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The VRTrader.com VR Silver Newsletter - Tuesday 12/14/2010
"Tools for the High Performance Trader"
Copyright ©2010, All rights reserved.
Redistribution in any form is strictly prohibited.
LEIBOVIT FILES | by Mark Leibovit Leibovit Files
Tuesday, December 14, 2010
Turnaround Tuesday And FOMC Day! Still, A Buyer On Dips Until Volume Shifts!
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Commentary below from TIMER DIGEST's #1 Intermediate Market Timer for the 10-year period ending in 2007 AND the #2 Intermediate Market Timer for the 10-year period ending in 2009 - Mark Leibovit
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Current TIMER DIGEST Signals:
Stocks - Bull (traded at 1246.73 yesterday vs. 1250.00 target)
Gold - Bull (1500+ next target here)
Bonds - Neutral (Technicals call for a Bear)
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UPCOMING ECONOMIC RELEASES/MARKET EVENTS
DECEMBER 14 - 17, 2010:
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TUESDAY, DECEMBER 14:
Turnaround Tuesday
PRE-MARKET EARNINGS REPORTS:
Best Buy
ICSC-Goldman Store Sales
7:45 AM ET
Producer Price Index
8:30 AM ET
Retail Sales
8:30 AM ET
Redbook
8:55 AM ET
Business Inventories
10:00 AM ET
4-Week Bill Auction
11:30 AM ET
52-Week Bill Auction
11:30 AM ET
FOMC Meeting Announcement
2:15 PM ET
POST-MARKET EARNINGS REPORTS:
Hovnanian Entrpr
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WEDNESDAY, DECEMBER 15:
Bank Reserve Settlement
MBA Purchase Applications
7:00 AM ET
Consumer Price Index
8:30 AM ET
Empire State Mfg Survey
8:30 AM ET
Treasury International Capital
9:00 AM ET
Industrial Production
9:15 AM ET
Housing Market Index
10:00 AM ET
EIA Petroleum Status Report
10:30 AM ET
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THURSDAY, DECEMBER 16:
PRE-MARKET EARNINGS REPORTS:
Discover Financial Services, FedEx, General Mills, Rite Aid
Housing Starts
8:30 AM ET
Jobless Claims
8:30 AM ET
Current Account
8:30 AM ET
Philadelphia Fed Survey
10:00 AM ET
EIA Natural Gas Report
10:30 AM ET
3-Month Bill Announcement
11:00 AM ET
6-Month Bill Announcement
11:00 AM ET
Fed Balance Sheet
4:30 PM ET
Money Supply
4:30 PM ET
POST-MARKET EARNINGS REPORTS:
Accenture, Oracle, Research In Motion, Steelcase, Take-Two
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FRIDAY, DECEMBER 17:
PRE-MARKET EARNINGS REPORTS:
Carnival
Quadruple Witching Options Expiration
Leading Indicators
10:00 AM ET
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STOCKS - ACTION ALERT -
The stock market rallied to better than new two-year highs after China decided not to raise interest rates. Everything was looking great with just an hour left in the day, but suddenly the market gave up almost all its gains as the Senate started to vote on President Barack Obama's tax-cut agreement with Republicans and traders got nervous. The Dow Jones Industrial Average rose 18.24 points, or 0.2%, to 11,428.56. The S&P 500 index gained 0.06 point to 1,240.46. The Nasdaq Composite fell 0.5% to 2,624.91 after closing Friday at its highest level since December 2007.
Commodity stocks led the morning advance (XLB +0.54% and XLE +0.85%) while Consumer Discretionary (XLY -0.48%) led the late afternoon decline.
We saw a clear move to safety yesterday as defensive names did well (XLP unchanged, XLU +0.47%, and XLV +0.16%) and Small Cap stocks underperformed (IWM -0.51%).
While many will be calling yesterday a reversal, and it technically was in some indexes, the trend still remains up and the broadest indexes closed up or flat, not down. The indexes hit new highs as did four of the nine sectors (XLB, XLF, XLI, XLK) and three sectors (XLB, XLE, XLI) posted their highest closes as well. On the other hand, Transports fell markedly yesterday, which is worrying.
I am currently sitting on the sidelines. We took profits on our long ETF positions yesterday, a very wise trade before the market fell. I remain on a TIMER DIGEST Buy Signal and would love to buy at lower prices. Tomorrow not only 'Turnaround Tuesday' but also FOMC day. Stay tuned...
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DOW TRANSPORTS - ACTION ALERT -
Transportation stocks fell yesterday despite the broader rally in the market, a worrying negative divergence, as rising oil prices hurt profitability and a huge blizzard reduces travel and stalls shipping throughout most of the northern United States. The Dow Jones Transportation Average fell 44.63 or 0.88% to 5054.75, but first touched a new bull market high of 5114.69 earlier in the session. There are still possible corrective numbers about 100 points lower.
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GOLD and METALS - ACTION ALERT -
Precious metals rallied yesterday as the US Dollar fell and China left interest rates unchanged. Gold rose 8.70 to 1394.50, silver gained 0.87 to 29.55, platinum rallied 16 to 1695, and palladium jumped 23 to 756.
Gold and Silver creeping higher testing recent highs, but so far with lackluster volume.
Copper rose 0.0950 to 4.2070 and hit an all-time record high of 4.2175. China has been the biggest consumer of copper recently and not raising interest rates should keep demand at high levels. I have told you my upside target (intermediate term) was over $5.00. Higher targets are always possible. Traders should be looking to buy around the 4.13 level or lower and not be chasing the market.
For more in depth coverage of all the week's action, subscribe to the VR Gold Newsletter. http://www.vrgoldletter.com/
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URANIUM - ACTION ALERT
Ux U3O8 Prices* (Uranium)
December 6, 2010 Posting
Spot: $60.00 DOWN 1.00. Bull market high in the cash market was $138.00.
The December Uranium Futures closed at $61.25. Uranium futures recent his a new bear market low of 40.00. June 13, 2007 hosted the bull market high of 154.95. Major support lies well under the market at $36.00.
The spot price of uranium quadrupled from 2004 to 2007. When it hit $138/lb, uranium became a certified bubble, which has now burst.
