Officials from Egypt’s Muslim Brotherhood at White House

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FRANKFURT (Reuters) – European Central Bank President Mario Draghi dismissed a German-led push for the bank to start planning a retreat from emergency crisis-fighting, but stressed it was keeping a close eye on price pressures.

After holding interest rates at a record low of 1.0 percent of Wednesday, Draghi said “downside risks to the economic outlook prevail” and the ECB would need time to see the full impact of bumper funding operations it has used to help banks.

The ECB has pumped over 1 trillion euros into the financial system with the twin 3-year funding operations, or LTROs, to head off a credit crunch that late last year risked exacerbating the euro zone crisis and jeopardizing the currency project.

Draghi dismissed the push to begin preparing an exit from the ECB’s crisis mode – a drive led by Bundesbank President Jens Weidmann, with whom Draghi has stressed in recent months he has an excellent relationship.

“Given the present conditions of output and unemployment, which is at historical high, any exit strategy talking for the time being is premature,” he said, adding bluntly: “I think the president of the ECB is the one who has the last word on this.”

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(CNN) — The U.N. Commission of Inquiry on Syria recently determined that the fighting in Syria is not an “armed conflict” (PDF) — the legal term for war — under international law because the opposition forces are not sufficiently organized. Yet surely the protesters, dissident fighters and terrified citizens caught up in the violence in Syria believe they are at war.

States and other international legal experts are following the same overly technical approach and, as a result, not applying the law designed for just this situation: the law of war. The international community is left unable to use every available tool in its efforts to halt the violence and protect civilians from extraordinary suffering.

Failing to call Syria’s upheaval an armed conflict — the legal term for war — has real and immediate consequences. Contrary to what events in Syria suggest, war is not waged in a legal vacuum. International law regulates permissible conduct during war, even civil war.

The law of war exists specifically to restrain brutality in war, protect innocent civilians from direct attack and minimize suffering. It prohibits deliberate attacks on civilians and using them as human shields, requires humane treatment of the wounded or detained personnel, obligates parties to respect and protect medical aid providers, mandates efforts to facilitate delivery of humanitarian relief, and imposes criminal responsibility on those who disregard these obligations. These basic and essential protections apply during any armed conflict.

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NEW YORK (CNNMoney) — As U.S. sanctions on Iran tighten and gas prices reach record levels, it is becoming more likely that a release of oil from the U.S. Strategic Petroleum Reserve is in the works. Yet analysts aren’t convinced tapping the SPR is a good idea.

Administration officials said Friday that reserves from the SPR were taken into account when they determined that oil markets could handle the loss of Iranian oil.

Even before the tighter sanctions were announced, there was talk the administration was working with European countries on a plan to tap oil reserves in both the United States and Europe. The rumors have already pushed global oil prices down slightly, although they remain over $120 a barrel.

Still, analysts are skeptical about what impact tapping the SPR would have on prices.

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NEW YORK (CNNMoney) — It’s crunch time for Detroit.

City and state officials are facing a Thursday deadline to save the city from the threat of looming financial insolvency or a takeover of city government by Michigan.

Fierce opposition from unions — in a city that remains a bastion of labor power — has so far stymied efforts to pass a rescue package.

A deal backed by Mayor Dave Bing and Michigan Gov. Rick Snyder, a Republican, would grant the city the power to void contracts and slash costs but not provide state funding or loans to bail the city out of its financial problems.

Without city council agreement on that deal, Snyder can by law appoint an “emergency manager” who will assume the powers of the mayor and council to run day-to-day operations. He has until Thursday to take such action.

The city council is under pressure from the public and city unions to reject the deal with the state. At the same time, it would lose its powers if Snyder goes ahead and names an emergency manager.

The council was set to meet again Wednesday. So far the only action it has taken this week to deal with the crisis was to double the city’s corporate income tax to 2%.

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http://techcrunch.com/2012/04/04/google-project-glas/

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Chinese fucking burritos.

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I’ a gear head…..

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Place your bets…

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Just some fuzzy math…developing 

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Q-Cells goes bankrupt…

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Austerity is a killer. Lock him up!

