Does Sweat Smell Different Times Of Month

backcountry skiing in Valle di Susa

March 2, 2011 - Fair Lawn in m. 2311 - Since the beginning of road to Pian Gelassa m. 1310.

The beautiful snow in recent days has brought the raw material for our amusement. Unfortunately it took her too much and especially wet and heavy. So it was hard to beat uphill and downhill slide at all. The weather was very nice at the top and the bottom was a bit of fog.

In the first picture the fog at the bottom.

In the second and third two moments of the climb.

The fourth track downhill.

last scene above the mists.

http://www.youtube.com/watch?v=MpG_eFloAvk

Click above for presentation.

Kate Playgrounds Office

20110302 - Beige Book

USA
Despite the problems in Libya are being solved in a peaceful manner and the crude oil is again well above 100, the ADP data on labor are relatively benign (217k vs. 180k). The figure puts a little 'fear of what might be the decisions of Bernanke, but in the end is positive and the markets will benefit. The Beige Book Fed published later, shows a general improvement in economic circumstances.
DJI +0.07% +0.16% SPX, Nasdaq +0.50% VIX 20.70 (-1.48%)

Europe
data on U.S. labor can not revive the fortunes of the European market, particularly concerned about the costs of 'Energy and its data production cost, which rose more than expected. The hawks in the ECB will soon raise interest rates threaten to strangle the cost of recovery, especially in the already poorly developed peripheral countries. The results do not finally convince corporate investors.
CAC -0.81%, DAX -0.58%, -0.41% SMI, DJES50 -0.82% V2X 24.60 (+3.26%)

Japan
good data for U.S. workers mean more buyers for Japanese goods. Despite a JPY under pressure then, the Nikkei try to field a small rebound after the devastating previous session. Well then, in general, all exporters who drag the rest of the market.
Nikkei +0.89%

Asia
also good for Asian markets, which should, also, take the ugly previous session. Together with the U.S. ADP data, there are also indexes of production that enable Koreans to forget the tensions with his cousins \u200b\u200bto the north and lead to the KOSPI bounced 1.5%.
Hang Seng +0.99%, Straits Time +1.14%, Taiwan +1.37%, Shanghai -0.08% Sensex +0.21%


FX USDCHF 0.9262 (0.9273)
USDJPY 81.92 (81.93)
EURUSD 1.3867 (1.3757)
EURCHF 1.2842 (1.2758)
EURGBP 0.8498 (0.8477)
GBPUSD 1.6318 (1.6228)
GBPCHF 1.5112 (1.5050 )

USD Libor 3 months 0.31% (0.31%)
USA tbill 3 months 0.12% (0.13%)
USA tbond 5 years 2.19% (2.10%)
Greece 10 years 12.08% (12.04%)

Gold 1428.93 ( 1430.32)
Crude 101.47 (100.32)
SPGS Commodity 711.98 (702.28)
Baltic Dry Index 1281 (1262)

Considerations
An interesting aspect of the market and how it more or less, to consider one problem at a time, respectively, a favorable one. There are many issues on the table of global finance: from heavy indebtedness to the imbalances between countries and their war of currencies, not to mention the new geopolitical risks. Yet, it seems that from time to time and discuss the market moves based solely on this or that.

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20110301 - 20110228

USA
Talk Bernanke reassures that the crude over 100 non-inflationary and lead to particular problems that the Fed will continue with its plan to QE. The ISM data, however, show that in the face of enhanced activity, including producer prices continue to rise to the level of 2004. Ben can not then to convince investors and the rumblings of problems in Iran did not make it easier to geo political scenario.
DJI -1.38% -1.57% SPX, Nasdaq -1.52% VIX 01.21 (+14.50%)

Europe
The day started particularly well, with the crude oil that seemed under control, and reduction in geopolitical problems German and Chinese macro data pretty good. Then the problems in Iran and especially the fear that geopolitical problems can be extended to Saudi Arabia are back in the markets and the situation has become more tricky. A bit 'and a downgrade of profit taking on the banking sector did the rest.
CAC -1.05%, DAX -0.67%, +0.13% SMI, DJES50 -0.99% V2X 23.82 (+4.87%)

Japan
We are back above 100, not the JPY, but the WTI crude oil. If you can lay off staff to reduce costs, it is clearly not easy to buy less energy to reduce production costs. With the addition of geopolitical risk and any downgrade, the Nikkei scored a bad session, inter alia, with the JPY back below 82.
Nikkei -2.43%

Asia
Not that the other Asian markets, things are much better. Especially for those who have the currency "worst" to the dollar, rising raw material costs could become a serious problem. In addition, the increased costs in general make it less probabile le esportazioni verso i grandi consumatori europei e usa.
Hang Seng -1.77%, Straits Time -0.85%, Taiwan -1.23%, Shanghai -0.46%, Sensex --%

FX
USDCHF 0.9273 (0.9312)
USDJPY 81.93 (82.21)
EURUSD 1.3757 (1.3811)
EURCHF 1.2758 (1.2863)
EURGBP 0.8477 (0.8487)
GBPUSD 1.6228 (1.6273)
GBPCHF 1.5050 (1.5154)

USD libor 3 mesi 0.31% (0.31%)
USA tbill 3 mesi 0.13% (0.13%)
USA tbond 5 anni 2.10% (2.16%)
Grecia 10 anni 12.04% (11.94%)

Oro 1430.32 (1414.70)
Greggio 100.32 (97.44)
SPGS Commodity 702.28 (690.85)
Baltic Dry Index 1262 (1251)

Considerations
investors also realize then that perhaps a good chunk of the market is supported by the liquidity provided by the Fed and that logically, an increase in production cost will lead, sooner or later in an increase in consumer prices. At that point the Fed is unlikely to be able to support the policy "kyocera" (print money), with all that this entails.