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BONDS - ACTION ALERT-
Treasuries fell yesterday morning as traders moved toward risk after China left rates unchanged and reported higher than expected inflation. Additionally, analysts are raising their Treasury yield forecasts in anticipation of the tax cut deal getting approved by Congress. Treasuries turned around, though, after the Federal Reserve finished the first of four bond buybacks this week and closed with modest gains. The long bond future gained 12/32 to 121 31/32.
The Federal Reserve Bank of New York bought $7.79 billion in Treasury debt on Monday, the latest operation of the Fed's second round of quantitative easing to support lending and spending. The amount includes purchases to be made under a previous program to reinvest cash from its maturing mortgage-related holdings back into Treasurys. Dealers offered to sell the Fed $18.268 billion in debt maturing from 2016 to 2017.
Marketwatch is reporting: A deal to extend income-tax cuts and put more money in workers' pockets, if it emerges from Congress, would lead to higher Treasury yields, said analysts at some of the biggest bond- trading firms. Yields on benchmark 10-year notes may rise to 4% next year, according to some forecasts, increasing to a level last topped in the middle of 2008. Yields on 10-year notes are now expected to rise to 4% by the end of 2011, according to Morgan Stanley, from 3.31% currently. The firm had forecast yields would increase to 3.75% before the proposed tax plan announced last week by the White House and Republicans. Both Credit Suisse and Barclays Capital see 10-year yields rising to 3.50% by the end of 2011.
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CRUDE OIL - ACTION ALERT -
Oil rallied yesterday as traders bet on increased demand, or at least not a decline in demand, after China left rates unchanged. Crude oil gained 0.82 to close at 88.61. I am not exactly sure how we are going to get there, but 100 is my next big target.
Natural gas settled up 0.003 at 4.420.
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US DOLLAR - ACTION ALERT -
The US Dollar Index fell yesterday after strong economic news out of China had traders moving toward riskier positions and on news that the ECB has been buying European bonds. In addition, no conclusion on settling the details of the extension of the Bush tas cuts from Congress added pressure on the Dollar. The US Dollar Index fell 0.754 to 79.316.
Official data released Saturday showed China's consumer price index in November jumped 5.1% from a year-earlier to hit the highest level in more than two years. The measure was higher than October's 4.4% and also way above the 4.6% reading anticipated by economists. Saturday's data showed China's producer price index also climbed by a faster-than-expected 6.1% from the year-ago period. China's monthly industrial production jumped 13.3% and retail sales accelerated 18.7%, while urban fixed asset investment for the first 11 months of the year rose 24.9% from the corresponding period of 2009.
The Yuan fell 0.12% against the Dollar.
The European Central Bank stepped up its government bond purchases to 2.667 billion euros ($3.56 billion) in the week ended Dec.10 after settling 1.965 billion euros the previous week. The ECB on Dec. 2 promised to keep its bond-purchasing program active in an effort to calm markets nervous about European governments' ability to reduce their budget deficit. The ECB on Monday said it has bought a total of 72 billion euros in government bonds since May.
The Euro rose 1.23% against the Dollar.
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CORPORATE NEWS:
General Electric announced it will offer $1.3 billion for Wellstream Holdings, a maker of flexible pipeline products for the oil and gas industry. The move fits with GE's strategy to expand its industrial businesses with acquisitions. Wellstream's board of directors said it will recommend shareholders accept the deal. GE fell 0.56%.
Dell agreed to buy Compellent Technologies for $27.75 a share, slightly more than it had originally indicated. Dell said last week it was in exclusive talks to buy the data-storage provider. DELL declined 3.85% and CML dropped 2.30%.
Huntington Bancshares said it plans to offer $920 million in common stock and offer $300 million in debt to help repay the $1.4 billion it received under the Treasury's Troubled Asset Relief Program. HBAN lost 2.67%.
W.W. Grainger said daily sales surged 14% in November, continuing a rebound from last year's weakness. The company is often considered a bellwether of the U.S. economy because of the breadth of its offerings, which range from lighting to mechanical to janitorial. Its fortunes have improved the past year amid a rebounding global economy. GWW inched up 0.03%.
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POST-MARKET NEWS:
Pfizer said it raised its first-quarter dividend by 11% to 20 cents a share from 18 cents. The dividend will be paid March 1 to shareholders of record at the close of business on Feb. 4. PFE gained 0.2% in after hours trading.
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Canadian TSX, TSX Venture and Canadian Dollar Commentary for our Canadian clients updated for Tuesday, December 14:
Canadian stocks rallied and held on to its gains, outperforming the US market due to the large rallies in commodity stocks. The TSX rose 56.39 or 0.43% to 13295.86. Interestingly, we touched 13,360.11 intra-day (just 7 points from the old record high of 13,367.60) and backed away into the close.
Moody's Investors Service on Monday downgraded Royal Bank of Canada's deposit rating to Aaa from Aa1 while its unsupported bank financial strength rating was cut to B from B+ due to concerns over its capital markets business. "Shareholders and bank managers are attracted to the growth potential of capital markets businesses, but these businesses can expose bank bondholders to hidden tail risks," said Peter Nerby, a Moody's senior vice president, in a statement. The outlook is stable. RY.TO gained 0.13%.
Canadian Natural Resources Ltd., the country's second-largest energy company by market value, rose 2.4 percent to C$43.26 after Michael P. Dunn, an analyst at FirstEnergy Capital Corp., boosted his 12-month share-price estimate on the stock to C$50 from C$46.
Gold Wheaton, spun off from FNX Mining Co. in 2008 to resell the precious-metal byproducts of FNX's base-metals mining, soared 14 percent to C$4.99 after agreeing to be bought by Franco-Nevada Corp. for shares and cash. Gold Wheaton, which touched a 25-month high, valued the deal at C$830 million, or $5.20 a share.
Fronteer Gold Inc., which explores for gold in Nevada, jumped 7.3 percent to a three-year high of C$11.45 after reporting what it called "robust" drilling results.
BlackBerry maker Research In Motion Ltd. dropped 2.3 percent to C$61.25 after Alexander Peterc, an analyst at Exane BNP Paribas, cut his rating on the stock to "neutral" from "outperform." In a note to clients, Peterc cut his earnings estimate for the fourth quarter, citing a potential lack of new models before the release of the PlayBook tablet next year.
