ range = [2.30, 5.65]
Pork Bellies    =   $72.60   0.35(-) ; δ (last) = 0.80 ; δ (current) = 2.65
last week's range [72, 79] ; δ = 7
last week's Δ range = [0.70, 1.80] ; π = -2.4
last week's δ range = [0, 1.15]

{Other Indicators}
Dollar Index = 79.255   1.39(-) ; δ (last) = 0.88 ; δ (current) = 1.25
last week's range [80.2, 82.6] ; δ = 2.4
last week's Δ range = [0.32, 0.95] ; π = -2.91
last week's δ range = [0.67, 1.36]
10-yr Treasury = 118.625   1.365(+) ; δ (last) = 0.045 ; δ (current) = 1.04
last week's range [119.1, 120.3] ; δ = 1.2
last week's Δ range = [0.01, 0.84] ; π = -1.18
last week's δ range = [0.01, 1]
Libor (1 month) = 99.67    0.017(+) ; δ (last) = 0.015 ; δ (current) = 0.015
last week's range [--, --] ; δ = --
last week's Δ range = [--, --] ; π = --
last week's δ range = [--, --]
Baltic Dry Index = 3494    196(+)
last week's range [2605, 2786] ; δ = 329
last week's Δ range = [1, 112] ; π = +242

*Red means out of range, below the lower bound
*Bold means out of range, above the upper bound
*π = momentum
*δ = the difference between the high and the low
*Δ = change

The DECB Daily Asian Market Report

NI225 {Japan} = 9,522.50    71.11(+) ; δ (last) = 139 ; δ (current) = 96
last week's range [9039, 9345] ; δ = 306
last week's Δ range = [38, 252] ; π = -39.21
last week's δ range = [88, 170]

HK:HSI {Hong Kong} = 18,171.00    285.73(+) ; δ (last) = 636 ; δ (current) = 394
last week's range [17023, 17544] ; δ = 521
last week's Δ range = [68, 521] ; π = +271.82
last week's δ range = [212, 728]

SENSEX {India} = 14,625.25   329.24(+) ; δ (last) = 295 ; δ (current) = 342
last week's range [13737, 14302] ; δ = 565
last week's Δ range = [18, 2111] ; π = +1713.73
last week's δ range = [326, 1090]

SHCOMP {SHANGHAI} = 2,632.93   44.355(+) ; δ (last) = 43 ; δ (current) = 43
last week's range [2598, 2677] ; δ = 79
last week's Δ range = [8, 41] ; π = -47.66
last week's δ range = [27, 67]

FSSTI:IND {Singapore STRAITS TIMES} = 2,329.08   36.11(+) ; δ (last) = 44 ; δ (current) = 59
last week's range [2173, 2269] ; δ = 96
last week's Δ range = [9, 83] ; π = +101.43
last week's δ range = [28, 81]

KOSDAQ {SKorea} = 528.80   7.69(+) ; δ (last) = 24 ; δ (current) = 9
last week's range [545, 563] ; δ = 18
last week's Δ range = [1, 9] ; π = +10.55
last week's δ range = [4, 12]

KOSPI {SKorea} = 1,395.89   3.72(+) ; δ (last) = 36 ; δ (current) = 18
last week's range [1387, 1436] ; δ = 49
last week's Δ range = [5, 42] ; π = +12.02
last week's δ range = [12, 29]

TWSE {Tiawan} = 6,890.44   207.33(+) ; δ (last) = 187 ; δ (current) = 187
last week's range [6578, 6737] ; δ = 159
last week's Δ range = [15, 89] ; π = +248.2
last week's δ range = [96, 163]

*Red means out of range, below the lower bound
*Bold means out of range, above the upper bound
*π = momentum
*δ = the difference between the high and the low
*Δ = change

Thursday, May 28, 2009

The DECB Daily US Market Report

Dow =     8,403.80     103.78(+) ; δ (last) = 207 ; δ (current) = 188
last week's range [8277, 8504] ; δ = 227
last week's Δ range = [15, 235] ; π = +8.68
last week's δ range = [74 , 242]
Toyota =    79.51    2.61(+) ; δ (last) = 2.23 ; δ (current) = 1.49
last week's range [75.3, 76.8] ; δ = 1.50
last week's Δ range = [0.35, 2.07] ; π = +0.92
last week's δ range = [1.13 , 2.01]
Honda =    28.93   0.79(+) ; δ (last) = 0.58 ; δ (current) = 0.61
last week's range [27.7, 28.9] ; δ = 1.2
last week's Δ range = [0.28, 0.81] ; π = -0.05
last week's δ range = [0.43 , 0.81]
Tata Motors =    10.11   0.47(+) ; δ (last) = 0.46 ; δ (current) = 0.41
last week's range [8.9, 9.6] ; δ = 0.7
last week's Δ range = [0.06, 1.47] ; π = +2.01
last week's δ range = [0.56 , 1.46]
BRK/A - Berkshire Hathaway Inc = 91250   100(+) ; δ (last) = 2505 ; δ (current) = 1470
last week's range [89200, 92998] ; δ = 3798
last week's Δ range = [100, 2998] ; π = +80
last week's δ range = [1200, 2050]

{Futures/Commodities}
{core}
Oil    =   $64.77   1.87(+) ; δ (last) = 1.63 ; δ (current) = 2.69
last week's range [59.2, 61.7] ; δ = 2.5
last week's Δ range = [0.49, 2.69] ; π = +3.28
last week's δ range = [0.65, 3.21]
NYH-RBOB-G = $1.905    0.0235(+) ; δ (last) = 0.0508 ; δ (current) = 0.0515
last week's range [1.76, 1.83] ; δ = 0.07
last week's Δ range = [0.002, 0.09] ; π = +0.149
last week's δ range = [0.05, 0.1]
NaturalG    =   $3.968   0.423(+) ; δ (last) = 0.126 ; δ (current) = 0.407
last week's range [3.5, 4.2] ; δ = 0.7
last week's Δ range = [0.04, 0.39] ; π = -0.597
last week's δ range = [0.16, 0.42]
Corn    =   $428.60    2.60(-) ; δ (last) = 7.80 ; δ (current) = 12
last week's range [421, 430] ; δ = 9
last week's Δ range = [0.4, 6] ; π = +13
last week's δ range = [7, 15]
Wheat    =   $630.40    4.80(+) ; δ (last) = 17 ; δ (current) = 25
last week's range [589, 612] ; δ = 23
last week's Δ range = [1.8, 19] ; π = +35
last week's δ range = [12, 27]
Sugar    =   $21.45   0.05(-) ; δ (last) = 0.30 ; δ (current) = 0.36
last week's range [21.7, 22] ; δ = 0.30
last week's Δ range = [0, 0.16] ; π = +0.36
last week's δ range = [0, 0.22]

{no-core, but often considered essential}
Soybeans    =   $1179    8(-) ; δ (last) = 22.60 ; δ (current) = 21
last week's range [1146, 1175] ; δ = 29
last week's Δ range = [6, 16] ; π = +35.6
last week's δ range = [12, 26]
Coffee    =   $136.70 2.55(+) ; δ (last) = 3.70 ; δ (current) = 4.35
last week's range [129, 136] ; δ = 7
last week's Δ range = [0.95, 3.35] ; π = +5.9
last week's δ range = [2.90, 4.20]
Cocao    =   $2589   81(+) ; δ (last) = 121 ; δ (current) = 122
last week's range [2297, 2421] ; δ = 124
last week's Δ range = [2, 65] ; π = +83
last week's δ range = [39, 85]
Orange Juice = $94.60   0.35(+) ; δ (last) = 3.05 ; δ (current) = 3.05
last week's range [89.5, 91.3] ; δ = 1.8
last week's Δ range = [0.20, 1.85] ; π = -1.75
last week's δ range = [2.30, 5.65]
Pork Bellies    =   $72.95   0.30(+) ; δ (last) = 1.425 ; δ (current) = 0.80
last week's range [72, 79] ; δ = 7
last week's Δ range = [0.70, 1.80] ; π = -2.4
last week's δ range = [0, 1.15]

{Other Indicators}
Dollar Index = 80.645   0.335(-) ; δ (last) = 0.945 ; δ (current) = 0.88
last week's range [80.2, 82.6] ; δ = 2.4
last week's Δ range = [0.32, 0.95] ; π = -2.91
last week's δ range = [0.67, 1.36]
10-yr Treasury = 117.26   0.13(+) ; δ (last) = 0.035 ; δ (current) = 0.045
last week's range [119.1, 120.3] ; δ = 1.2
last week's Δ range = [0.01, 0.84] ; π = -1.18
last week's δ range = [0.01, 1]
Libor (1 month) = 99.653    0.013(+) ; δ (last) = 0 ; δ (current) = 0.015
last week's range [--, --] ; δ = --
last week's Δ range = [--, --] ; π = --
last week's δ range = [--, --]
Baltic Dry Index = 3298   134(+)
last week's range [2605, 2786] ; δ = 329
last week's Δ range = [1, 112] ; π = +242

*Red means out of range, below the lower bound
*Bold means out of range, above the upper bound
*π = momentum
*δ = the difference between the high and the low
*Δ = change

The DECB Daily Asian Market Report

NI225 {Japan} = 9,451.39   12.62(+) ; δ (last) = 80 ; δ (current) = 139
last week's range [9039, 9345] ; δ = 306
last week's Δ range = [38, 252] ; π = -39.21
last week's δ range = [88, 170]

HK:HSI {Hong Kong} = 17,885.27   893.709(+) ; δ (last) = 636 ; δ (current) = 636
last week's range [17023, 17544] ; δ = 521
last week's Δ range = [68, 521] ; π = +271.82
last week's δ range = [212, 728]

SENSEX {India} = 14,296.01   186.37(+) ; δ (last) = 275 ; δ (current) = 295
last week's range [13737, 14302] ; δ = 565
last week's Δ range = [18, 2111] ; π = +1713.73
last week's δ range = [326, 1090]

SHCOMP {SHANGHAI} = 2,632.93     44.355(+) ; δ (last) = 43 ; δ (current) = 43
last week's range [2598, 2677] ; δ = 79
last week's Δ range = [8, 41] ; π = -47.66
last week's δ range = [27, 67]

FSSTI:IND {Singapore STRAITS TIMES} = 2,292.97   13.11(-) ; δ (last) = 44 ; δ (current) = 44
last week's range [2173, 2269] ; δ = 96
last week's Δ range = [9, 83] ; π = +101.43
last week's δ range = [28, 81]