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[youtube://http://www.youtube.com/watch?v=YBvnxxigrIM 450 300] [youtube:http://www.youtube.com/watch?v=TTPqPZzH-LA 450 300]

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DOW off 144

NASDAQ off 51

S&P off 15.7

GOLD of $51

WTI off $2.39

Source 

“12:00 pm : Stocks remain under steady pressure, which has kept the S&P 500 down more than 1% for the day. Although the broad market measure has been down by 1% or more on a few occasions in 2012, only once has pressure persisted into the close so that it actually logged a loss in excess of 1%. That tumble took place on March 6, when market participants opted to pare their positions amid revived concerns about global growth in response to a 0.3% decline in eurozone fourth quarter GDP following headlines earlier in the week that had stated China expects its pace of economic growth to slow to 7.5%.DJ30 -153.48 NASDAQ -53.05 SP500 -16.32 NASDAQ Adv/Vol/Dec 345/720 mln/2080 NYSE Adv/Vol/Dec 425/280 mln/2490

11:30 am : So far this year the Nasdaq has been a better performer than its counterparts. However, today it has struggled to limit losses in the face of selling like it has so many times before. As a result, the Nasdaq is grappling with deeper losses than either the Dow or the S&P 500.

The Nasdaq was propped up in the prior session by shares of Apple (AAPL 621.47, -7.85), which set a record high following positive analyst commentary, but the stock’s decline today proves that it isn’t completely immune to selling pressure. Other large-cap Tech stocks are also under pronounced pressure. DJ30 -163.02 NASDAQ -52.44 SP500 -16.82 NASDAQ Adv/Vol/Dec 325/585 mln/2055 NYSE Adv/Vol/Dec 405/230 mln/2485

11:00 am : Stocks have descended to new session lows. The slide has left the three major equity averages trading with losses well in excess of 1%.

Amid such steep, expansive losses, the Volatility Index is up a sharp 12%. That spike has the euphemistically labeled Fear Gauge at a three-week high above 17.

A mix of heightened volatility and weakness among stocks has helped bolster buying interest in the dollar, which now leads a basket of major foreign currencies by almost 0.5%. That move, along with a jump yesterday in response to a hawkish tone to FOMC commentary in the meeting minutes, has the dollar up more than 1% week to date. DJ30 -176.11 NASDAQ -56.10 SP500 -18.69 NASDAQ Adv/Vol/Dec 325/435 mln/2025 NYSE Adv/Vol/Dec 405/180 mln/2455

10:35 am : Crude oil futures prices were down about 1.2% roughly 10 minutes ago, but since the release of weekly inventory numbers prices have fallen deeper into negative territory so that contracts now price crude oil 1.9% lower at $102.05 per barrel. The inventory report showed a build of 9.0 million barrels, which contrasts with the consensus call for a build of 2.5 million barrels.

Nautral gas prices have overcome morning selling pressure to trade at $2.19 per MMBtu for a 0.3% gain. Earlier this week prices were near $2.07 per MMBtu for multi-year lows.

Precious metals have been under pressure all morning. Specifically, silver prices are down 5.4% to $31.47 per ounce, while gold contends with a 2.8% loss at $1625.30 per ounce. Earlier this morning gold prices slipped below $1620 per ounce to set its lowest level since January.

General weakness in the commodity complex has the CRB Index wrestling with a 1.2% loss. DJ30 -153.75 NASDAQ -44.48 SP500 -15.83 NASDAQ Adv/Vol/Dec 330/295 mln/1965 NYSE Adv/Vol/Dec 400/135 mln/2400

10:05 am : The ISM Services Index for March came in at 56.0, which is down from the prior month reading of 57.3 and slightly less than the reading of 56.7 that had been generally expected.

Stocks didn’t have much of an immediate reaction to the reading, but some subsequent selling now has the Nasdaq at a fractionally extended session low. Neither the Dow nor the S&P 500 have confirmed that move. DJ30 -111.38 NASDAQ -32.08 SP500 -11.82 NASDAQ Adv/Vol/Dec 270/125 mln/1920 NYSE Adv/Vol/Dec 330/75 mln/2380

09:45 am : Stocks are down markedly this morning, such that the broad market is below the depths set during the prior session. Weakness is widespread.