Energy 311.72 3.11 (1.01%)
Financials 184.53 0.95 (0.52%)
Health Care 50.59 -0.60 (-1.17%)
Industrials 108.16 -0.20 (-0.18%)
Info Tech 30.89 -0.06 (-0.19%)
Metals & Mining 1,469.66 3.45 (0.24%)
Telecom 90.32 -0.80 (-0.88%)
Utilities 221.33 2.83 (1.30%)
Resistance 13,400, 13,771, 13,875, 13,983, 14,157. Support is 12,501, 12,200, 12,055, 11,750, 11,480, 11,380, 11,065, 10,990, 10,800, 10,600, 10,400, 10,384, 9500, 9300, 9140.
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CANADIAN TSX Venture:
The Venture also rose as precious and industrial metals both rallied. The TSX Venture jumped 6.45 or 0.30% to 2130.75.
Resistance: 2200, 2340. Support: 2070, 1995, 1974, 1902, 1887, 1806, 1788, 1740, 1666, 1630, 1580, 1500, 1439, 1425, 1375, 1343, 1306, 1231.
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THE CANADIAN DOLLAR (using the FXC Exchange Traded Fund):
The Canadian Dollar rose sharply Monday morning as traders returned to risk and snapped up commodity-based currencies. But the loonie drifted lower and close with only a small gain by the end of the session. FXC rose 0.13 to 98.66 after opening at 99.04, up 0.49, and trading as high as 99.08.
Canadian households had a higher debt-to-income ratio than their U.S. counterparts for the first time in 12 years, even as their net worth advanced during the third quarter, government figures show. The ratio of household credit market debt-to-personal disposable income rose to 148.1 percent from 143.4 percent as income fell 1.5 percent, Statistics Canada said in a report from Ottawa. In the U.S., debts represent 147.2 percent of households' disposable income, according to the U.S. Federal Reserve.
Resistance is 100.00, 102.00, 110.00. Support is 95.96, 93.20, 92.50 91.82, 91.00, 89.75, 87.50 and 85.18.
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DAILY VR LIST:
Editors note: The Daily VR List here is abbreviated with the full list only available to Platinum subscribers by clicking on 'Current VR List' on the Home Page of VRtrader.com.
Canadian shares are listed at the bottom of each section with the title: 'XXX CANADIAN STOCKS XXX'.
Silver subscribers who find this useful should upgrade to Platinum where you can pull down VR charts for many securities and watch the patterns unfold for yourself. There is no technical service on the planet that posts Positive and Negative VR! Why? Because they are proprietary to VRtrader.com!
How do you use this list?
Volume Reversals are buy and sell triggers and are traders find them particularly useful, especially coming off market extremes as an indication of a change of direction. Use the VRs in conjunction with your other technical indicators and you've added a unique technical tool to your arsenal.
To see a visual representation of Volume Reversals , please go our Current Portfolio section and click on any recommended stock.
Or, if you would like to get a VR Chart for a specific symbol, please click here:
http://www.vrtrader..../ViewVRList.asp
Please note that the list of symbols available is limited at this time and this function and soon be removed because of my new arrangement with Metastock.
NOTICE: METASTOCK WILL SOON BE OFFERING MY VRs AS PLUG-INS, ENABLING YOU TO SUBSCRIBE AND RECEIVE THIS VALUABLE TECHNICAL TOOL. DETAILS WILL SOON BE FORTHCOMING.
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VOLUME REVERSALS FOR MONDAY, DECEMBER 13, 2010:
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POSITIVE VRs
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.. CANADIAN STOCKS ... Canadian Stocks
AEM.UN AGNICO EAGLE MINES
BNP.UN BONAVISTA ENERGY TRUST
CG.UN CENTERRA GOLD
CLO CLAYMORE OIL SANDS SE
COS.UN CANADIAN OIL SANDS TR
CWW.UN CLAYMORE S&P GLOBAL WATER
FEL.UN FAIRBORNE ENERGY LTS
FN.UN FIRST NATIONAL FINANC
G.UN GOLDCORP
GAM.UN GAMMON GOLD INC
GBU GABRIEL RESOURCES LTD
GIB.A CGI GROUP INC CL A SU CL A
HEU HORIZONS BETAPRO S&P/TSX CEBP
HOU HORIZONS CRUDE OIL BULL PLUS
IVN.UN IVANHOE MINES
K.UN KINROSS GOLD
NAE.UN NAL OIL & GAS TRUST U
PAA.UN PAN AMERICAN SILVER
POW POWER CORPORATION OF
REI.UN RIOCAN REIT
SBT.UN Silver Bullion Trust
SLW.UN SILVER WHEATON CORP
U URANIUM PARTICIPATION
XEG.UN ISHARES CDN S&P/TSX C
XGD ISHARES CDN S&P/TSX G
XMA ISHARES CDN S&P/TSX C
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U.S. STOCKS:
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AEROSPACE/DEFENSE Aerospace/Defense Major Dive
GR Goodrich Corp
AEROSPACE/DEFENSE Aerospace/Defense Products & S
CVU Cpi Aerostructures Inc
ERI Emrise Corp
AUTOMOTIVE Auto Manufacturers - Major
HMC Honda Motor Co Ltd Adr
TM Toyota Motor Corp Ads
AUTOMOTIVE Auto Parts
SPW Spx Corp
AUTOMOTIVE Recreational Vehicles
HOG Harley-Davidson Inc
BANKING Foreign Regional Banks
BBD Banco Bradesco Sa
CIB Bancolombia Sa
BANKING Money Center Banks
BCS Barclays Plc Adr
HBC Hsbc Holdings Plc
BANKING Regional - Mid-Atlantic Banks
HMPR Hampton Roads Bankshares Inc
NCBC New Century Bancorp Inc (NC)
BANKING Regional - Midwest Banks
IBNK Integra Bank Corporation
MCBC Macatawa Bank Corp
BANKING Regional - Northeast Banks
BDGE Bridge Bancorp Inc
ESBK Elmira Savings Bank FSB
BANKING Regional - Southeast Banks
EVBS Easternnklin Bank N.a.