KOSDAQ {SKorea} = 521.11   3.22(-) ; δ (last) = 24 ; δ (current) = 24
last week's range [545, 563] ; δ = 18
last week's Δ range = [1, 9] ; π = +10.55
last week's δ range = [4, 12]

KOSPI {SKorea} = 1,392.17    30.15(+) ; δ (last) = 36 ; δ (current) = 47
last week's range [1387, 1436] ; δ = 49
last week's Δ range = [5, 42] ; π = +12.02
last week's δ range = [12, 29]

TWSE {Tiawan} = 6,890.44   207.33(+) ; δ (last) = 187 ; δ (current) = 187
last week's range [6578, 6737] ; δ = 159
last week's Δ range = [15, 89] ; π = +248.2
last week's δ range = [96, 163]

*Red means out of range, below the lower bound
*Bold means out of range, above the upper bound
*π = momentum
*δ = the difference between the high and the low
*Δ = change

Wednesday, May 27, 2009

The DECB Daily US Market Report

Dow =     8,300.02    173.471(-) ; δ (last) = 269 ; δ (current) = 207
last week's range [8277, 8504] ; δ = 227
last week's Δ range = [15, 235] ; π = +8.68
last week's δ range = [74 , 242]
Toyota =    76.90   0.89(-) ; δ (last) = 2.81 ; δ (current) = 2.23
last week's range [75.3, 76.8] ; δ = 1.50
last week's Δ range = [0.35, 2.07] ; π = +0.92
last week's δ range = [1.13 , 2.01]
Honda =    28.14    0.78(-) ; δ (last) = 1.27 ; δ (current) = 0.58
last week's range [27.7, 28.9] ; δ = 1.2
last week's Δ range = [0.28, 0.81] ; π = -0.05
last week's δ range = [0.43 , 0.81]
Tata Motors =    9.64    0.18(+) ; δ (last) = 0.397 ; δ (current) = 0.46
last week's range [8.9, 9.6] ; δ = 0.7
last week's Δ range = [0.06, 1.47] ; π = +2.01
last week's δ range = [0.56 , 1.46]
BRK/A - Berkshire Hathaway Inc = 91150   650(-) ; δ (last) = 2695 ; δ (current) = 2505
last week's range [89200, 92998] ; δ = 3798
last week's Δ range = [100, 2998] ; π = +80
last week's δ range = [1200, 2050]

{Futures/Commodities}
{core}
Oil    =   $62.90   0.36(+) ; δ (last) = 3.01 ; δ (current) = 1.63
last week's range [59.2, 61.7] ; δ = 2.5
last week's Δ range = [0.49, 2.69] ; π = +3.28
last week's δ range = [0.65, 3.21]
NYH-RBOB-G = $1.8815    0.0171(+) ; δ (last) = 0.091 ; δ (current) = 0.0508
last week's range [1.76, 1.83] ; δ = 0.07
last week's Δ range = [0.002, 0.09] ; π = +0.149
last week's δ range = [0.05, 0.1]
NaturalG    =   $3.545    0.044(-) ; δ (last) = 0.201 ; δ (current) = 0.126
last week's range [3.5, 4.2] ; δ = 0.7
last week's Δ range = [0.04, 0.39] ; π = -0.597
last week's δ range = [0.16, 0.42]
Corn    =   $426   1.40(-) ; δ (last) = 10.80 ; δ (current) = 7.80
last week's range [421, 430] ; δ = 9
last week's Δ range = [0.4, 6] ; π = +13
last week's δ range = [7, 15]
Wheat    =   $625.60    13.60(+) ; δ (last) = 10.40 ; δ (current) = 17
last week's range [589, 612] ; δ = 23
last week's Δ range = [1.8, 19] ; π = +35
last week's δ range = [12, 27]
Sugar    =   $21.55   0.40(-) ; δ (last) = 0 ; δ (current) = 0.30
last week's range [21.7, 22] ; δ = 0.30
last week's Δ range = [0, 0.16] ; π = +0.36
last week's δ range = [0, 0.22]

{no-core, but often considered essential}
Soybeans    =   $1187     1.60(+) ; δ (last) = 30 ; δ (current) = 22.60
last week's range [1146, 1175] ; δ = 29
last week's Δ range = [6, 16] ; π = +35.6
last week's δ range = [12, 26]
Coffee    =   $134.15 2.95(-) ; δ (last) = 5.50 ; δ (current) = 3.70
last week's range [129, 136] ; δ = 7
last week's Δ range = [0.95, 3.35] ; π = +5.9
last week's δ range = [2.90, 4.20]
Cocao    =   $2508   104(+) ; δ (last) = 41 ; δ (current) = 121
last week's range [2297, 2421] ; δ = 124
last week's Δ range = [2, 65] ; π = +83
last week's δ range = [39, 85]
Orange Juice = $94.25    1.85(+) ; δ (last) = 2.50 ; δ (current) = 3.05
last week's range [89.5, 91.3] ; δ = 1.8
last week's Δ range = [0.20, 1.85] ; π = -1.75
last week's δ range = [2.30, 5.65]
Pork Bellies    =   $72.65 0.22(+) ; δ (last) = 1.10 ; δ (current) = 1.425
last week's range [72, 79] ; δ = 7
last week's Δ range = [0.70, 1.80] ; π = -2.4
last week's δ range = [0, 1.15]

{Other Indicators}
Dollar Index = 80.98    0.77(+) ; δ (last) = 0.725 ; δ (current) = 0.945
last week's range [80.2, 82.6] ; δ = 2.4
last week's Δ range = [0.32, 0.95] ; π = -2.91
last week's δ range = [0.67, 1.36]
10-yr Treasury = 117.13    0.995(-) ; δ (last) = 0.04 ; δ (current) = 0.035
last week's range [119.1, 120.3] ; δ = 1.2
last week's Δ range = [0.01, 0.84] ; π = -1.18
last week's δ range = [0.01, 1]
Libor (1 month) = 99.640    0.005(+) ; δ (last) = 0 ; δ (current) = 0
last week's range [--, --] ; δ = --
last week's Δ range = [--, --] ; π = --
last week's δ range = [--, --]
Baltic Dry Index = 3164    222(+)
last week's range [2605, 2786] ; δ = 329
last week's Δ range = [1, 112] ; π = +242

*Red means out of range, below the lower bound
*Bold means out of range, above the upper bound
*π = momentum
*δ = the difference between the high and the low
*Δ = change

The DECB Daily Asian Market Report

NI225 {Japan} = 9,438.77   127.96(+) ; δ (last) = 148 ; δ (current) = 80
last week's range [9039, 9345] ; δ = 306
last week's Δ range = [38, 252] ; π = -39.21
last week's δ range = [88, 170]

HK:HSI {Hong Kong} = 17,885.27   893.709(+) ; δ (last) = 306 ; δ (current) = 636
last week's range [17023, 17544] ; δ = 521
last week's Δ range = [68, 521] ; π = +271.82
last week's δ range = [212, 728]

SENSEX {India} = 14,109.64   520.409(+) ; δ (last) = 467 ; δ (current) = 275
last week's range [13737, 14302] ; δ = 565
last week's Δ range = [18, 2111] ; π = +1713.73
last week's δ range = [326, 1090]

SHCOMP {SHANGHAI} = 2,632.93     44.355(+) ; δ (last) = 33 ; δ (current) = 43
last week's range [2598, 2677] ; δ = 79
last week's Δ range = [8, 41] ; π = -47.66
last week's δ range = [27, 67]

FSSTI:IND {Singapore STRAITS TIMES} = 2,306.08   67.29(+) ; δ (last) = 43 ; δ (current) = 44
last week's range [2173, 2269] ; δ = 96
last week's Δ range = [9, 83] ; π = +101.43
last week's δ range = [28, 81]

KOSDAQ {SKorea} = 524.33    12.21(-) ; δ (last) = 18 ; δ (current) = 24
last week's range [545, 563] ; δ = 18
last week's Δ range = [1, 9] ; π = +10.55
last week's δ range = [4, 12]

KOSPI {SKorea} = 1,362.02   10.02(-) ; δ (last) = 48 ; δ (current) = 36
last week's range [1387, 1436] ; δ = 49
last week's Δ range = [5, 42] ; π = +12.02
last week's δ range = [12, 29]

TWSE {Tiawan} = 6,890.44    207.33(+) ; δ (last) = 180 ; δ (current) = 187
last week's range [6578, 6737] ; δ = 159
last week's Δ range = [15, 89] ; π = +248.2
last week's δ range = [96, 163]

*Red means out of range, below the lower bound
*Bold means out of range, above the upper bound
*π = momentum
*δ = the difference between the high and the low
*Δ = change

Tuesday, May 26, 2009

The DECB Daily US Market Report

Dow =     8,473.49    196.17(+) ; δ (last) = -- ; δ (current) = 269
last week's range [8277, 8504] ; δ = 227
last week's Δ range = [15, 235] ; π = +8.68
last week's δ range = [74 , 242]
Toyota =    77.79    2.47(+) ; δ (last) = -- ; δ (current) = 2.81
last week's range [75.3, 76.8] ; δ = 1.50
last week's Δ range = [0.35, 2.07] ; π = +0.92
last week's δ range = [1.13 , 2.01]
Honda =    28.92   0.44(+) ; δ (last) = -- ; δ (current) = 1.27
last week's range [27.7, 28.9] ; δ = 1.2
last week's Δ range = [0.28, 0.81] ; π = -0.05
last week's δ range = [0.43 , 0.81]
Tata Motors =    9.46   0.15(-) ; δ (last) = -- ; δ (current) = 0.397
last week's range [8.9, 9.6] ; δ = 0.7
last week's Δ range = [0.06, 1.47] ; π = +2.01
last week's δ range = [0.56 , 1.46]
BRK/A - Berkshire Hathaway Inc = 91800 2600(+) ; δ (last) = -- ; δ (current) = 2695
last week's range [89200, 92998] ; δ = 3798
last week's Δ range = [100, 2998] ; π = +80
last week's δ range = [1200, 2050]

