| Taiwan is Worth a Look
For the first time since the market correction took place, EWT had closed above the downtrend trendline for the 3rd straight day on Friday (black circle on Chart 1 below). It did break through the trendline in mid January, but the closing price fell below the trendline (X mark). In addition, while the price of EWT had fallen about 20% since the end of October, the ROC (Rate of Change) had been making higher lows at major inflection points (blue trendline in lower pane). And then, there's the gathering of the positive volume bars in February. The buildup of buying pressure means the builddown of selling pressure. And, that's self-evident in the intraday charts.
Chart 1 The declining highs (diminishing) of the red selling bars can clearly be noted on this 60-minute, 20-day intraday chart below (Chart 2).
WORLD at 1600GMT
ISRAEL-SETTLERS MOVE IN. Israeli settlers set up new community on West Bank hill. FRANCE-SOCIETE GENERALE-INTERVIEW. Lawyer: Trader acted alone under watch of superiors. ARAB TV. Arab governments take action to rein in TV talk shows that discuss taboo topics. FRANCE-SADDAM'S SEA PALACE. For sale: palatial pleasure yacht with rocket launcher built for Saddam. OLY-BEIJING-FREE SPEECH. Criticism mounts for .
Horse racing: Racing's rulers frustrated as Levy yield set to stay ...
Only the bookmakers expressed satisfaction yesterday as the minister for sport, Gerry Sutcliffe, announced the basis on which racing would be financed from April. As expected, Sutcliffe ignored all pleas to favour one side or the other and decided that the present Levy scheme should continue for another year. "Despite thorough consideration I have not been wholly persuaded by the submissions of either the bookmakers' committee or the British Horseracing Authority," said Sutcliffe, whose written statement concluded with sharp words to both sides. .
BNP considers SocGen approach
BNP Paribas said on Thursday it was considering an approach for Société Générale, its French banking rival, in a move that would create a European banking powerhouse. However, investors gave the news a cool response as BNP shares fell 1.5 per cent, valuing its equity at €59.6bn ($88.5bn). SocGen shares rose 1.7 per cent to €83.20, valuing its equity at €38.8bn. It also emerged that SocGen is planning a significant reinforcement of its risk control systems, which will shift the balance of power from the trading floor to the back office, and could rein in the growth of its star profit generator. SocGen is understood to have hired Merrill Lynch and Rothschild to advise on defence strategies, in addition to JPMorgan and Morgan Stanley, which are handling a €5.5bn emergency rights issue.
David Blott from Moncton, NB, Canada writes:
If that is the case then why won't Harper state that he believes Canada should stay in it current role beyond 2009 instead of hiding behind both the Manley Commission and a spring vote that he knows has little likelihood of happening as the odds are Canadians will be in an election campaign?
Leadership would require that Harper makes his ambitions known now, not at some point in the future. Posted 27/12/07 at 1:05 AM EST | Alert an Editor | Link to Comment .
European Stocks Recover as Bid Talk Picks Up
Barclays Wealth Research said in a monthly investment strategy report the chances of this happening had risen to close to 50:50. But it added: "However, it is looking increasingly as if any slowdown will be short-lived." "Europe cannot escape the effects of a U.S. recession, if there is one. Consequently, we expect pressure on the ECB to cut interest rates to build," it said. While Barclays said it was still too early for the European Central Bank to cut rates at its meeting on Thursday -- in-line with a Reuters poll of 83 economists -- Barclays said the ECB may well cut rates in spring. The Reuters poll showed the ECB would likely cut rates in the second quarter as inflation fears ease and follow up with another cut by year-end as an economic slowdown threatens to grip the region.
Capitol Watch: Budget Brawl
Earlier this month, President Bush sent his proposed budget for FY 2008 to Congress. At this point, the proposed aspect of the $2.9 trillion, 2500 page document should be emphasized. By the time Congress gets done with it, the federal budget will likely bear little resemblance to what the Bush administration has composed. Even so, the president's budget for the fiscal year starting on October 1 is a useful guide to his foreign policy priorities, and it will form the starting point for much of Congress' foreign policy activity in the coming months. The 2008 budget is the first to include spending requests for combat operations in Iraq and Afghanistan; in previous years, funding for these wars took the form of emergency supplemental requests that were separate from the administration's formal budget requests.
|