FPBI FPB Bancorp Inc
BANKING Savings & Loans
GOV Gouverneur Bancorp Inc
HCBK Hudson City Bancorp Inc
CHEMICALS Agricultural Chemicals
AGU Agrium Inc
CHEMICALS Chemicals - Major Diversified
PX Praxair Inc
CHEMICALS Specialty Chemicals
MON Monsanto Co
SYMX Synthesis Energy Sys Inc
CHEMICALS Synthetics
POL Polyone Corporation
COMPUTER HARDWARE Computer Based Systems
CCUR Concurrent Computer Corp
COMPUTER HARDWARE Computer Peripherals
RSYS Radisys Corporation
WAVX Wave Systems Corp Cl A
COMPUTER HARDWARE Data Storage Devices
NTAP Network Appliance Inc
COMPUTER HARDWARE Diversified Computer Systems
IBM International Business Machine
COMPUTER HARDWARE Networking & Communication Dev
NWK Network Equipment Tech
SMSC Standard Microsystems Cp
COMPUTER HARDWARE Personal Computers
AAPL Apple Computer Inc
COMPUTER SOFTWARE & SERVICES Application Software
BMC Bmc Software Inc
CA Computer Assoc Intl Inc
COMPUTER SOFTWARE & SERVICES Business Software & Services
ASUR Forgent Networks
IDN Intelli Check Inc
COMPUTER SOFTWARE & SERVICES Information Technology Service
NSTC Ness Technologies Inc
SRX Sra Intl Inc
COMPUTER SOFTWARE & SERVICES Multimedia & Graphics Software
ERTS Electronic Arts Inc
COMPUTER SOFTWARE & SERVICES Security Software & Services
CHKP Check Point Sftware Tech
COMPUTER SOFTWARE & SERVICES Technical & System Software
MCRS Micros System Inc
CONSUMER DURABLES Business Equipment
EFOI Energy Focus Inc
CONSUMER DURABLES Electronic Equipment
HIT Hitachi Ltd
PC Panasonic Corporation
CONSUMER DURABLES Home Furnishings & Fixtures
FBN Furniture Brands Intl
HOFT Hooker Furniture
CONSUMER DURABLES Housewares & Accessories
LBY Libbey Inc
CONSUMER DURABLES Photographic Equipment & Suppl
CAJ Canon Inc Adr
CONSUMER NON-DURABLES Office Supplies
FC Franklin Covey Co
CONSUMER NON-DURABLES Packaging & Containers
BLL Ball Corp
CONSUMER NON-DURABLES Paper & Paper Products
BKI Buckeye Technologies Inc
CONSUMER NON-DURABLES Personal Products
AVP Avon Products Inc
CL Colgate-Palmolive Co
CONSUMER NON-DURABLES Rubber & Plastics
AEPI Aep Industries Inc
CMT Core Molding Tech Inc
CONSUMER NON-DURABLES Textile - Apparel Clothing
HOTT Hot Topic Inc
RL Polo Ralph Lauren Corp
CONSUMER NON-DURABLES Textile - Apparel Footwear & A
BWS Brown Shoe Co Inc
DIVERSIFIED SERVICES Business/Management Services
APEI American Public Education` Inc
EXPO Exponent Inc
DIVERSIFIED SERVICES Consumer Services
CPC Central Parking Corp
STAN Standard Parking
DIVERSIFIED SERVICES Education & Training Services
CAST ChinaCast Education Corporatio
CPLA Capella Education Company
DIVERSIFIED SERVICES Rental & Leasing Services
FLY Babcock & Brown Air
DIVERSIFIED SERVICES Staffing & Outsourcing Service
REMX Remedytemp Inc
VSCP Virtualscopics Inc
DIVERSIFIED SERVICES Technical Services
KEYW Essex Corp
DRUGS Biotechnology
ACOR Acorda Therapeutics Inc
BCRX Biocryst Pharmaceuticals
DRUGS Diagnostic Substances
OGXI OncoGenex Pharmaceuticals Inc.
DRUGS Drug Delivery
ULU ULURU Inc
DRUGS Drug Manufacturers - Major
AZN Astrazeneca Plc
NVS Novartis Ag Ads
DRUGS Drug Manufacturers - Other
AMRN Amarin Corp Plc Ads
ISIS Isis Pharmaceuticals Inc
DRUGS Drug Related Products
CSKI China Sky One Medical Inc
TBV Tiens Biotech Group USA Inc
ELECTRONICS Diversified Electronics
BELFA Bel Fuse Inc Cl A
BELFB Bel Fuse Inc Cl B
ELECTRONICS Printed Circuit Boards
JBL Jabil Circuit Inc
ELECTRONICS Scientific & Technical Instrum
ATE Advantest Corp
ESLT Elbit Systems
ELECTRONICS Semiconductor - Broad Line
AMD Advanced Micro Devices
ELECTRONICS Semiconductor - Integrated Cir
IPGP Ipg Photonics Corp
SMTC Semtech Corp
ELECTRONICS Semiconductor - Specialized
LLTC Linear Technology Corp
NVEC Nve Corp
ELECTRONICS Semiconductor Equipment & Mate
BTUI Btu International Inc
ENERGY Independent Oil & Gas
AXAS Abraxas Petroleum Corp
CNR Canargo Energy Corp
ENERGY Major Integrated Oil & Gas
PTR Petrochina Co Ltd Ads
ENERGY Oil & Gas Drilling & Explorati
BBEP Breitburn Energy Partner Units
CLR Continental Resources Inc
ENERGY Oil & Gas Equipment & Services
ACGY Acergy S.A. Ads
AEN Austral Pacific Energy Ltd
ENERGY Oil & Gas Pipelines
GEL Genesis Energy (L.P.)
OKS Oneok Partners LP
ENERGY Oil & Gas Refining & Marketing
ETP Energy Transfer Pntr Lp
SU Suncor Energy
FINANCIAL SERVICES Closed End Fund - Debt
BCV Bancroft Convertible Fd
CHW Calamos Global Dynamic Incm Fd
FINANCIAL SERVICES Closed End Fund - Equity
ADRE BLDRS Emerging Markets 50 ADR
BIK SPDR S&P BRIC 40 ETF
FINANCIAL SERVICES Closed End Fund - Foreign
APF Morgan Stan Asia-Pac Fd Inc
ASA Asa Ltd
FINANCIAL SERVICES Credit Services
FSC Fifth Street Finance
FINANCIAL SERVICES Diversified Investments
CRT Cross Timbers Royalty Tr
EDR Education Realty Trust
FINANCIAL SERVICES Investment Brokerage - Nationa
ETFC E Trade Financial Corp
NMR Nomura Holdings Inc Ads
FOOD & BEVERAGE Beverages - Brewers
FMX Fomento Economico Mex
FOOD & BEVERAGE Beverages - Soft Drinks
CCH Coca-cola Hellenic Bottling Co
KO Coca-Cola Co
FOOD & BEVERAGE Farm Products
CRESY Cresud S.A.C.I.P.Y.A Adr
FOOD & BEVERAGE Food - Major Diversified
UN Unilever N.V.