{Futures/Commodities}
{core}
Oil    =   $62.54   2.89(+) ; δ (last) = -- ; δ (current) = 3.01
last week's range [59.2, 61.7] ; δ = 2.5
last week's Δ range = [0.49, 2.69] ; π = +3.28
last week's δ range = [0.65, 3.21]
NYH-RBOBG    =   $1.8645   0.037(+) ; δ (last) = -- ; δ (current) = 0.091
last week's range [1.76, 1.83] ; δ = 0.07
last week's Δ range = [0.002, 0.09] ; π = +0.149
last week's δ range = [0.05, 0.1]
NaturalG    =   $3.589 0.081(+) ; δ (last) = -- ; δ (current) = 0.201
last week's range [3.5, 4.2] ; δ = 0.7
last week's Δ range = [0.04, 0.39] ; π = -0.597
last week's δ range = [0.16, 0.42]
Corn    =   $427.40    2.80(-) ; δ (last) = -- ; δ (current) = 10.80
last week's range [421, 430] ; δ = 9
last week's Δ range = [0.4, 6] ; π = +13
last week's δ range = [7, 15]
Wheat    =   $612    0.40(-) ; δ (last) = -- ; δ (current) = 10.40
last week's range [589, 612] ; δ = 23
last week's Δ range = [1.8, 19] ; π = +35
last week's δ range = [12, 27]
Sugar    =   $21.95   0.05(-) ; δ (last) = -- ; δ (current) = 0
last week's range [21.7, 22] ; δ = 0.30
last week's Δ range = [0, 0.16] ; π = +0.36
last week's δ range = [0, 0.22]

{no-core, but often considered essential}
Soybeans    =   $1185.40     19.40(+) ; δ (last) = -- ; δ (current) = 30
last week's range [1146, 1175] ; δ = 29
last week's Δ range = [6, 16] ; π = +35.6
last week's δ range = [12, 26]
Coffee    =   $137.10 2.70(+) ; δ (last) = -- ; δ (current) = 5.50
last week's range [129, 136] ; δ = 7
last week's Δ range = [0.95, 3.35] ; π = +5.9
last week's δ range = [2.90, 4.20]
Cocao    =   $2404     17(-) ; δ (last) = -- ; δ (current) = 41
last week's range [2297, 2421] ; δ = 124
last week's Δ range = [2, 65] ; π = +83
last week's δ range = [39, 85]
Orange Juice = $92.40    1.05(+) ; δ (last) = -- ; δ (current) = 2.50
last week's range [89.5, 91.3] ; δ = 1.8
last week's Δ range = [0.20, 1.85] ; π = -1.75
last week's δ range = [2.30, 5.65]
Pork Bellies    =   $72.43 0.78(-) ; δ (last) = -- ; δ (current) = 1.10
last week's range [72, 79] ; δ = 7
last week's Δ range = [0.70, 1.80] ; π = -2.4
last week's δ range = [0, 1.15]

{Other Indicators}
Dollar Index = 80.21    0.03(+) ; δ (last) = -- ; δ (current) = 0.725
last week's range [80.2, 82.6] ; δ = 2.4
last week's Δ range = [0.32, 0.95] ; π = -2.91
last week's δ range = [0.67, 1.36]
10-yr Treasury = 118.125    0.96(-) ; δ (last) = -- ; δ (current) = 0.04
last week's range [119.1, 120.3] ; δ = 1.2
last week's Δ range = [0.01, 0.84] ; π = -1.18
last week's δ range = [0.01, 1]
Libor (1 month) = 99.635    -- (*) ; δ (last) = -- ; δ (current) = 0
last week's range [--, --] ; δ = --
last week's Δ range = [--, --] ; π = --
last week's δ range = [--, --]
Baltic Dry Index = 2942   156(+)
last week's range [2605, 2786] ; δ = 329
last week's Δ range = [1, 112] ; π = +242

*Red means out of range, below the lower bound
*Bold means out of range, above the upper bound
*π = momentum
*δ = the difference between the high and the low
*Δ = change

Week in Review (May 18 - 22 2009)

{Dow}
(Fri) =        8,277.32      14.81(-) ; δ (last) = 195 ; δ (current) = 107
(Thurs) =    8,292.13    129.91(-) ; δ (last) = 186 ; δ (current) = 195
(Wed) =        8,422.04      52.81(-) ; δ (last) = 74 ; δ (current) = 186
(Tues) =    8,474.85       29.23(-) ; δ (last) = 242 ; δ (current) = 74
(Mon) =        8,504.08    235.44(+) ; δ (last) = 165 ; δ (current) = 242
last week's range [8269, 8469] ; δ = 200
last week's Δ range = [46, 156] ; π = -200.47
last week's δ range = [103 , 200]

{Toyota}
(Fri) =        75.32    0.51(-) ; δ (last) = 2.01 ; δ (current) = 1.13
(Thurs) =    75.83   0.44(-) ; δ (last) = 2.01 ; δ (current) = 1.30
(Wed) =        76.27   0.55(-) ; δ (last) = 1.15 ; δ (current) = 2.01
(Tues) =    76.82   0.35(+) ; δ (last) = 1.61 ; δ (current) = 1.15
(Mon) =        76.47 2.07(+) ; δ (last) = -- ; δ (current) = 1.61
last week's range [--, --] ; δ = --
last week's Δ range = [--, --] ; π = --
last week's δ range = [-- , --]

{Honda}
(Fri) =        28.48    0.81(+) ; δ (last) = 0.49 ; δ (current) = 0.44
(Thurs) =    27.67     0.33(-) ; δ (last) = 0.81 ; δ (current) = 0.49
(Wed) =        28.00     0.28(-) ; δ (last) = 0.43 ; δ (current) = 0.81
(Tues) =    28.28     0.63(-) ; δ (last) = 0.62 ; δ (current) = 0.43
(Mon) =        28.91    0.38(+) ; δ (last) = -- ; δ (current) = 0.62
last week's range [--, --] ; δ = --

last week's Δ range = [--, --] ; π = --

last week's δ range = [-- , --]

{Tata Motors}
(Fri) =        9.61   0.06(+) ; δ (last) = 0.6 ; δ (current) = 0.56
(Thurs) =    9.55   0.64(+) ; δ (last) = 0.9 ; δ (current) = 0.6
(Wed) =        8.91   0.09(-) ; δ (last) = 0.6 ; δ (current) = 0.9
(Tues) =    9.00   0.07(-) ; δ (last) = 1.46 ; δ (current) = 0.6
(Mon) =        9.07   1.47(+) ; δ (last) = -- ; δ (current) = 1.46
last week's range [--, --] ; δ = --

last week's Δ range = [--, --] ; π = --

last week's δ range = [-- , --]

{BRK/A:US - Berkshire Hathaway Inc}
(Fri) =        89,200     800(-) ; δ (last) = 1850 ; δ (current) = 1200
(Thurs) =     90,000   2998(-) ; δ (last) = 1900 ; δ (current) = 1850
(Wed) =     92,998    898(+) ; δ (last) = 2050 ; δ (current) = 1900
(Tues) =     92,100    100(+) ; δ (last) = 1880 ; δ (current) = 2050
(Mon) =     92,000 2880(+) ; δ (last) = 1700 ; δ (current) = 1880
last week's range [88600, 90100] ; δ = 1500
last week's Δ range = [100, 5195] ; π = -6175
last week's δ range = [1700, 3680]

{Futures/Commodities}
{Oil}
(Fri) =           $59.65 1.33(-) ; δ (last) = 1.95 ; δ (current) = 0.65
(Thurs) =     $61.08   0.60(-) ; δ (last) = 2.40 ; δ (current) = 1.95
(Wed) =     $61.68 2.03(+) ; δ (last) = 1.93 ; δ (current) = 2.40
(Tues)    =     $59.65 0.49(+) ; δ (last) = 3.21 ; δ (current) = 1.93
(Mon)    =     $59.16 2.69(+) ; δ (last) = 2.81 ; δ (current) = 3.21
last week's range [56.5, 59.3] ; δ = 2.8
last week's Δ range = [0.53, 2.15] ; π = -2.17
last week's δ range = [1.85, 2.60]

{UnleadG}
(Fri) =        $1.8275   0.0220(+) ; δ (last) = 0.0643 ; δ (current) = 0.045
(Thurs) =     $1.8055    0.0005(-) ; δ (last) = 0.0674 ; δ (current) = 0.0643
(Wed) =     $1.806        0.020(-) ; δ (last) = 0.1015 ; δ (current) = 0.0674
(Tues)    =     $1.826       0.062(+) ; δ (last) = 0.0888 ; δ (current) = 0.1015
(Mon)    =     $1.764       0.085(+) ; δ (last) = 0.0542 ; δ (current) = 0.0888
last week's range [1.67, 1.722] ; δ = 0.052
last week's Δ range = [0.002, 0.043] ; π = -0.023
last week's δ range = [0.003, 0.049]

{NaturalG}
(Fri) =        $3.508    0.096(-) ; δ (last) = 0.424 ; δ (current) = 0.160
(Thurs) =     $3.604    0.386(-) ; δ (last) = 0.193 ; δ (current) = 0.424
(Wed) =     $3.99     0.041(+) ; δ (last) = 0.347 ; δ (current) = 0.193
(Tues)    =     $3.949    0.222(-) ; δ (last) = 0.242 ; δ (current) = 0.347
(Mon)    =     $4.171   0.066(+) ; δ (last) = 0.234 ; δ (current) = 0.242
last week's range [4.1, 4.6] ; δ = 0.5
last week's Δ range = [0.03, 0.33] ; π = -0.245
last week's δ range = [0.17, 0.37]

{Corn}
(Fri) =        $430.20     6.20(+) ; δ (last) = 10.20 ; δ (current) = 7.20
(Thurs) =     $424                2(-) ; δ (last) = 11.60 ; δ (current) = 10.20
(Wed) =     $426          0.40(+) ; δ (last) = 6.60 ; δ (current) = 11.60
(Tues)    =    $425.60     4.20(+) ; δ (last) = 15 ; δ (current) = 6.60
(Mon)    =    $421.40     4.20(+) ; δ (last) = 14 ; δ (current) = 15
last week's range [417, 428] ; δ = 11
last week's Δ range = [0, 6] ; π = -7.4
last week's δ range = [4, 14]

{Wheat}
(Fri) =        $612.40      19(+) ; δ (last) = 13 ; δ (current) = 16.60
(Thurs) =     $593.40    4.20(-) ; δ (last) = 12 ; δ (current) = 13
(Wed) =     $597.60        9(+) ; δ (last) = 8.6 ; δ (current) = 12
(Tues)    =    $588.60    1.80 (-) ; δ (last) = 27 ; δ (current) = 8.6
(Mon)    =    $590.40       13(+) ; δ (last) = 18 ; δ (current) = 27
last week's range [577, 593] ; δ = 16
last week's Δ range = [0.4, 16] ; π = +32.6
last week's δ range = [12, 18]