Of the 10 major sectors, only Telecom is trading in positive territory. Although its 0.1% gain seems unimpressive, the other sectors trade with losses that range from 1.1% to 0.2% — Financials and Consumer Staples, respectively.

With stocks decidedly out of favor safe havens like Treasuries and the dollar are attracting buying interest. Gains by the benchmark 10-year Note has its yield back below 2.25%, while the greenback has gained 0.4% against a basket of major foreign currencies.

As an aside, the latest ISM Services Index will be released at 10:00 AM ET. DJ30 -105.46 NASDAQ -28.21 SP500 -11.06 NASDAQ Adv/Vol/Dec NA/NA/NA NYSE Adv/Vol/Dec NA/NA/NA”

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via NYPOST.com

Eager to marry the popularity of social gaming with real-life betting, Zynga is in talks with casino company Wynn Resorts about a potential online gambling partnership, The Post has learned.

Zynga, which sees huge revenue potential in moving from pretend to real-life wagering, needs to form partnerships with casino operators in a number of states if it is to cash in on an expected boom in Internet gambling.

Neither Zynga nor Wynn Resorts responded to requests for comment.

At least 20 states are considering legalizing online gambling after the Justice Department reinterpreted a decades-old federal law in December and found it only banned sports betting and not other forms of online gambling.

Since the DOJ move, Zynga CEO Mark Pincus has been touting the company’s prospects for parlaying its popular virtual poker game into real-life betting, calling the possibilities “mind-blowing.”

While Pincus is waxing poetic about poker, experts said the odds are stacked against the social media upstart, which will need to partner with more than just Wynn to become a major player.

Among the problems: Most of the proposed state legislation would restrict online licenses to those who already are licensed to run a state gaming operation. Wynn only operates in Nevada.

New Jersey, for instance, has a bill that passed the state Senate and is now in the Assembly that would grant Internet licenses only to those with computer servers based in Atlantic City casinos.

“Our goal is to help existing casino operators. We don’t know anything about Zynga,” state Assembly Regulatory Oversight and Gaming Committee Chair Ruben Ramos Jr. told The Post.

In Connecticut, Native American tribes have reportedly said the state would be violating its agreement giving them exclusive casino gaming rights if it issued an online license to anyone else.

Likewise, Iowa in its pending bill offers online licenses only to those already authorized to operate state gambling boats and racetracks.

US Digital Gaming founder Richard “Skip” Bronson said, in a state-by-state scenario that “the existing gaming interests are most likely the ones who will be getting the licenses for Internet gambling.”

Sources said Zynga may try to move first in the UK, where online betting is already legal, though competition is stiff.

Indeed, Facebook, which does not want to host online gambling on its own site, has held conversations with UK online bookmakers William Hill and Ladbrokes about offering Facebook users access to their sites, a source said.

Reps for Facebook, William Hill and Ladbrokes did not return calls and messages seeking comment.

Stern Agee Managing Director Arvind Bhatia said if Zynga is unable to participate meaningfully in legalized online gaming here, its shares could fall as much as 10 percent because investors have baked into the share price expectations of new gaming revenue.

“I think, given that its core market is slowing, the potential gaming revenue is important.”
Read more: http://www.nypost.com/p/news/business/casino_ville_bet_DzXRAXwXYo1VOasowKIzpJ#ixzz1r5VV4wNh

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Just a quick update on support levels.

Until we hear otherwise from the fed we may see a very choppy market. Don’t let the chop fake you out. We need successive closes above or below key levels with good volume to determine direction.

And of course there will be debates to confuse investors as to the direction of markets.

At any rate, pay attention to key support levels on the S&P: 1,401,  1,393,  1,372,  1,343,  1,311, & 1,291.

I’m still bullish for now and will wait to see if we have more failed rallies or aggressive and progressive sell offs.

GLT

[youtube://http://youtube.com/watch?v=sIXLHtg2Btk 450 300]

 

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Source

“Let me start off with this disclaimer:  I am a neophyte when it comes to Elliott Wave theory so please forgive my rudimentary analysis and labeling especially to those that are far more sophisticated in EW analysis than I.  However, the point I want to make here is not so much about the technical analysis itself but the underlying “psychology” of the current cyclical bull market and the fact that this time “is not different.”

