Day 20
Situation:
U.S. Markets: Markets managed to squeeze out a small gain, but all but convincingly so far … CPI might decide the next bigger move … Honeywell reiterated 2008 outlook and Citibank decided to take action … fired its COO and took their SIV’s on its balance sheet … late, but at least they did it. This might kill the “SUPER-SIV” attempt … one of the several “many words … no action” stuff, which we have been kept busy about over the last month … everything only to win time …
Asian Markets: Markets mixed … Japan had weakest Tankan report for last 2 years … putting the next NEEDED interest rate hike further down the line … OMG … China down as latest though small IPO (an oilservice company) lost 10% on its first day of trading … Australia down on fading fantasy for Rio Tinto and BHP
Commodities/Currencies : The Yen weakened on the Tankan … Bonds still being sold after strong PPI and strong retail sales in the US. Oil lost half of its gains but trades up to 92.70 again today morning … Gold lost as well
Events: US … CPI, Industrial Production, Capacity Utilisation, EIA Monthly Oil Report
Ideas/Strategy: Waiting for the CPI … below 8040 selling rallies … above … hold on to the rollercoaster 
supports: 7940 … 7915 … 7865 … 7850 … 7800/06 … 7760/65 … 7725
resists: 8000/05 … 8025 … 8055 … 8080 … 8120/30 … 8217 … 8230 …
Tags: China, Citibank, daily outlook, Honeywell, Japan