{Sugar}
(Fri) =        $22         0.08(+) ; δ (last) = 0 ; δ (current) = 0.18
(Thurs) =     $21.92          0(*) ; δ (last) = 0.22 ; δ (current) = 0
(Wed) =     $21.92    0.01(+) ; δ (last) = 0.11 ; δ (current) = 0.22
(Tues)    =    $21.91    0.16(+) ; δ (last) = 0.19 ; δ (current) = 0.11
(Mon)    =    $21.75    0.11(+) ; δ (last) = 0.19 ; δ (current) = 0.19
last week's range [21.34, 21.64] ; δ = 0.30
last week's Δ range = [0, 0.20] ; π = +0.29
last week's δ range = [0.01, 0.19]

{no-core, but often considered essential}
{Soybeans}
(Fri) =        $1166                 9(-) ; δ (last) = 20.6 ; δ (current) = 18.6
(Thurs) =     $1175                6(+) ; δ (last) = 26 ; δ (current) = 20.6
(Wed) =     $1169                7(+) ; δ (last) = 12.40 ; δ (current) = 26
(Tues)    =    $1162         15.60(+) ; δ (last) = 21 ; δ (current) = 12.40
(Mon)    =    $1146.40         16(+) ; δ (last) = 26.4 ; δ (current) = 21
last week's range [1116, 1147] ; δ = 31
last week's Δ range = [1, 19] ; π = +22
last week's δ range = [17, 26]

{Coffee}
(Fri) =        $134.40 1.95(-) ; δ (last) = 4.20 ; δ (current) = 3.75
(Thurs) =     $135.75 1.95(+) ; δ (last) = 3.85 ; δ (current) = 4.20
(Wed) =     $133.80 1.60(+) ; δ (last) = 3.35 ; δ (current) = 3.85
(Tues)    =    $132.20 3.35(+) ; δ (last) = 2.90 ; δ (current) = 3.35
(Mon)    =    $128.85 0.95(+) ; δ (last) = 2.90 ; δ (current) = 2.90
last week's range [127, 128] ; δ = 1
last week's Δ range = [0.15, 1.15] ; π = -0.20
last week's δ range = [2.70, 4.50]

{Cocao}
(Fri) =        $2421     33(+) ; δ (last) = 62 ; δ (current) = 64
(Thurs) =     $2388     24(+) ; δ (last) = 85 ; δ (current) = 62
(Wed) =     $2364     65(+) ; δ (last) = 39 ; δ (current) = 85
(Tues)    =    $2299     2(+) ; δ (last) = 62 ; δ (current) = 39
(Mon)    =    $2297    41(-) ; δ (last) = 46 ; δ (current) = 62
last week's range [2320, 2427] ; δ = 107
last week's Δ range = [2, 78] ; π = -167
last week's δ range = [46, 145]

{Orange Juice}
(Fri) =        $91.35   1.85(+) ; δ (last) = 2.30 ; δ (current) = 3.05
(Thurs) =     $89.50        1.10(-) ; δ (last) = 3.05 ; δ (current) = 2.30
(Wed) =     $90.60   0.50(-) ; δ (last) = 2.50 ; δ (current) = 3.05
(Tues)    =    $91.10   0.20(-) ; δ (last) = 5.65 ; δ (current) = 2.50
(Mon)    =    $91.30   1.80(-) ; δ (last) = 2.25 ; δ (current) = 5.65
last week's range [92.5, 93.9] ; δ = 1.4
last week's Δ range = [0.05, 1.35] ; π = +0.40
last week's δ range = [2.25, 3.85]

{Pork Bellies}
(Fri) =        $73.20 1.70(+) ; δ (last) = -- ; δ (current) = 1.15
(Thurs) =     $71.50 0.70(-) ; δ (last) = 0 ; δ (current) = --
(Wed) =     $71.50 0.70(-) ; δ (last) = 0 ; δ (current) = --
(Tues)    =    $72.20 1.80(-) ; δ (last) = -- ; δ (current) = 0
(Mon)    =    $79.10    0.90(-) ; δ (last) = 3.375 ; δ (current) = --
last week's range [73, 79] ; δ = 6
last week's Δ range = [0.55, 2.45] ; π = -7
last week's δ range = [0, 1.65]

{Other Indicators}
{Dollar Index}
(Fri) =        80.180    0.425(-) ; δ (last) = 1.06 ; δ (current) = 0.665
(Thurs) =     80.605      0.69(-) ; δ (last) = 1.360 ; δ (current) = 1.06
(Wed) =     81.295    0.945(-) ; δ (last) = 0.770 ; δ (current) = 1.360
(Tues)    =    82.24         0.32(-) ; δ (last) = 0.775 ; δ (current) = 0.770
(Mon)    =    82.56         0.53(-) ; δ (last) = 0.79 ; δ (current) = 0.775
last week's range [82.3, 83.1] ; δ = 0.8
last week's Δ range = [0.011, 0.70] ; π = +0.764
last week's δ range = [0.29, 0.79]

{10yr Treasury}
(Fri) =        119.085    0.837(-) ; δ (last) = 0.01 ; δ (current) = 1.01
(Thurs) =     119.922    0.388(-) ; δ (last) = 0.01 ; δ (current) = 0.01
(Wed) =     120.310    0.085(+) ; δ (last) = 0.045 ; δ (current) = 0.01
(Tues)    =    120.225    0.010(-) ; δ (last) = 0.035 ; δ (current) = 0.045
(Mon)    =    120.235    0.030(-) ; δ (last) = -- ; δ (current) = 0.035
last week's range [--, --] ; δ = --

last week's Δ range = [--, --] ; π = --

last week's δ range = [-- , --]

{Baltic Dry Index}
(Fri) =        2786   79(+)
(Thurs) =     2707 42(+)
(Wed) =        2665   21(+)
(Tues) =     2644   39(+)
(Mon) =     2605   61(+)
last week's range [2215, 2544] ; δ = 329
last week's Δ range = [1, 112] ; π = +330

{Asia}
{NI225 - Japan}
(Fri) =        9,225.81   38.341(-) ; δ (last) = 96 ; δ (current) = 141
(Thurs) =     9,264.15   80.489(-) ; δ (last) = 88 ; δ (current) = 96
(Wed) =     9,344.64   54.35 (+) ; δ (last) = 160 ; δ (current) = 88
(Tues) =     9,290.29    251.60 (+) ; δ (last) = 170 ; δ (current) = 160
(Mon) =     9,038.69    226.329 (-) ; δ (last) = 131 ; δ (current) = 170
last week's range [9094, 9452] ; δ = 358
last week's Δ range = [19, 247] ; π = -167.81
last week's δ range = [91, 172]

{HK:HSI - Hong Kong}
(Fri) =        17,062.52   136.971(-) ; δ (last) = 243 ; δ (current) = 559
(Thurs) =     17,199.49    276.35(-) ; δ (last) = 249 ; δ (current) = 243
(Wed) =     17,475.84   68.189 (-) ; δ (last) = 212.5 ; δ (current) = 249
(Tues) =     17,544.029   521.119 (+) ; δ (last) = 728 ; δ (current) = 212.5
(Mon) =     17,022.91   232.211 (+) ; δ (last) = 217 ; δ (current) = 728
last week's range [16542, 17153] ; δ = 611
last week's Δ range = [66, 518] ; π = -599.359
last week's δ range = [208, 654]

{SENSEX:IND - BSE SENSEX 30 INDEX India}
(Fri) =        13,887.15   150.61(+) ; δ (last) = 385 ; δ (current) = 326
(Thurs) =     13,736.54    324.12(-) ; δ (last) = 429 ; δ (current) = 385
(Wed) =     14,060.66    241.37(-) ; δ (last) = 1090 ; δ (current) = 429
(Tues) =     14,302.03     17.82 (+) ; δ (last) = 805 ; δ (current) = 1090
(Mon) =     14,284.21     2,110.79 (+) ; δ (last) = 240 ; δ (current) = 805
last week's range [11683, 12173] ; δ = 490
last week's Δ range = [138, 475] ; π = +296.99
last week's δ range = [240, 570]

{SHCOMP:IND SHANGHAI SE COMPOSITE IX}
(Fri) =        2,597.601     13.021(-) ; δ (last) = 64 ; δ (current) = 39
(Thurs) =     2,610.622     40.792(-) ; δ (last) = 35 ; δ (current) = 64
(Wed) =     2,651.414     25.268(-) ; δ (last) = 27 ; δ (current) = 35
(Tues) =     2,676.682     23.903 (+) ; δ (last) = 67 ; δ (current) = 27
(Mon) =     2,652.779     7.5161 (+) ; δ (last) = 38 ; δ (current) = 67
last week's range [2580, 2664] ; δ = 84
last week's Δ range = [5, 46] ; π = +19.62
last week's δ range = [38, 84]

{FSSTI:IND Singapore STRAITS TIMES INDEX}
(Fri) =        2,245.27   34.30(+) ; δ (last) = 50 ; δ (current) = 55
(Thurs) =     2,210.97   58.27(-) ; δ (last) = 28 ; δ (current) = 50
(Wed) =     2,269.24   8.8799 (+) ; δ (last) = 37 ; δ (current) = 28
(Tues) =     2,260.36   83.38 (+) ; δ (last) = 81 ; δ (current) = 37
(Mon) =     2,172.92   33.14 (+) ; δ (last) = 42 ; δ (current) = 81
last week's range [2122, 2185] ; δ = 63
last week's Δ range = [7, 72] ; π = -98.43
last week's δ range = [27, 75]

{KOSDAQ - SKorea}
(Fri) =        554.09   5.06(-) ; δ (last) = 12 ; δ (current) = 11
(Thurs) =     559.15    3.42(-) ; δ (last) = 6 ; δ (current) = 12
(Wed) =     562.57   8.80 (+) ; δ (last) = 4 ; δ (current) = 6
(Tues) =     553.77   8.76 (+) ; δ (last) = 8 ; δ (current) = 4
(Mon) =     545.01   1.47 (+) ; δ (last) = 7 ; δ (current) = 8
last week's range [524, 544] ; δ = 20
last week's Δ range = [1, 10] ; π = +25.71
last week's δ range = [4, 8]

{KOSPI - SKorea}
(Fri) =        1,403.75    17.90(-) ; δ (last) = 20 ; δ (current) = 29
(Thurs) =     1,421.65   14.05(-) ; δ (last) = 12 ; δ (current) = 20
(Wed) =     1,435.70    7.49 (+) ; δ (last) = 16 ; δ (current) = 12
(Tues) =     1,428.21     41.53 (+) ; δ (last) = 21 ; δ (current) = 16
(Mon) =     1,386.68    5.0499 (-) ; δ (last) = 14 ; δ (current) = 21
last week's range [1381, 1415] ; δ = 34
last week's Δ range = [4, 29] ; π = -20.4
last week's δ range = [14, 19]