FOOD & BEVERAGE Processed & Packaged Goods
CPO Corn Products Intl Inc
GMK Gruma Sa De Cv Ads
HEALTH SERVICES Health Care Plans
UNH UnitedHealth Group Inc.
HEALTH SERVICES Hospitals
CYH Community Health Systems
HEALTH SERVICES Long-Term Care Facilities
CSU Capital Senior Living Cp
HEALTH SERVICES Medical Appliances & Equipment
FONR Fonar Corp
IVC Invacare Corp
HEALTH SERVICES Medical Instruments & Supplies
BVX Bovie Medical Systems
IVD Ivax Diagnostics
INSURANCE Accident & Health Insurance
GTS Triple-S Management Corporatio
INSURANCE Insurance Brokers
AFSI AmTrust Financial Services Inc
NFP Natl Financial Partners
INSURANCE Life Insurance
EPAX Ambassadors Group Inc
GNW Genworth Financial
INSURANCE Property & Casualty Insurance
AFF American International Group I
ASI American Safety Insur Gp
INSURANCE Surety & Title Insurance
FAF First American Corp
INTERNET Internet Information Providers
BIDU Baidu.com Inc
INTERNET Internet Service Providers
DGI Digital Globe Inc.
INTERNET Internet Software & Services
ABTL Autobytel Inc
AMZN Amazon.Com Inc
LEISURE General Entertainment
LYV Live Nation Inc
LEISURE Lodging
IHG Intercontinental Hotels Grp Ad
LEISURE Resorts & Casinos
STN Station Casinos Inc
LEISURE Restaurants
RRGB Red Robin Gourmet
LEISURE Specialty Eateries
THI Tim Hortons Inc
MANUFACTURING Diversified Machinery
ALY Allis-Chalmers Energy Inc
MANUFACTURING Farm & Construction Machinery
CAT Caterpillar Inc
JOYG Joy Global Inc
MANUFACTURING Industrial Electrical Equipmen
FELE Franklin Electric Co Inc
FSIN Fushi Copperweld` Inc.
MANUFACTURING Machine Tools & Accessories
FLOW Flow International Corp
MANUFACTURING Metal Fabrication
GEG Gbl Power Inc
LDSH Ladish Co Inc
MANUFACTURING Small Tools & Accessories
CVR Chicago Rivet & Machine
MANUFACTURING Textile Manufacturing
TPX Tempur-pedic Intl
MATERIALS & CONSTRUCTION Cement
CX Cemex Sa De Cv Ads
MATERIALS & CONSTRUCTION General Building Materials
CRR Carbo Ceramics Inc
MATERIALS & CONSTRUCTION Heavy Construction
STV Sterling Construction Comp Inc
MATERIALS & CONSTRUCTION Lumber
DEL Deltic Timber Corp
MATERIALS & CONSTRUCTION Residential Construction
DHI D.R. Horton Inc
MATERIALS & CONSTRUCTION Waste Management
TRR Trc Companies Inc
WCAA Wca Waste Corp
MEDIA Advertising Services
WPPGY Wpp Group Plc Adr
MEDIA Broadcasting - Radio
SGA Saga Commununications
MEDIA CATV Systems
LCAPA Liberty Media Capital Class A
NETC Globo Cabo Sa Adr
MEDIA Entertainment - Diversified
this Walt Disney Co The
MEDIA Movie Production
NOOF New Frontier Media Inc
MEDIA Publishing - Books
MHP Mcgraw-Hill Companies
MEDIA Publishing - Periodicals/News
ENL Reed Elsevier Nv
METALS & MINING Aluminum
ACH Aluminum Corp China
METALS & MINING Gold
AUY Yamana Gold Inc
EGI Entree Gold Inc
METALS & MINING Industrial Metals & Minerals
AAU Almaden Minerals Ltd
BW Brush Engineered
METALS & MINING Nonmetallic Mineral Mining
GBG Great Basin Gold
METALS & MINING Silver
PAAS Pan Amer Silver Cp
SLW Silver Wheaton Corp
METALS & MINING Steel & Iron
GSI General Steel Holdings Inc
PCP Precision Castparts Corp
REAL ESTATE Mortgage Investment
VRTB Vestin Realty Mortgage II Inc
REAL ESTATE Property Management/Developmen
FRG Fronteer Development Group
HXM Homex Development Corp
REAL ESTATE REIT - Diversified/Industrial
CT Capital Trust Inc Md
DLR Digital Realty Trust Inc
REAL ESTATE REIT - Healthcare Facilities
UHT Universal Health Realty Inc Tr
REAL ESTATE REIT - Hotel/Motel
LHO Lasalle Hotel Properties
SHO Sunstone Hotel Investors Inc
REAL ESTATE REIT - Office
PDM Piedmont Office Realty Trust
REAL ESTATE REIT - Retail
ADC Agree Realty Corp
O Realty Income Corp
RETAIL Discount
DLTR Dollar Tree Stores Inc
RETAIL Electronics Stores
BBY Best Buy Co Inc
RETAIL Grocery Stores
ARDNA Arden Group Cl A
KR Kroger Company
SPECIALTY RETAIL Apparel Stores
CACH Cache Inc
SPECIALTY RETAIL Auto Dealerships
KMX Carmax Inc
UAG United Auto Group Inc
SPECIALTY RETAIL Specialty Retail
FCFS First Cash Financial Svc
OSTK Overstock.com Inc
TELECOMMUNICATIONS Communication Equipment
CLRO Clearone Communications
GLW Corning Inc
TELECOMMUNICATIONS Diversified Communication Serv
BTM Brasil Telecom S.a.