Recently, the media has been making many comparisons between the current rally and that of 1998. It has no doubt been a stellar rally during the first quarter of this year. In a recent research report David Rosenberg stated: “It seems so strange to draw comparisons to 1998, which was the infancy of the Internet revolution; a period of fiscal stability, 5% risk-free rates, sustained 4% real growth in the economy, strong housing markets, political stability, sub-5% unemployment, a stable and predictable central bank.”

Obviously none of those dynamics exist in today’s economic landscape. However, as I pondered his commentary I began looking at past bull market cycles compared to the recent 3-year advance, and a pattern begin to emerge. This led me to do some digging into my bag of technical analysis notes that I have collected over the years. I found this bit of discussion on the basic analysis of Elliott Wave Theory and the five waves of a cyclical bull market advance (I have annotated each wave on the chart).

Wave 1: Wave one is rarely obvious at its inception. When the first wave of a new bull market begins, the fundamental news is almost universally negative. The previous trend is considered still strongly in force. Fundamental analysts continue to revise their earnings estimates lower; the economy probably does not look strong. Sentiment surveys are decidedly bearish, put options are in vogue, and implied volatility in the options market is high. Volume might increase a bit as prices rise, but not by enough to alert many technical analysts.

Wave 2: Wave two corrects wave one, but can never extend beyond the starting point of wave one. Typically, the news is still bad. As prices retest the prior low, bearish sentiment quickly builds, and “the crowd” haughtily reminds all that the bear market is still deeply ensconced. Still, some positive signs appear for those who are looking: volume should be lower during wave two than during wave one, prices usually do not retrace more than 61.8% of the wave one gains, and prices should fall in a three wave pattern

Wave 3: Wave three is usually the largest and most powerful wave in a trend. The news is now positive and fundamental analysts start to raise earnings estimates. Prices rise quickly, corrections are short-lived and shallow. Anyone looking to “get in on a pullback” will likely miss the boat. As wave three starts, the news is probably still bearish, and most market players remain negative; but by wave three’s midpoint, “the crowd” will often join the new bullish trend. Wave three often extends wave one by a ratio of 1.618:1.

Wave 4: Wave four is typically clearly corrective. Prices may meander sideways for an extended period, and wave four typically retraces less than 38.2% of wave three. Volume is well below than that of wave three. This is a good place to buy a pull back if you understand the potential ahead for wave 5. Still, fourth waves are often frustrating because of their lack of progress in the larger trend.

Wave 5: Wave five is the final leg in the direction of the dominant trend. The news is almost universally positive and everyone is bullish. Unfortunately, this is when many average investors finally buy in, right before the top. Volume is often lower in wave five than in wave three, and many momentum indicators start to show divergences (prices reach a new high but the indicators do not reach a new peak). At the end of a major bull market, bears may very well be ridiculed (recall how forecasts for a top in the stock market during 2000 were received).

 

 

If any of this sounds familiar — it should. We have been here twice before in recent memory. In the second chart I have done some plotting of previous 5-wave cyclical bull markets. At the top of each cycle the belief was that everything could be sustained. Analysts were writing research about the cheapness of the indexes at current levels and how they would rise by another 100% or more. Economists predicted increasing economic prosperity. The media discussed why “this time is different”. Of course, the end result was that none of it was true. The subsequent declines retraced either most or the entire previous advance, leaving investors battered and broke in its wake.

 

 

The reality is that markets cannot travel in one direction indefinitely. The laws of physics do apply to the stock market, and for each action there is an equal and opposite reaction. In the case of the stock market the larger the advance during the bull market cycle (both in time and magnitude), the larger the correction process will be either is depth or duration. Of course, this simply isn’t a phenomenon that has been witnessed over the last 15 years of this current cycle. The chart is the inflation-adjusted price of the S&P 500 with a growth trend line. The blue area chart shows the amount of time and deviation the market spent above and below its long-term growth trend.

There are a couple of important points here:

• The market has ebbed and flowed between secular bull markets and bear markets since 1900. For each period of time that was spent above the long term growth trend, there was time spent below it.
• Currently the market has already spent a significant amount of time above the long term trend line beginning 1995 which indicates that the current secular bear market correction cycle still has further to run.