{TWSE - Tiawan}
(Fri) =        6,737.29   18.48(+) ; δ (last) = 96 ; δ (current) = 131
(Thurs) =     6,718.81   15.19(+) ; δ (last) = 150 ; δ (current) = 96
(Wed) =     6,703.62   48.03(+) ; δ (last) = 163 ; δ (current) = 150
(Tues) =     6,655.59   77.78 (+) ; δ (last) = 121 ; δ (current) = 163
(Mon) =     6,577.81   88.72 (+) ; δ (last) = 92 ; δ (current) = 121
last week's range [6364, 6648] ; δ = 284
last week's Δ range = [53, 215] ; π = -94.78
last week's δ range = [77, 149]

The DECB Daily Asian Market Report

NI225 {Japan} = 9,310.81    36.19(-) ; δ (last) = 157 ; δ (current) = 148
last week's range [9039, 9345] ; δ = 306
last week's Δ range = [38, 252] ; π = -39.21
last week's δ range = [88, 170]

HK:HSI {Hong Kong} = 16,991.561    130.26(-) ; δ (last) = 475 ; δ (current) = 306
last week's range [17023, 17544] ; δ = 521
last week's Δ range = [68, 521] ; π = +271.82
last week's δ range = [212, 728]

SENSEX {India} = 13,589.23   323.989(-) ; δ (last) = 208 ; δ (current) = 467
last week's range [13737, 14302] ; δ = 565
last week's Δ range = [18, 2111] ; π = +1713.73
last week's δ range = [326, 1090]

SHCOMP {SHANGHAI} = 2,588.575     21.435(-) ; δ (last) = 80 ; δ (current) = 33
last week's range [2598, 2677] ; δ = 79
last week's Δ range = [8, 41] ; π = -47.66
last week's δ range = [27, 67]

FSSTI:IND {Singapore STRAITS TIMES} = 2,238.79   28.67(-) ; δ (last) = 36 ; δ (current) = 43
last week's range [2173, 2269] ; δ = 96
last week's Δ range = [9, 83] ; π = +101.43
last week's δ range = [28, 81]

KOSDAQ {SKorea} = 536.54    5.54(-) ; δ (last) = 52 ; δ (current) = 18
last week's range [545, 563] ; δ = 18
last week's Δ range = [1, 9] ; π = +10.55
last week's δ range = [4, 12]

KOSPI {SKorea} = 1,372.04    28.86(-) ; δ (last) = 99 ; δ (current) = 48
last week's range [1387, 1436] ; δ = 49
last week's Δ range = [5, 42] ; π = +12.02
last week's δ range = [12, 29]

TWSE {Tiawan} = 6,683.11    51.35(-) ; δ (last) = 170 ; δ (current) = 180
last week's range [6578, 6737] ; δ = 159
last week's Δ range = [15, 89] ; π = +248.2
last week's δ range = [96, 163]

*Red means out of range, below the lower bound
*Bold means out of range, above the upper bound
*π = momentum
*δ = the difference between the high and the low
*Δ = change

Monday, May 25, 2009

The DECB Daily Asian Market Report

NI225 {Japan} = 9,347.00   121.19(+) ; δ (last) = 141 ; δ (current) = 157
last week's range [9039, 9345] ; δ = 306
last week's Δ range = [38, 252] ; π = -39.21
last week's δ range = [88, 170]

HK:HSI {Hong Kong} = 17,121.82   59.301(+) ; δ (last) = 559 ; δ (current) = 475
last week's range [17023, 17544] ; δ = 521
last week's Δ range = [68, 521] ; π = +271.82
last week's δ range = [212, 728]

SENSEX {India} = 13,913.22   26.069(+) ; δ (last) = 326 ; δ (current) = 208
last week's range [13737, 14302] ; δ = 565
last week's Δ range = [18, 2111] ; π = +1713.73
last week's δ range = [326, 1090]

SHCOMP {SHANGHAI} = 2,610.01     12.409(+) ; δ (last) = 39 ; δ (current) = 80
last week's range [2598, 2677] ; δ = 79
last week's Δ range = [8, 41] ; π = -47.66
last week's δ range = [27, 67]

FSSTI:IND {Singapore STRAITS TIMES} = 2,267.46    22.19(+) ; δ (last) = 55 ; δ (current) = 36
last week's range [2173, 2269] ; δ = 96
last week's Δ range = [9, 83] ; π = +101.43
last week's δ range = [28, 81]

KOSDAQ {SKorea} = 542.08   12.01(-) ; δ (last) = 11 ; δ (current) = 52
last week's range [545, 563] ; δ = 18
last week's Δ range = [1, 9] ; π = +10.55
last week's δ range = [4, 12]

KOSPI {SKorea} = 1,400.90    2.85(-) ; δ (last) = 29 ; δ (current) = 99
last week's range [1387, 1436] ; δ = 49
last week's Δ range = [5, 42] ; π = +12.02
last week's δ range = [12, 29]

TWSE {Tiawan} = 6,734.46    2.8301(-) ; δ (last) = 131 ; δ (current) = 170
last week's range [6578, 6737] ; δ = 159
last week's Δ range = [15, 89] ; π = +248.2
last week's δ range = [96, 163]

*Red means out of range, below the lower bound
*Bold means out of range, above the upper bound
*π = momentum
*δ = the difference between the high and the low
*Δ = change

Friday, May 22, 2009

The DECB Daily US Market Report

Dow =     8,277.32    14.81(-) ; δ (last) = 195 ; δ (current) = 107
last week's range [8269, 8469] ; δ = 200
last week's Δ range = [46, 156] ; π = -200.47
last week's δ range = [103 , 200]
Toyota =    75.32    0.51(-) ; δ (last) = 2.01 ; δ (current) = 1.13
last week's range [--, --] ; δ = --
last week's Δ range = [--, --] ; π = --
last week's δ range = [-- , --]
Honda =    28.48   0.81(+) ; δ (last) = 0.49 ; δ (current) = 0.44
last week's range [--, --] ; δ = --
last week's Δ range = [--, --] ; π = --
last week's δ range = [-- , --]
Tata Motors =    9.61   0.06(+) ; δ (last) = 0.6 ; δ (current) = 0.56
last week's range [--, --] ; δ = --
last week's Δ range = [--, --] ; π = --
last week's δ range = [-- , --]
BRK/A - Berkshire Hathaway Inc = 89,200 800(-) ; δ (last) = 1850 ; δ (current) = 1200
last week's range [88600, 90100] ; δ = 1500
last week's Δ range = [100, 5195] ; π = -6175
last week's δ range = [1700, 3680]

{Futures/Commodities}
{core}
Oil    =   $59.65 1.33(-) ; δ (last) = 1.95 ; δ (current) = 0.65
last week's range [56.5, 59.3] ; δ = 2.8
last week's Δ range = [0.53, 2.15] ; π = -2.17
last week's δ range = [1.85, 2.60]
NYH-RBOBG    =   $1.8275   0.0220(+) ; δ (last) = 0.0643 ; δ (current) = 0.045
last week's range [1.67, 1.722] ; δ = 0.052
last week's Δ range = [0.002, 0.043] ; π = -0.023
last week's δ range = [0.003, 0.049]
NaturalG    =   $3.508 0.096(-) ; δ (last) = 0.424 ; δ (current) = 0.160
last week's range [4.1, 4.6] ; δ = 0.5
last week's Δ range = [0.03, 0.33] ; π = -0.245
last week's δ range = [0.17, 0.37]
Corn    =   $430.20     6.20(+) ; δ (last) = 10.20 ; δ (current) = 7.20
last week's range [417, 428] ; δ = 11
last week's Δ range = [0, 6] ; π = -7.4
last week's δ range = [4, 14]
Wheat    =   $612.40     19(+) ; δ (last) = 13 ; δ (current) = 16.60
last week's range [577, 593] ; δ = 16
last week's Δ range = [0.4, 16] ; π = +32.6
last week's δ range = [12, 18]
Sugar    =   $22    0.08(+) ; δ (last) = 0 ; δ (current) = 0.18
last week's range [21.34, 21.64] ; δ = 0.30
last week's Δ range = [0, 0.20] ; π = +0.29
last week's δ range = [0.01, 0.19]

{no-core, but often considered essential}
Soybeans    =   $1166    9(-) ; δ (last) = 20.6 ; δ (current) = 18.6
last week's range [1116, 1147] ; δ = 31
last week's Δ range = [1, 19] ; π = +22
last week's δ range = [17, 26]
Coffee    =   $134.40 1.95(-) ; δ (last) = 4.20 ; δ (current) = 3.75
last week's range [127, 128] ; δ = 1
last week's Δ range = [0.15, 1.15] ; π = -0.20
last week's δ range = [2.70, 4.50]
Cocao    =   $2421     33(+) ; δ (last) = 62 ; δ (current) = 64
last week's range [2320, 2427] ; δ = 107
last week's Δ range = [2, 78] ; π = -167
last week's δ range = [46, 145]
Orange Juice = $91.35   1.85(+) ; δ (last) = 2.30 ; δ (current) = 3.05
last week's range [92.5, 93.9] ; δ = 1.4
last week's Δ range = [0.05, 1.35] ; π = +0.40
last week's δ range = [2.25, 3.85]
Pork Bellies    =   $73.20 1.70(+) ; δ (last) = -- ; δ (current) = 1.15
last week's range [73, 79] ; δ = 6
last week's Δ range = [0.55, 2.45] ; π = -7
last week's δ range = [0, 1.65]

{Other Indicators}
Dollar Index = 80.180    0.425(-) ; δ (last) = 1.06 ; δ (current) = 0.665
last week's range [82.3, 83.1] ; δ = 0.8
last week's Δ range = [0.011, 0.70] ; π = +0.764
last week's δ range = [0.29, 0.79]
10-yr Treasury = 119.085    0.837(-) ; δ (last) = 0.01 ; δ (current) = 1.01
last week's range [--, --] ; δ = --
last week's Δ range = [--, --] ; π = --
last week's δ range = [-- , --]
Baltic Dry Index = 2786   79(+)
last week's range [2215, 2544] ; δ = 329
last week's Δ range = [1, 112] ; π = +330

*Red means out of range, below the lower bound
*Bold means out of range, above the upper bound
*π = momentum
*δ = the difference between the high and the low
*Δ = change