PAET Paetec Corp
TELECOMMUNICATIONS Telecom Services - Domestic
ALSK Alaska Communctns Systms
CNSL Consolidated Communications Il
TELECOMMUNICATIONS Telecom Services - Foreign
TBH Telecom Brazil Sa Teleb
TSP Telecom De Sao Paulo Sa
TELECOMMUNICATIONS Wireless Communications
CHL China Mobile Ltd
DCM Ntt De Co Mo Adr
TOBACCO Cigarettes
VGR Vector Group Ltd
TRANSPORTATION Air Delivery & Freight Service
AIRT Air T Inc
EXPD Expeditors Int Wash Inc
TRANSPORTATION Regional Airlines
PNCL Pinnacle Airlines
TRANSPORTATION Shipping
DHT Double Hull Tankers Inc
EXM Excel Maritime Carriers
TRANSPORTATION Trucking
FWRD Forward Air Corporation
KNX Knight Transportation
UTILITIES Diversified Utilities
DPL Dpl Inc
UTILITIES Electric Utilities
EDE Empire District Electric
POR Portland General Electric Co
UTILITIES Foreign Utilities
CWCO Consolidtd Water Co Inc
KEP Korea Elec Pwr Ads
UTILITIES Gas Utilities
EPB El Paso Pipeline Partners
UTILITIES Water Utilities
ARTNA Artesian Resources Corp Cl A
WHOLESALE Building Materials Wholesale
HBP Huttig Building Prod
WHOLESALE Computers Wholesale
GTSI Gtsi Corporation
SCSC Scansource Inc
WHOLESALE Electronics Wholesale
VIDE Video Display Corp
WHOLESALE Medical Equipment Wholesale
PDEX Pro-Dex Inc Co
WHOLESALE Wholesale
ANDE Andersons Inc (The)
FSTR L.B. Foster Co Cl A
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NEGATIVE VRs
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.. CANADIAN STOCKS ... Canadian Stocks
AER.UN GROUPE-AEROPLAN, INC.
CTC.A CANADIAN TIRE CORP LT CL A
FNV FRANCO NEVADA CORPORA
HJD.UN HORIZONS BETAPRO MSCI
HOD HORIZONS BETAPRO NYME
RCI.B ROGERS COMMUNICATNS I CL B
RIM RESEARCH IN MOTION LI
VT.UN VITERRA INC
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U.S. STOCKS:
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AUTOMOTIVE Auto Parts
ARM Arvinmeritor Inc
MOD Modine Manufacturing Co
BANKING Foreign Regional Banks
BCH Banco De Chile
BANKING Money Center Banks
KEY Keycorp
STI Suntrust Banks Inc
BANKING Regional - Mid-Atlantic Banks
ASFN Atlantic Southern Financial Gr
FCNCA First Citizens Bancshr A
BANKING Regional - Midwest Banks
CCG Lehman Abs Corp
HBAN Huntington Bancshares
BANKING Regional - Northeast Banks
NFSB Northfield Bancorp Inc
STL Sterling Bancorp
BANKING Regional - Pacific Banks
PLBC Plumas Bancorp Quincy Californ
BANKING Regional - Southeast Banks
SOCB Southcoast Financial Corp
BANKING Savings & Loans
ASBI Ameriana Bancorp
BRKL Brookline Bancorp Inc
CHEMICALS Specialty Chemicals
BIOF Biofuel Energy Corp
CEM Chemtura Corp
CHEMICALS Synthetics
ARJ Arch Chemicals Inc
COMPUTER HARDWARE Computer Peripherals
LOGI Logitech Intl Adr
LXK Lexmark International
COMPUTER HARDWARE Personal Computers
DELL Dell Inc
COMPUTER SOFTWARE & SERVICES Application Software
PRO Pros Holdings Inc
COMPUTER SOFTWARE & SERVICES Business Software & Services
ADP Automatic Data Processng
DWCH Datawatch Corp
COMPUTER SOFTWARE & SERVICES Information Technology Service
TIER Tier Technologies Inc B
COMPUTER SOFTWARE & SERVICES Multimedia & Graphics Software
ATVI Activision Inc
COMPUTER SOFTWARE & SERVICES Technical & System Software
BSQR Bsquare Corporation
SPNS Sapiens Intl Corp Nv
CONSUMER DURABLES Home Furnishings & Fixtures
NTZ Natuzzi S.p.a.
STLY Stanley Furniture Inc
CONSUMER DURABLES Recreational Goods
RCRC Rc2 Corp
CONSUMER DURABLES Sporting Goods
ESCA Escalade Inc
HED Head Nv
CONSUMER DURABLES Toys & Games
CTIB Cti Industries Corp
CONSUMER NON-DURABLES Cleaning Products
SCL Stepan Co
ZEP Zep Inc
CONSUMER NON-DURABLES Paper & Paper Products
GLT Glatfelter
KMB Kimberly Clark Corp
CONSUMER NON-DURABLES Personal Products
EL Estee Lauder Cos Inc
CONSUMER NON-DURABLES Rubber & Plastics
ABL American Biltrite Inc
CONSUMER NON-DURABLES Textile - Apparel Clothing
LIZ Liz Claiborne Inc
DIVERSIFIED SERVICES Business/Management Services
CSS Css Industries Inc
FIS Fidelity National Information
DIVERSIFIED SERVICES Personal Services
LONG Elong Inc
ROAC Rock Of Ages Corp
DIVERSIFIED SERVICES Rental & Leasing Services
URI United Rentals Inc
DIVERSIFIED SERVICES Research Services
LUNA Luna Innovations Inc
DIVERSIFIED SERVICES Staffing & Outsourcing Service
JOBS 51job Inc Ads
DRUGS Biotechnology
CRL Charles River Labs Intl
CYCC Cyclacel Pharmaceuticals Inc
DRUGS Diagnostic Substances
DNDN Dendreon Corporation
DRUGS Drug Delivery
FLML Flamel Technologies Sa
HSP Hospira Inc
DRUGS Drug Manufacturers - Other
ALT Alteon Inc
DUSA Dusa Pharmaceuticals Inc
DRUGS Drugs - Generic
CPRX Catalyst Pharmaceuticals
ELECTRONICS Diversified Electronics
AMSC American Superconductor
JST Jinpan Internat Ltd
ELECTRONICS Printed Circuit Boards
MFLX Multi-fineline Electronix Inc
PLXS Plexus Corp
ELECTRONICS Scientific & Technical Instrum
AMOT Allied Motion Tech Inc
ATRM Aetrium Inc
ELECTRONICS Semiconductor - Broad Line
GSIT GSI Technology Inc
ELECTRONICS Semiconductor - Integrated Cir
API Advanced Photonix Cl A
ELECTRONICS Semiconductor - Specialized
NVDA Nvidia Corporation
TSL Trina Solar Ltd.