With the current push in the market being very much driven by expectations of continued liquidity injections, hopes of a European crisis resolution and economic recovery, there is little real strength in underlying data. The economy remains very weak and subject to external shocks, earnings are beginning to slow dramatically and profit margins for corporations and consumer budgets are under attack by rising commodity costs. The current environment is very reminiscent to what we have seen in prior Wave 5 advances:

• The news is almost universally positive and everyone is bullish.
• Many average investors finally buying in, right before the top.
• Volume is often lower
• Momentum indicators are showing divergences
• Bears are being ridiculed

While the markets could certainly advance further from here, there is no doubt the next major correction is coming; the only question is: “When?” That is an answer that we can only postulate on. However, what is most important is identifying the change in trend when it occurs and reduce portfolio risk accordingly. The current market environment does not have the benefit of the tailwinds that existed in 1998 as laid out by Rosenberg or the benefit of the mortgage equity extraction/credit boom of the 2004-2008 cycle. However, with our model currently on a “buy” signal since December, and portfolios subsequently almost fully allocated to their model weights, this current unabated rise in the market is more than a little uncomfortable.

With the risk/reward of being invested in the market now grossly out of favor, we are on the lookout for the changes in our indicators that will warrant reductions in equity exposure and increases in cash levels. That hasn’t occurred as of yet. However, as we saw last April, that change can come quickly. The good news is that, when the correction begins, we will have ample time to readjust portfolios accordingly. The next secular bull market is on its way. However, it will most likely require one more major market correction before we get there.”

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NYSE

New Highs 8 

COMPANY                       SYMBOL      HIGH                VOLUME 
-------                       ------      ----                ------ 
Brown Forman A                BF/A        82.87                2,654 
Brown Forman B                BF/B        85.68               60,372 
Everest Re                    RE          94.40               14,351 
Lorillard Inc                 LO          134.03              81,216 
Medley Cap Sr. Notes 2019     MCQ         25.59                1,200 
NextEra Energy                NEE         62.17              154,699 
Rentech Nitrogen Ptrs LP.     RNF         28.31               21,019 
Taro Pharmaceutical Indus     TARO        40.70               19,532 

New Lows 38 

COMPANY                       SYMBOL      LOW                 VOLUME 
-------                       ------      ----                ------ 
ASA Gold & Prec Metals        ASA         24.80               23,367 
Advantage Oil & Gas           AAV         3.20                35,117 
Alpha Natural Res             ANR         14.37            2,718,797 
AngloGold Ashanti             AU          34.56              471,441 
AngloGold Ashanti Pfd A       AUpA        41.21                7,050 
Arch Coal                     ACI         10.10            1,640,952 
Barrick Gold                  ABX         41.93            1,978,313 
Bill Barrett                  BBG         24.70               54,435 
Cash Store Financial Svc      CSFS        5.55                 2,793 
Cellcom Israel                CEL         12.12               38,148 
Christopher & Banks           CBK         1.80                16,827 
Cloud Peak Engy               CLD         15.50               62,694 
EXCO Resources                XCO         6.32               525,470 
Enerplus                      ERF         21.38              687,286 
Fortuna Silver Mines          FSM         4.14               195,774 
France Telecom                FTE         14.22              812,672 
GFI Group                     GFIG        3.59                10,089 
GasLog Ltd                    GLOG        11.09              275,760 
GenOn Energy                  GEN         2.01               756,394 
Gold Field ADS                GFI         12.92            1,203,615 
Harmony Gold Mining           HMY         10.27              306,391 
IamGold                       IAG         12.53              381,538 
KT Crp ADS                    KT          13.53              140,134 
Kinross Gold                  KGC         9.32             1,833,499 
Millennial Media Inc          MM          19.80              452,725 
Natl Presto Indus             NPK         73.78                5,170 
Newmont Mining                NEM         48.56            2,685,814 
Patriot Coal                  PCX         5.87             1,515,736 
Penn Virginia                 PVA         4.21                89,725 
Promotora de Info ADS         PRIS        2.70                30,130 
RadioShack                    RSH         6.04             1,124,176 
Telefonica                    TEF         15.75              850,721 
Titanium Metals               TIE         13.19              210,599 
Transalta Corp                TAC         18.37               16,007 
Transportadora Gas            TGS         2.60                30,479 
Ultra Petroleum               UPL         21.15              401,275 
Vipshop Holdings ADS          VIPS        4.12                29,900 
World Wrestling               WWE         8.62                23,814