The DECB Daily Asian Market Report

NI225 {Japan} = 9,225.81   38.341(-) ; δ (last) = 96 ; δ (current) = 141
last week's range [9094, 9452] ; δ = 358
last week's Δ range = [19, 247] ; π = -167.81
last week's δ range = [91, 172]

HK:HSI {Hong Kong} = 17,062.52   136.971(-) ; δ (last) = 243 ; δ (current) = 559
last week's range [16542, 17153] ; δ = 611
last week's Δ range = [66, 518] ; π = -599.359
last week's δ range = [208, 654]

SENSEX {India} = 13,887.15   150.61(+) ; δ (last) = 385 ; δ (current) = 326
last week's range [11683, 12173] ; δ = 490
last week's Δ range = [138, 475] ; π = +296.99
last week's δ range = [240, 570]

SHCOMP {SHANGHAI} = 2,597.601     13.021(-) ; δ (last) = 64 ; δ (current) = 39
last week's range [2580, 2664] ; δ = 84
last week's Δ range = [5, 46] ; π = +19.62
last week's δ range = [38, 84]

FSSTI:IND {Singapore STRAITS TIMES} = 2,245.27   34.30(+) ; δ (last) = 50 ; δ (current) = 55
last week's range [2122, 2185] ; δ = 63
last week's Δ range = [7, 72] ; π = -98.43
last week's δ range = [27, 75]

KOSDAQ {SKorea} = 554.09   5.06(-) ; δ (last) = 12 ; δ (current) = 11
last week's range [524, 544] ; δ = 20
last week's Δ range = [1, 10] ; π = +25.71
last week's δ range = [4, 8]

KOSPI {SKorea} = 1,403.75    17.90(-) ; δ (last) = 20 ; δ (current) = 29
last week's range [1381, 1415] ; δ = 34
last week's Δ range = [4, 29] ; π = -20.4
last week's δ range = [14, 19]

TWSE {Tiawan} = 6,737.29   18.48(+) ; δ (last) = 96 ; δ (current) = 131
last week's range [6364, 6648] ; δ = 284
last week's Δ range = [53, 215] ; π = -94.78
last week's δ range = [77, 149]

*Red means out of range, below the lower bound
*Bold means out of range, above the upper bound
*π = momentum
*δ = the difference between the high and the low
*Δ = change

Thursday, May 21, 2009

The DECB Daily US Market Report

Dow =     8,292.13     129.91(-) ; δ (last) = 186 ; δ (current) = 195
last week's range [8269, 8469] ; δ = 200
last week's Δ range = [46, 156] ; π = -200.47
last week's δ range = [103 , 200]
Toyota =    75.83   0.44(-) ; δ (last) = 2.01 ; δ (current) = 1.30
last week's range [--, --] ; δ = --
last week's Δ range = [--, --] ; π = --
last week's δ range = [-- , --]
Honda =    27.67   0.33(-) ; δ (last) = 0.81 ; δ (current) = 0.49
last week's range [--, --] ; δ = --
last week's Δ range = [--, --] ; π = --
last week's δ range = [-- , --]
Tata Motors =    9.55   0.64(+) ; δ (last) = 0.9 ; δ (current) = 0.6
last week's range [--, --] ; δ = --
last week's Δ range = [--, --] ; π = --
last week's δ range = [-- , --]
BRK/A - Berkshire Hathaway Inc = 90,000   2998(-) ; δ (last) = 1900 ; δ (current) = 1850
last week's range [88600, 90100] ; δ = 1500
last week's Δ range = [100, 5195] ; π = -6175
last week's δ range = [1700, 3680]

{Futures/Commodities}
{core}
Oil    =   $61.08   0.60(-) ; δ (last) = 2.40 ; δ (current) = 1.95
last week's range [56.5, 59.3] ; δ = 2.8
last week's Δ range = [0.53, 2.15] ; π = -2.17
last week's δ range = [1.85, 2.60]
NYRBOBG    =   $1.8055   0.0005(-) ; δ (last) = 0.0674 ; δ (current) = 0.0643
last week's range [1.67, 1.722] ; δ = 0.052
last week's Δ range = [0.002, 0.043] ; π = -0.023
last week's δ range = [0.003, 0.049]
NaturalG    =   $3.604   0.386(-) ; δ (last) = 0.193 ; δ (current) = 0.424
last week's range [4.1, 4.6] ; δ = 0.5
last week's Δ range = [0.03, 0.33] ; π = -0.245
last week's δ range = [0.17, 0.37]
Corn    =   $424    2(-) ; δ (last) = 11.60 ; δ (current) = 10.20
last week's range [417, 428] ; δ = 11
last week's Δ range = [0, 6] ; π = -7.4
last week's δ range = [4, 14]
Wheat    =   $593.40    4.20(-) ; δ (last) = 12 ; δ (current) = 13
last week's range [577, 593] ; δ = 16
last week's Δ range = [0.4, 16] ; π = +32.6
last week's δ range = [12, 18]
Sugar    =   $21.92    0(*) ; δ (last) = 0.22 ; δ (current) = 0
last week's range [21.34, 21.64] ; δ = 0.30
last week's Δ range = [0, 0.20] ; π = +0.29
last week's δ range = [0.01, 0.19]

{no-core, but often considered essential}
Soybeans    =   $1175    6(+) ; δ (last) = 26 ; δ (current) = 20.6
last week's range [1116, 1147] ; δ = 31
last week's Δ range = [1, 19] ; π = +22
last week's δ range = [17, 26]
Coffee    =   $135.75 1.95(+) ; δ (last) = 3.85 ; δ (current) = 4.20
last week's range [127, 128] ; δ = 1
last week's Δ range = [0.15, 1.15] ; π = -0.20
last week's δ range = [2.70, 4.50]
Cocao    =   $2388     24(+) ; δ (last) = 85 ; δ (current) = 62
last week's range [2320, 2427] ; δ = 107
last week's Δ range = [2, 78] ; π = -167
last week's δ range = [46, 145]
Orange Juice = $89.50        1.10(-) ; δ (last) = 3.05 ; δ (current) = 2.30
last week's range [92.5, 93.9] ; δ = 1.4
last week's Δ range = [0.05, 1.35] ; π = +0.40
last week's δ range = [2.25, 3.85]
Pork Bellies    =   $71.50 0.70(-) ; δ (last) = 0 ; δ (current) = --
last week's range [73, 79] ; δ = 6
last week's Δ range = [0.55, 2.45] ; π = -7
last week's δ range = [0, 1.65]

{Other Indicators}
Dollar Index = 80.605 0.69(-) ; δ (last) = 1.36 ; δ (current) = 1.06
last week's range [82.3, 83.1] ; δ = 0.8
last week's Δ range = [0.011, 0.70] ; π = +0.764
last week's δ range = [0.29, 0.79]
10-yr Treasury = 119.922    0.388(-) ; δ (last) = 0.01 ; δ (current) = 0.01
last week's range [--, --] ; δ = --
last week's Δ range = [--, --] ; π = --
last week's δ range = [-- , --]
Baltic Dry Index = 2707 42(+)
last week's range [2215, 2544] ; δ = 329
last week's Δ range = [1, 112] ; π = +330

*Red means out of range, below the lower bound
*Bold means out of range, above the upper bound
*π = momentum
*δ = the difference between the high and the low
*Δ = change

The DECB Daily Asian Market Report

NI225 {Japan} = 9,264.15   80.489(-) ; δ (last) = 88 ; δ (current) = 96
last week's range [9094, 9452] ; δ = 358
last week's Δ range = [19, 247] ; π = -167.81
last week's δ range = [91, 172]

HK:HSI {Hong Kong} = 17,199.49    276.35(-) ; δ (last) = 249 ; δ (current) = 243
last week's range [16542, 17153] ; δ = 611
last week's Δ range = [66, 518] ; π = -599.359
last week's δ range = [208, 654]

SENSEX {India} = 13,736.54    324.12(-) ; δ (last) = 429 ; δ (current) = 385
last week's range [11683, 12173] ; δ = 490
last week's Δ range = [138, 475] ; π = +296.99
last week's δ range = [240, 570]

SHCOMP {SHANGHAI} = 2,610.622     40.792(-) ; δ (last) = 35 ; δ (current) = 64
last week's range [2580, 2664] ; δ = 84
last week's Δ range = [5, 46] ; π = +19.62
last week's δ range = [38, 84]

FSSTI:IND {Singapore STRAITS TIMES} = 2,210.97   58.27(-) ; δ (last) = 28 ; δ (current) = 50
last week's range [2122, 2185] ; δ = 63
last week's Δ range = [7, 72] ; π = -98.43
last week's δ range = [27, 75]

KOSDAQ {SKorea} = 559.15    3.42(-) ; δ (last) = 6 ; δ (current) = 12
last week's range [524, 544] ; δ = 20
last week's Δ range = [1, 10] ; π = +25.71
last week's δ range = [4, 8]

KOSPI {SKorea} = 1,421.65   14.05(-) ; δ (last) = 12 ; δ (current) = 20
last week's range [1381, 1415] ; δ = 34
last week's Δ range = [4, 29] ; π = -20.4
last week's δ range = [14, 19]

TWSE {Tiawan} = 6,718.81   15.19(+) ; δ (last) = 150 ; δ (current) = 96
last week's range [6364, 6648] ; δ = 284
last week's Δ range = [53, 215] ; π = -94.78
last week's δ range = [77, 149]

*Red means out of range, below the lower bound
*Bold means out of range, above the upper bound
*π = momentum
*δ = the difference between the high and the low
*Δ = change

Wednesday, May 20, 2009

The DECB Daily US Market Report

Dow =     8,422.04    52.81(-) ; δ (last) = 74 ; δ (current) = 186
last week's range [8269, 8469] ; δ = 200
last week's Δ range = [46, 156] ; π = -200.47
last week's δ range = [103 , 200]
Toyota =    76.27   0.55(-) ; δ (last) = 1.15 ; δ (current) = 2.01
last week's range [--, --] ; δ = --
last week's Δ range = [--, --] ; π = --
last week's δ range = [-- , --]
Honda =    28.00    0.28(-) ; δ (last) = 0.43 ; δ (current) = 0.81
last week's range [--, --] ; δ = --
last week's Δ range = [--, --] ; π = --
last week's δ range = [-- , --]
Tata Motors =    8.91   0.09(-) ; δ (last) = 0.6 ; δ (current) = 0.9
last week's range [--, --] ; δ = --
last week's Δ range = [--, --] ; π = --
last week's δ range = [-- , --]
BRK/A - Berkshire Hathaway Inc = 92,998   898(+) ; δ (last) = 2050 ; δ (current) = 1900
last week's range [88600, 90100] ; δ = 1500
last week's Δ range = [100, 5195] ; π = -6175
last week's δ range = [1700, 3680]