ELECTRONICS Semiconductor Equipment & Mate
MSPD Mindspeed Technologies Inc
MXL Maxlinear Inc
ENERGY Independent Oil & Gas
DMLP Dorchester Minerals Lp
HKN Harken Energy Corp
ENERGY Oil & Gas Equipment & Services
DWSN Dawson Geophysical Co
ENERGY Oil & Gas Pipelines
CQP Cheniere Energy Partners Lp
ENERGY Oil & Gas Refining & Marketing
WNR Western Refining Inc
FINANCIAL SERVICES Asset Management
VALU Value Line Inc
FINANCIAL SERVICES Closed End Fund - Debt
ARCC Ares Capital
BBK Blackrock Municipal Bond Trust
FINANCIAL SERVICES Closed End Fund - Equity
AGC Advent Claymore Global Convert
BOM PowerShares DB Base Metals Dou
FINANCIAL SERVICES Credit Services
INTX Intersections
PHH Phh Corp
FINANCIAL SERVICES Diversified Investments
CKXE CKX Inc
III Information Services Group Inc
FINANCIAL SERVICES Investment Brokerage - Nationa
ISM SLM Corp
FINANCIAL SERVICES Investment Brokerage - Regiona
GBL Gabelli Asset Management
FOOD & BEVERAGE Food - Major Diversified
AFCE AFC Enterprises Inc
HEALTH SERVICES Medical Appliances & Equipment
RMTI Rockwell Medical Techs
HEALTH SERVICES Medical Laboratories & Researc
RDNT RadNet Inc.
HEALTH SERVICES Specialized Health Services
CRY Cryolife Inc
ESRX Express Scripts Inc
INSURANCE Insurance Brokers
CRD.A Crawford & Co A
INSURANCE Life Insurance
AAME Atlantic American Corp
INSURANCE Property & Casualty Insurance
AGII Argonaut Group Inc
UVE Universal Insurance Holdings
INTERNET Internet Information Providers
SOHU Sohu.Com Inc
INTERNET Internet Software & Services
ELOY Eloyalty Corp
IPT Iparty Corp
LEISURE Lodging
MAR Marriott Internat Inc A
LEISURE Restaurants
DIN Dineequity Inc
MANUFACTURING Diversified Machinery
KTEC Key Technology Inc
TAYD Taylor Devices Inc
MANUFACTURING Industrial Electrical Equipmen
BDC Belden Inc
MANUFACTURING Industrial Equipment & Compone
AFP United Capital Corp
CIX Compx Internat Inc
MANUFACTURING Pollution & Treatment Controls
PURE Pure Bioscience
MATERIALS & CONSTRUCTION General Building Materials
USLM U.S. Lime & Minerals Inc
MATERIALS & CONSTRUCTION General Contractors
APOG Apogee Enterprises Inc
FIX Comfort Systems Usa Inc
MATERIALS & CONSTRUCTION Heavy Construction
GV Goldfield Corp
PLPC Preformed Line Products Comp
MATERIALS & CONSTRUCTION Residential Construction
AVTR Avatar Holdings Inc
MEDIA Broadcasting - Radio
CMLS Cumulus Media Inc
MEDIA CATV Systems
TWC Time Warner Cable Inc
MEDIA Movie Production
DWA Dreamworks Animation Skg
LGF Lions Gate Entertainment
MEDIA Publishing - Books
SCHL Scholastic Corp
METALS & MINING Gold
DROOY DRD Gold Ltd Adr
KBX Kimber Resources Inc
METALS & MINING Steel & Iron
IIIN Insteel Industries Inc
WOR Worthington Industries
REAL ESTATE Property Management/Developmen
JOE Saint Joe Company
REAL ESTATE REIT - Diversified/Industrial
FR First Industrial Rlty Tr
PSA Public Storage Inc
RETAIL Auto Parts Stores
PBY Pep Boys Manny Moe&Jack
RETAIL Catalog & Mail Order Houses
MALL Pc Mall Inc
RETAIL Department Stores
JCP J.C. Penney Company Inc
SHLD Sears Holding Corp
RETAIL Drug Stores
MHS Medco Health Solutions
RETAIL Electronics Stores
HGG HHGregg Inc
RETAIL Grocery Stores
CASY Casey's General Stores
SPECIALTY RETAIL Apparel Stores
AEO American Eagle Outfitter
ROST Ross Stores Inc
SPECIALTY RETAIL Auto Dealerships
ABG Asbury Automotive
PAG Penske Automotive
SPECIALTY RETAIL Music & Video Stores
NFLX Netflix Inc
SPECIALTY RETAIL Specialty Retail
CSH Cash America Internat
SBH Sally Beauty Holdings Inc.
TELECOMMUNICATIONS Communication Equipment
BBND Bigband Networks Inc
CAMP Calamp Corp
TELECOMMUNICATIONS Diversified Communication Serv
CNTF China Techfaith Wireless Commu
OTT Otelco Inc
TELECOMMUNICATIONS Telecom Services - Domestic
CBB Cincinnati Bell
TELECOMMUNICATIONS Telecom Services - Foreign
CEL Grupo Iusacell Sa De Cv
CTEL City Telecom Hk Ltd Ads
TOBACCO Cigarettes
PM Philip Morris International
TRANSPORTATION Air Delivery & Freight Service
UTIW Uti Worldwide Inc
TRANSPORTATION Railroads
KSU Kansas City Southern
TRANSPORTATION Shipping
BHO B&H Ocean Carriers Ltd
NMM Navios Maritime Partnrs Lp
TRANSPORTATION Trucking
ABFS Arkansas Best Corp
UTILITIES Gas Utilities
PNY Piedmont Natrl Gas Inc
WHOLESALE Building Materials Wholesale
PATK Patrick Industries Inc
WHOLESALE Electronics Wholesale
AEY Addvantage Tech Group
WHOLESALE Medical Equipment Wholesale
HSIC Henry Schein Inc
WHOLESALE Wholesale
AE Adams Resources & Energy
CENTA Central Garden & Pet Co.