NASDAQ

New Highs 19 

COMPANY                       SYMBOL      HIGH                VOLUME 
-------                       ------      ----                ------ 
Allegiant Travel              ALGT        58.61               21,384 
Biogen Idec                   BIIB        130.00             275,160 
Celgene                       CELG        80.42              486,273 
Columbia Banking System       COLB        23.52               43,442 
Crimson Exploration           CXPO        4.32                97,590 
DDi                           DDIC        12.96            3,045,102 
FirstBank  (Michigan)         FBMI        8.91                 2,780 
Franklin Financial            FRNK        14.44               17,539 
G&K Services  (Cl A)          GKSR        38.65               38,436 
JB Hunt Transport             JBHT        55.80              105,635 
Inventure Foods               SNAK        5.11                 8,550 
Joe's Jeans                   JOEZ        1.47               368,272 
LPL Investment Holdings       LPLA        38.94               36,926 
Magal Security Systems        MAGS        6.20             2,229,089 
Old Sec Cap Tr I 7.8% pfd     OSBCP       5.69                   200 
Peapack Gladstone             PGC         14.22                1,343 
Quality Distribution          QLTY        14.61               35,460 
Repligen                      RGEN        6.45                47,719 
Starbucks                     SBUX        57.65            1,016,491 

New Lows 38 

COMPANY                       SYMBOL      LOW                 VOLUME 
-------                       ------      ----                ------ 
A123 Sys Inc                  AONE        0.82               757,029 
Analog Devices                ADI         38.56              176,444 
Apollo Grp  (Cl A)            APOL        36.83              667,026 
B Communications              BCOM        8.18                 4,364 
Cardiome Pharma               CRME        0.62               305,345 
ChinaNet Online Holdings      CNET        0.92                   500 
Cleveland BioLabs             CBLI        1.48               298,849 
Ctripcom Intl                 CTRP        20.70              360,795 
Deckers Outdoor               DECK        61.27              308,073 
EnerNOC                       ENOC        7.00                37,298 
First Solar                   FSLR        21.71            2,067,058 
GeoMet                        GMET        0.52                17,065 
Groupon Inc                   GRPN        14.61              825,380 
InterDigital                  IDCC        34.29              114,857 
Intrnt Gold-Golden Lines      IGLD        5.90                 5,100 
Jiayuan.com Intl ADS          DATE        5.02                11,814 
Keryx Biopharmaceuticals      KERX        1.38             2,632,862 
Lifeway Foods                 LWAY        8.74                 1,700 
NeurogesX                     NGSX        0.45                49,125 
Opexa Therapeutics            OPXA        0.63                20,031 
Peerless Manufacturing Co     PMFG        14.03                8,395 
Penson Worldwide              PNSN        0.55                40,974 
PwrShs Gbl Gld & Prec Mtl     PSAU        37.55                  986 
Primo Water                   PRMW        1.85                29,692 
Quantum Fuel Sys Techs        QTWW        0.63               122,288 
RealPage                      RP          18.07               82,555 
Rimage                        RIMG        9.95                 7,292 
SMF Energy                    FUEL        1.05                49,435 
Senomyx                       SNMX        2.59                 3,301 
Seven Arts Entertainment      SAPX        0.12               580,781 
Stereotaxis                   STXS        0.56                62,680 
Torm A/S                      TRMD        0.47                16,644 
Telestone Techs               TSTC        3.11                 4,410 
Trio Merger                   TRIO        7.70                   100 
US Auto Parts Ntwk            PRTS        3.26                 4,342 
Wacoal Hldgs Corp             WACLY       56.36                4,770 
WebMD Health                  WBMD        23.71              793,078 
YRC Worldwide                 YRCW        5.73                44,747

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