{Futures/Commodities}
{core}
Oil    =   $61.68 2.03(+) ; δ (last) = 1.93 ; δ (current) = 2.40
last week's range [56.5, 59.3] ; δ = 2.8
last week's Δ range = [0.53, 2.15] ; π = -2.17
last week's δ range = [1.85, 2.60]
UnleadG    =   $1.806   0.020(-) ; δ (last) = 0.1015 ; δ (current) = 0.0674
last week's range [1.67, 1.722] ; δ = 0.052
last week's Δ range = [0.002, 0.043] ; π = -0.023
last week's δ range = [0.003, 0.049]
NaturalG    =   $3.99    0.041(+) ; δ (last) = 0.347 ; δ (current) = 0.193
last week's range [4.1, 4.6] ; δ = 0.5
last week's Δ range = [0.03, 0.33] ; π = -0.245
last week's δ range = [0.17, 0.37]
Corn    =   $426    0.40(+) ; δ (last) = 6.60 ; δ (current) = 11.60
last week's range [417, 428] ; δ = 11
last week's Δ range = [0, 6] ; π = -7.4
last week's δ range = [4, 14]
Wheat    =   $597.60     9(+) ; δ (last) = 8.6 ; δ (current) = 12
last week's range [577, 593] ; δ = 16
last week's Δ range = [0.4, 16] ; π = +32.6
last week's δ range = [12, 18]
Sugar    =   $21.92    0.01(+) ; δ (last) = 0.11 ; δ (current) = 0.22
last week's range [21.34, 21.64] ; δ = 0.30
last week's Δ range = [0, 0.20] ; π = +0.29
last week's δ range = [0.01, 0.19]

{no-core, but often considered essential}
Soybeans    =   $1169    7(+) ; δ (last) = 12.40 ; δ (current) = 26
last week's range [1116, 1147] ; δ = 31
last week's Δ range = [1, 19] ; π = +22
last week's δ range = [17, 26]
Coffee    =   $133.80 1.60(+) ; δ (last) = 3.35 ; δ (current) = 3.85
last week's range [127, 128] ; δ = 1
last week's Δ range = [0.15, 1.15] ; π = -0.20
last week's δ range = [2.70, 4.50]
Cocao    =   $2364     65(+) ; δ (last) = 39 ; δ (current) = 85
last week's range [2320, 2427] ; δ = 107
last week's Δ range = [2, 78] ; π = -167
last week's δ range = [46, 145]
Orange Juice = $90.60   0.50(-) ; δ (last) = 2.50 ; δ (current) = 3.05
last week's range [92.5, 93.9] ; δ = 1.4
last week's Δ range = [0.05, 1.35] ; π = +0.40
last week's δ range = [2.25, 3.85]
Pork Bellies    =   $71.50 0.70(-) ; δ (last) = 0 ; δ (current) = --
last week's range [73, 79] ; δ = 6
last week's Δ range = [0.55, 2.45] ; π = -7
last week's δ range = [0, 1.65]

{Other Indicators}
Dollar Index = 81.295   0.945(-) ; δ (last) = 0.770 ; δ (current) = 1.360
last week's range [82.3, 83.1] ; δ = 0.8
last week's Δ range = [0.011, 0.70] ; π = +0.764
last week's δ range = [0.29, 0.79]
10-yr Treasury = 120.310    0.085(+) ; δ (last) = 0.045 ; δ (current) = 0.01
last week's range [--, --] ; δ = --
last week's Δ range = [--, --] ; π = --
last week's δ range = [-- , --]
Baltic Dry Index = 2665   21(+)
last week's range [2215, 2544] ; δ = 329
last week's Δ range = [1, 112] ; π = +330

*Red means out of range, below the lower bound
*Bold means out of range, above the upper bound
*π = momentum
*δ = the difference between the high and the low
*Δ = change

The DECB Daily Asian Market Report

NI225 {Japan} = 9,344.64   54.35 (+) ; δ (last) = 160 ; δ (current) = 88
last week's range [9094, 9452] ; δ = 358
last week's Δ range = [19, 247] ; π = -167.81
last week's δ range = [91, 172]

HK:HSI {Hong Kong} = 17,475.84   68.189 (-) ; δ (last) = 213 ; δ (current) = 249
last week's range [16542, 17153] ; δ = 611
last week's Δ range = [66, 518] ; π = -599.359
last week's δ range = [208, 654]

SENSEX {India} = 14,060.66    241.37(-) ; δ (last) = 1090 ; δ (current) = 429
last week's range [11683, 12173] ; δ = 490
last week's Δ range = [138, 475] ; π = +296.99
last week's δ range = [240, 570]

SHCOMP {SHANGHAI} = 2,651.414     25.268(-) ; δ (last) = 27 ; δ (current) = 35
last week's range [2580, 2664] ; δ = 84
last week's Δ range = [5, 46] ; π = +19.62
last week's δ range = [38, 84]

FSSTI:IND {Singapore STRAITS TIMES} = 2,269.24   8.8799 (+) ; δ (last) = 37 ; δ (current) = 28
last week's range [2122, 2185] ; δ = 63
last week's Δ range = [7, 72] ; π = -98.43
last week's δ range = [27, 75]

KOSDAQ {SKorea} = 562.57   8.80 (+) ; δ (last) = 4 ; δ (current) = 6
last week's range [524, 544] ; δ = 20
last week's Δ range = [1, 10] ; π = +25.71
last week's δ range = [4, 8]

KOSPI {SKorea} = 1,435.70    7.49 (+) ; δ (last) = 16 ; δ (current) = 12
last week's range [1381, 1415] ; δ = 34
last week's Δ range = [4, 29] ; π = -20.4
last week's δ range = [14, 19]

TWSE {Tiawan} = 6,703.62   48.03(+) ; δ (last) = 163 ; δ (current) = 150
last week's range [6364, 6648] ; δ = 284
last week's Δ range = [53, 215] ; π = -94.78
last week's δ range = [77, 149]

*Red means out of range, below the lower bound
*Bold means out of range, above the upper bound
*π = momentum
*δ = the difference between the high and the low
*Δ = change

Tuesday, May 19, 2009

The DECB Daily US Market Report

Dow =     8,474.85    29.23(-) ; δ (last) = 242 ; δ (current) = 74
last week's range [8269, 8469] ; δ = 200
last week's Δ range = [46, 156] ; π = -200.47
last week's δ range = [103 , 200]
Toyota =    76.82   0.35(+) ; δ (last) = 1.61 ; δ (current) = 1.15
last week's range [--, --] ; δ = --
last week's Δ range = [--, --] ; π = --
last week's δ range = [-- , --]
Honda =    28.28   0.63(-) ; δ (last) = 0.62 ; δ (current) = 0.43
last week's range [--, --] ; δ = --
last week's Δ range = [--, --] ; π = --
last week's δ range = [-- , --]
Tata Motors =    9.00   0.07(-) ; δ (last) = 1.46 ; δ (current) = 0.6
last week's range [--, --] ; δ = --
last week's Δ range = [--, --] ; π = --
last week's δ range = [-- , --]
BRK/A - Berkshire Hathaway Inc = 92,100    100(+) ; δ (last) = 1880 ; δ (current) = 2050
last week's range [88600, 90100] ; δ = 1500
last week's Δ range = [100, 5195] ; π = -6175
last week's δ range = [1700, 3680]

{Futures/Commodities}
{core}
Oil    =   $59.65 0.49(+) ; δ (last) = 3.21 ; δ (current) = 1.93
last week's range [56.5, 59.3] ; δ = 2.8
last week's Δ range = [0.53, 2.15] ; π = -2.17
last week's δ range = [1.85, 2.60]
UnleadG    =   $1.826   0.062(+) ; δ (last) = 0.0888 ; δ (current) = 0.1015
last week's range [1.67, 1.722] ; δ = 0.052
last week's Δ range = [0.002, 0.043] ; π = -0.023
last week's δ range = [0.003, 0.049]
NaturalG    =   $3.949    0.222(-) ; δ (last) = 0.242 ; δ (current) = 0.347
last week's range [4.1, 4.6] ; δ = 0.5
last week's Δ range = [0.03, 0.33] ; π = -0.245
last week's δ range = [0.17, 0.37]
Corn    =   $425.60    4.20(+) ; δ (last) = 15 ; δ (current) = 6.60
last week's range [417, 428] ; δ = 11
last week's Δ range = [0, 6] ; π = -7.4
last week's δ range = [4, 14]
Wheat    =   $588.60    1.80 (-) ; δ (last) = 27 ; δ (current) = 8.6
last week's range [577, 593] ; δ = 16
last week's Δ range = [0.4, 16] ; π = +32.6
last week's δ range = [12, 18]
Sugar    =   $21.91    0.16(+) ; δ (last) = 0.19 ; δ (current) = 0.11
last week's range [21.34, 21.64] ; δ = 0.30
last week's Δ range = [0, 0.20] ; π = +0.29
last week's δ range = [0.01, 0.19]

{no-core, but often considered essential}
Soybeans    =   $1162    15.60(+) ; δ (last) = 21 ; δ (current) = 12.40
last week's range [1116, 1147] ; δ = 31
last week's Δ range = [1, 19] ; π = +22
last week's δ range = [17, 26]
Coffee    =   $132.20 3.35(+) ; δ (last) = 2.90 ; δ (current) = 3.35
last week's range [127, 128] ; δ = 1
last week's Δ range = [0.15, 1.15] ; π = -0.20
last week's δ range = [2.70, 4.50]
Cocao    =   $2299     2(+) ; δ (last) = 62 ; δ (current) = 39
last week's range [2320, 2427] ; δ = 107
last week's Δ range = [2, 78] ; π = -167
last week's δ range = [46, 145]
Orange Juice = $91.10   0.20(-) ; δ (last) = 5.65 ; δ (current) = 2.50
last week's range [92.5, 93.9] ; δ = 1.4
last week's Δ range = [0.05, 1.35] ; π = +0.40
last week's δ range = [2.25, 3.85]
Pork Bellies    =   $72.20 1.80(-) ; δ (last) = -- ; δ (current) = 0
last week's range [73, 79] ; δ = 6
last week's Δ range = [0.55, 2.45] ; π = -7
last week's δ range = [0, 1.65]

{Other Indicators}
Dollar Index = 82.24   0.32(-) ; δ (last) = 0.775 ; δ (current) = 0.770
last week's range [82.3, 83.1] ; δ = 0.8
last week's Δ range = [0.011, 0.70] ; π = +0.764
last week's δ range = [0.29, 0.79]
10-yr T = 120.225    0.010(-) ; δ (last) = 0.035 ; δ (current) = 0.045
last week's range [--, --] ; δ = --
last week's Δ range = [--, --] ; π = --
last week's δ range = [-- , --]
Baltic Dry Index = 2644   39(+)
last week's range [2215, 2544] ; δ = 329
last week's Δ range = [1, 112] ; π = +330

*Red means out of range, below the lower bound
*Bold means out of range, above the upper bound
*π = momentum
*δ = the difference between the high and the low
*Δ = change

[Articles of Interest] Obama Speeds Up Fuel-Economy Standards, Sets First Carbon Limit

Carbon Taxes are coming for everyone!
By John Hughes and Kim Chipman

May 19 (Bloomberg) --

President Barack Obama will announce today that automakers must meet average U.S. fuel-economy standards of 35.5 miles per gallon by 2016, four years sooner than previously planned, a senior administration official said.

