Recession. What Recession ?

Latest personal consumption data came out showing that US consumers have completely forgotten the recession, and returned to their freespending ways.

KL Stock - MYEG

'Fully Sold, Thanks be to God'.

In today Sin Chew Jit Poh business secton page 27, I notice a photo :-

The photo wass actually taken in 2007 in Singapore. The story behind the god this and god that is:-

"A HUGE signboard for the Lippo development Newton One at the junction of Newton and Dunearn Road is emblazoned with the words 'Fully Sold, Thanks be to God'. 

Stephen Riady, president of Indonesian conglomerate, the Lippo Group, is not afraid to wear his faith on his sleeve. Dotted around the island, his group's projects bear testament to his strong beliefs.

'Our development at Sentosa Cove is expected to have very good response too, when the results come out next month. For that one, I'm going to put up a signboard with the phrase 'Praise be to God', he says with delight, his arms gesturing animatedly.

Unapologetic about his enthusiasm for religion, Mr Riady says this is the best way to show one's faith. 'When you proclaim openly, you signify your commitment to Christianity. I become stronger after saying it and I feel I'm strengthening my faith,' says the 46-year-old Mr Riady. Ironically, he was the last in his family to convert - in 1992 as a 31-year-old - after his siblings and parents had taken the plunge. 

Apparently, many staff of the Lippo group are also devout and have been fervently praying for the success of the group's projects. 'In fact, they were the ones who suggested I put a phrase thanking God for the developments being fully taken up,' reveals Mr Riady."

With that logics, I can see why a certain Malaysian Chinese tycoon also behave in such manner. Maybe the Americans and the British should start pray hard, so that their god can also revitalize their crashing property markets.

Back in the 70's, I recall another Malaysian Chinese tycoon who also god this and god that. His group of companies' shares were the darling of the stock market then. Fundamentals ? No sir, there were hardly any. Currently those high flying stocks of his are still listed but priced at pennies. They did not move much during the current year long rally. Those Chrisitan brothers and sisters who held on them (because a brother would supposedly NEVER screw other brothers and sisters of the same faith) would have long emptied their tears. Maybe they should ask their ogd this and god that brother to buy back their shares at their original purchase price ?

And then there was another brother who was making waves around the same time who finally defaulted his companies' loans and almost caused a or 2 bank failures.

I have always lectured my kids that if ever they meet persons who claim god this and god that, they should all hold tight to their pants/skirts and run like hell (sorry for the pun there).

CPO:- Play on a short term 3/5/2010

Both the daily Stochastic and the MACD continue to rise, so I hang on to my longs on the short term. Please note the ADX has now fallen below 20's, so this cycle could be one of those very short lived one. You should be prepared to take profit swiftly. I would suggest you should place stop a few pips below 2 day or yesterday lows' and take note that 2,600 could be a strong resistance.



The weekly chart's Stochastic is turning around upward but still remain negative and the MACD is still negative. The ADX is below its 20's signal line and the Bollinger Band continues to tighten. These 2 indications are telling us that there is no trend in this market at this moment, but something BIG may be forthcoming soon.

FKLI:- Stay aside and watch 2/5/2010

The Stochastic has crossed up but the MACD remains negative and the  ADX continues to fall and has now fallen below 20's.All these are classic signs of a sideway market. Another sign is that prices have been breaking above and below the upper and lower Bollinger Band but fails to follow through. 

Again at the weekly chart, a flat ADX is telling us the absence of trend in this market. The MACD remains weak but the Stochastic s still rising. But there is a telling sign here as the candlestick is a Doji Star which usually signal a reversal pending a confirmation with the next candlestick. Since this Doji Star appears at an area where the Stochastic is regarded as overbought, so next week should be interesting.

I would suggest you should keep out of this market for a while until we see some more concrete evidence of its next direction. Signs to keep an eye on should be: a rising ADX or the D+ or D- rising above its prior peak. As the Bollinger Band continues to tighten, you should be prepared for some major drastic action ahead.

As the bearish divergence is still intact, I continue to be bearish biased.

The Empire Fights Back !

A  Little Email Making the Rounds on Wall Street:-

This  little piece of class warfare is  making the rounds on Wall Street today.  Its Us-Vs-Them theme is glaring.  The lobbies of JPMorgan and several other banks were flooded with protesters downtown yesterday, and this was written by a frustrated Wall Streeter in response to the populist uprising.

Here goes:

    "We are Wall Street. It's our job to make money. Whether it's a commodity, stock, bond, or some hypothetical piece of fake paper, it doesn't matter. We would trade baseball cards if it were profitable. I didn't hear America complaining when the market was roaring to 14,000 and everyone's 401k doubled every 3 years. Just like gambling, its not a problem until you lose. I've never heard of anyone going to Gamblers Anonymous because they won too much in Vegas.

    Well now the market crapped out, & even though it has come back somewhat, the government and the average Joes are still looking for a scapegoat. God knows there has to be one for everything. Well, here we are.

    Go ahead and continue to take us down, but you're only going to hurt yourselves. What's going to happen when we can't find jobs on the Street anymore? Guess what: We're going to take yours. We get up at 5am & work till 10pm or later. We're used to not getting up to pee when we have a position. We don't take an hour or more for a lunch break. We don't demand a union. We don't retire at 50 with a pension. We eat what we kill, and when the only thing left to eat is on your dinner plates, we'll eat that.

    For years teachers and other unionized labor have had us fooled. We were too busy working to notice. Do you really think that we are incapable of teaching 3rd graders and doing landscaping? We're going to take your cushy jobs with tenure and 4 months off a year and whine just like you that we are so-o-o-o underpaid for building the youth of America. Say goodbye to your overtime and double time and a half. I'll be hitting grounders to the high school baseball team for $5k extra a summer, thank you very much.

    So now that we're going to be making $85k a year without upside, Joe Mainstreet is going to have his revenge, right? Wrong! Guess what: we're going to stop buying the new 80k car, we aren't going to leave the 35 percent tip at our business dinners anymore. No more free rides on our backs. We're going to landscape our own back yards, wash our cars with a garden hose in our driveways. Our money was your money. You spent it. When our money dries up, so does yours.

    The difference is, you lived off of it, we rejoiced in it. The Obama administration and the Democratic National Committee might get their way and knock us off the top of the pyramid, but it's really going to hurt like hell for them when our fat a**es land directly on the middle class of America and knock them to the bottom.

    We aren't dinosaurs. We are smarter and more vicious than that, and we are going to survive. The question is, now that Obama & his administration are making Joe Mainstreet our food supply…will he? and will they?"




 

The Oil Spill Affects Your Stomach Too

Shrimp Futures Soar on Gulf Oil Spill

April 30 (Doomberg) -- Peel-and-Eat Shrimp futures advanced in New York and London on signs that the oil spill-related environmental crisis in the gulf region may be worsening.

The Shrimp and Crawfish Index rose as much as 9.7 percent, making dollar-denominated shrimp assets more expensive.
The American Culinary Commission is asking chefs around the country to reduce the number of specials that contain gulf shrimp, although they are confident that the cleanup operation is well underway.  The Red Lobster chain of restaurants, which accounts for about 10 percent of US shrimp consumption, has announced that it will stop selling its morbidly obese customers 85 fried shrimp for $2.99.

A spokeperson from The Bubba Gump Shrimp Co declined comment, before running across the country several times to clear his head.

Futures for May delivery of U-25 shrimp, gained 8.9 cents per pound, or 6.3% percent, on the PrawnEx in New York at 8:26 a.m.