The plan adopts nationwide a standard proposed by California, setting the first-ever U.S. limit on greenhouse-gas pollution from vehicles.

Auto companies and California have signed off on the proposal, ending their feud over the state’s proposed rules. California’s Republican Governor Arnold Schwarzenegger and General Motors Corp. Chief Executive Officer Fritz Henderson are both planning to attend Obama’s announcement.

“It launches a new beginning,” said David McCurdy, president of the Alliance of Automobile Manufacturers, in a statement. “The president has succeeded in bringing three regulatory bodies, 15 states, a dozen automakers and many environmental groups to the table.”

The Washington-based alliance represents 11 carmakers, including GM, Chrysler LLC, Ford Motor Co. and Toyota Motor Corp.

Obama’s 35.5 mpg standard for 2016 models matches the target set by California under a 2004 state law. It compares with the 27.3 mpg that the U.S. Transportation Department said last month automakers would have to meet for their 2011 models.

A law enacted by Congress in 2007 required automakers to raise fuel-economy standards by at least 40 percent, which would have forced them to meet a target of 35 mpg by 2020.

‘Biggest Step’

Obama’s action is the “biggest single step to curb global warming,” Dan Becker, director of the environmental group Safe Climate Campaign, said in an interview.

While California achieved its emissions goal, auto companies also won some of what they sought. The federal government, rather than individual states, will set fuel-economy standards through 2016. Also, those standards will be set based on vehicle attributes, such as size and weight, though each auto company will also have to meet a fleet standard.

“GM is fully committed to this new approach,” Henderson said in a statement. “GM and the auto industry benefit by having more consistency and certainty to guide our product plans.”

Detroit-based GM, already surviving on $15.4 billion in U.S. Treasury aid, is trying to shave costs and shrink union- retiree obligations in advance of a government-imposed June 1 deadline to avert bankruptcy. Chrysler LLC is already operating in bankruptcy.

Under Obama’s proposal, the Environmental Protection Agency would set the new standard for greenhouse gas emissions. That standard would be harmonized with separate fuel-economy rules set by the Transportation Department.

$600 a Vehicle

The plan would reduce greenhouse gas emissions by 900 million metric tons through 2016, the senior administration official said. In 2016, meeting the standards will cost automakers $600 a vehicle in addition to the $700-a-car cost automakers face under standards in existing law, the official said.

Also in 2016, light trucks would have to meet a standard of 30 mpg, and the average for cars would be 39 mpg.

California has been seeking a federal waiver to set its own greenhouse-gas emissions standard under state law, and at least 17 states said they would follow.

“California’s relentless push for greenhouse gas reductions from automobiles is paying off not just for our state, but for all Americans,” Schwarzenegger said in a statement.

California’s Request

Former President George W. Bush turned down California’s waiver request. Obama, during his first week in office, directed the EPA to reconsider the decision. The EPA hasn’t made a final decision, and California has said it would defer to the federal standard if the waiver is granted, said the senior administration official who requested not to be identified before the announcement.

California still may need the waiver so the state could regulate emissions while the federal rules are developed, said Becker of the Safe Climate Campaign. The EPA has set a June 30 deadline to make a decision on California’s request.

The federal rule would start with 2012 models and run through 2016. After that, California could again seek a waiver to set tougher standards. Automakers under the federal plan have more time to get their product lines in order, preparing for the 2016 goal, than California gave them, the senior administration official said.

‘Normally at Odds’

“You will see people that normally are at odds with each other in agreement with each other,” Obama spokesman Robert Gibbs said yesterday, in advance of today’s White House gathering.

The Obama administration is making automobiles go farther on a gallon of gas, said Ann Mesnikoff, director of the Green Transportation Campaign at the environmentalist Sierra Club.

“We have an industry that after years of fighting tooth and nail against higher standards is finally coming to the table and saying they have technology and can do it,” Mesnikoff said.

The United Nations Intergovernmental Panel on Climate Change said in a 2007 report there’s a 90 percent certainty that greenhouse-gas emissions from power plants, cars and other human activities are causing higher temperatures and sea levels, potentially leading to dangerous climate change.

To contact the reporters on this story: Kim Chipman in Washington at kchipman@bloomberg.net; John Hughes in Washington at jhughes5@bloomberg.net.

Last Updated: May 19, 2009 00:01 EDT

[Articles of Interest] Buffett’s Berkshire Scales Back Stock Purchases as Cash Erodes

By Erik Holm

May 19 (Bloomberg) --

Warren Buffett’s Berkshire Hathaway Inc., the largest shareholder in Kraft Foods Inc. and Coca-Cola Co., is scaling back stock purchases after the firm’s cash holdings fell to their lowest in more than five years.

Berkshire is spending less as the firm comes closer to the $10 billion that Buffett says is the minimum he wants on hand to protect against calamity. The cash hoard, which had been at $47.1 billion in September 2007, fell below $20 billion in April after the company posted its worst loss in at least 20 years and Buffett directed funds to corporate debt and preferred stock.

“He’s tapped out,” said Jeff Matthews, author of “Pilgrimage to Warren Buffett’s Omaha” and founder of hedge fund Ram Partners LP. “He had to sell some of his stocks to buy stuff last fall. That’s why he’s not been making big stock purchases.”

Berkshire spent $624 million on equities including Wells Fargo & Co. in the first quarter, the smallest amount since at least 2005, according to regulatory filings by the Omaha, Nebraska-based company.

Buffett is instead locking in returns of 10 percent or more by investing in preferred shares of Goldman Sachs Group Inc. and General Electric Co. and buying similar securities sold by Swiss Reinsurance Co. He’s also purchased debt in companies including candy manufacturer Mars Inc. and wallboard maker USG Corp. Such deals since September collectively pay interest of more than $1.8 billion annually.

“Berkshire, basically, every month generates cash,” Buffett said at a press conference May 3, the day after the annual shareholder meeting in Omaha. “We have not been buying a lot of equities.”

Locking in Returns

The Goldman Sachs and GE investments also give Buffett the option to buy stock at prices set when the deals were consummated. The Swiss Re and USG purchases are among those that may convert to stock later.

“How can you turn something like that down,” said Gerald Martin, a finance professor at American University’s Kogod School of Business in Washington who has studied Buffett’s investing history. “He’s hedging in the right way. He’s buying these things in a period of uncertainty and locking in the return until the stocks recover.”

Berkshire spent an average $2.9 billion on stocks per quarter in the 16 periods ended Dec. 31. The only time in that span when Berkshire invested less than $1 billion was the fourth quarter of last year, when the firm paid $691 million for equities and sold shares of companies including Procter & Gamble Co., Johnson & Johnson and ConocoPhillips for $4.77 billion.

Higher Threshold

Buffett told shareholders in February that he sold the three stocks -- which he “would have preferred to keep” -- to fund the investments in Goldman Sachs and GE. Berkshire had almost $20 billion in cash after buying preferred shares in Dow Chemical Co. in April to help the company acquire Rohm & Haas Co., Buffett said this month.

“Frankly, when we had $45 billion around, the threshold wasn’t as high for the first deal,” Buffett said in a Bloomberg Television interview in March. “The threshold has to be higher now.”

Buffett said this month that Berkshire was also scaling back on property insurance coverage because of cash limitations. Berkshire typically gets about half its profit from insurance operations, protecting clients against disasters including hurricanes.

“We don’t have as much excess capital as we had a couple years ago, so we cut back somewhat on the insurance risk we take,” he said at the press conference. Berkshire posted profit declines every quarter in 2008 and then a $1.53 billion deficit in the first quarter as the company sold ConocoPhillips shares at a loss and paid $675 million on derivatives tied to indexes of corporate bonds.

Equity Puts

Derivative linked to equity markets weighed on Berkshire’s results last year. The contracts commit Berkshire to pay out on dates beginning in 2019 if specified stock indexes in U.S., Asia and Europe are lower than they were when the bets were made. Buffett, 78, sold some of the derivatives near the market’s peak in 2006 and 2007, and liabilities on the contracts widened to $10.2 billion as of March 31.

Berkshire’s stock has dropped 25 percent in the past 12 months through yesterday. Buffett didn’t respond to a request for comment left with assistant Carrie Kizer.

Some of the largest equity holdings in Berkshire’s U.S. portfolio, valued at $40.9 billion as of March 31, have plunged in the past year. American Express Co. dropped 46 percent, ConocoPhillips slumped 51 percent and Burlington Northern Santa Fe Corp. has fallen 37 percent.

U.S. Bancorp

Buffett, named the world’s second-richest person by Forbes magazine, makes most of the investment decisions at Berkshire, while Lou Simpson, 72, manages the portfolio for car-insurance unit Geico Corp. Buffett has cautioned against assuming all moves in the equity portfolio are his.

Buffett’s firm, the largest shareholder in San Francisco- based Wells Fargo, increased its stake in the bank by about 4.3 percent in the first quarter to 302.6 million shares, and boosted holding of Minneapolis-based U.S. Bancorp by about 2.2 percent. Berkshire also bought back shares in Johnson & Johnson, the world’s largest maker of health-care products.

To contact the reporter on this story: Erik Holm in New York at eholm2@bloomberg.net.

Last Updated: May 19, 2009 00:01 EDT

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[Articles of Interest] Obama Speeds Up Fuel-Economy Standards, Sets First Carbon Limit

[Articles of Interest] Buffett’s Berkshire Scales Back Stock Purchases as Cash Erodes

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