--------------------------------------------
My 'Annual Forecast Model' (VR Forecaster Report) is now posted on the VRtrader.com website and covers cyclical projections for the Dow Industrials, the TSX, Gold, Crude Oil, Ten Year Interest Rate Yields and the US Dollar Index. The Model has been published since 1987 and has garnered a respectable following among traders and investors seeking an overall 'timing' tool for the major markets. Here is the link:
https://www.vrtrader...cribe/index.asp
--------------------------------------------
What is our true national debt?
http://www.truthin08.org/
--------------------------------------------
Money Show - Las Vegas, May 13, 2010 interview:
http://tinyurl.com/2aopqdd
--------------------------------------------
My PBS 'Nightly Business Report' interview September 24, 2010:
http://tinyurl.com/29jp28x
--------------------------------------------
Don't forget about the VR Watchlist:
http://www.vrtrader....n/watchlist.asp
You need to sign in at the www.vrtrader.com website to retrieve it!
--------------------------------------------
Worth Watching:
Being A Tea Partier Explained
http://tinyurl.com/3xtz4yc
--------------------------------------------
Dollar Thrives Despite Fed Printing Money
The U.S. bond market is giving dollar bulls more reason to be optimistic after driving the greenback higher against the other 16 major currencies since the first week of November.
Inflation-adjusted, or real, yields on benchmark 10-year Treasurys are higher than for similar-maturity notes in Germany, the U.K. and Japan, according to data compiled by Bloomberg. That may help the U.S. lure foreign capital to finance the $1 trillion budget deficit even as Federal Reserve Chairman Ben S. Bernanke floods the global financial system with cash by purchasing $600 billion of government debt.
"The yield story is important for the dollar," said Derek Halpenny, European head of currency research at Bank of Tokyo-Mitsubishi UFJ Ltd. in London, who predicts a 9.3 percent gain versus the euro next year and a 9.6 percent advance against the yen. "If we continue to see an improvement in economic data, that's going to push U.S. yields higher."
Intercontinental Exchange Inc.'s U.S. Dollar Index, which measures its performance against those of six trading partners, has risen 2.6 percent since Nov. 12, when the Fed began purchasing Treasurys in its second round of so-called quantitative easing. The U.S. 10-year real yield was 2.15 percent at the end of last week after averaging 1.74 percent during the past decade.
Most Traded
The dollar is 3.4 percent stronger against the euro in the period to $1.3226, 1.7 percent higher versus the yen at 83.95 and up 1.9 percent against the pound, trading at $1.5802. The dollar is the world's most-traded currency, followed by the euro, yen and pound, according to the Bank for International Settlements in Basel, Switzerland.
A survey by Ried Thunberg ICAP Inc. of 20 money managers controlling $1.34 trillion found that all forecast the dollar will be stronger or little changed versus the euro during the next three months and 90 percent project the same against the yen. The poll by the Jersey City, New Jersey-based Reid Thunberg, a unit of ICAP Plc is dated Dec. 13.
U.S. 10-year real yields are more than a percentage point higher than the Japanese equivalent, approaching the most since October 2009. The Japanese yield ended last week at 1 percent, down from this year's high of 3.07 percent on Jan. 8. Euro real yields peaked at 2.49 percent on Jan. 4, before falling to 1.05 percent last week. They are 0.32 percent in the U.K.
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Moody's Warns It May Cut US Rating if Tax-Cut Deal Becomes Law
Moody's warned Monday that it could move a step closer to cutting the U.S. Aaa rating if President Barack Obama's tax and unemployment benefit package becomes law.
The plan agreed to by Obama and Republican leaders last week could push up debt levels, increasing the likelihood of a negative outlook on the United States rating in the coming two years, the ratings agency said.
A negative outlook, if adopted, would make a rating cut more likely over the following 12-to-18 months.
For the United States, a loss of the top Aaa rating, reduce the appeal of U.S. Treasurys, which currently rank as among the world's safest investments.
"From a credit perspective, the negative effects on government finance are likely to outweigh the positive effects of higher economic growth," Moody's analyst Steven Hess said in a report sent late on Sunday.
After Obama announced his plan, Treasury prices fell sharply in volatile trade last week and yields have hit a six-month high, in part due to concerns over the effect the package will have on government debt levels.
If the bill becomes law, it will "adversely affect the federal government budget deficit and debt level," Moody's said.
On Monday, the Democratic-led U.S. Congress moved toward grudging approval of President Obama's deal with Republicans to extend expiring tax cuts, even for the wealthiest Americans,
Last week, Moody's and Fitch Ratings both expressed concerns about the U.S.'s rating longer term, with Moody's fearing the impact if the tax cuts become permanent. For more, see
In a market obsessed with the euro sovereign debt crisis, the Moody's note reminded foreign exchange investors about their worries of growing U.S. debt and was a factor pressuring the dollar on Monday.
The cost of insuring U.S. government debt in the credit default swap market was little changed on Monday at around 41 basis points, or $41,000 per year to insure $10 million in debt for five years, according to Markit Intraday.
NEGATIVE IMPACT
A negative outlook would indicate that the rating may be more likely to be cut from the top Aaa rating over the following 12 to 18 months. The United States currently has a stable outlook, indicating a rating change is not anticipated over this time frame.
Moody's estimates the cost of the funding the proposed tax bill, along with unemployment benefits and other policy measures, may be between $700 and $900 billion, which will raise the ratio of government debt to GDP to 72 to 73 percent, depending on the effects on nominal economic growth.
This means that the government's debt relative to revenues will decline much more slowly over the coming two years, to just under 400 percent from 420 percent at the end of fiscal year 2010.
"This is a very high ratio compared with both history and other highly rated sovereigns," Moody's said.
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SEOUL, South Korea - North Korea warned Monday that U.S.-South Korean cooperation could bring a nuclear war to the region, as the South began artillery drills amid lingering tension nearly three weeks after the North's deadly shelling of a South Korean island.
The South's naval live-fire drills are scheduled to run Monday through Friday at 27 sites. The regularly scheduled exercises are getting special attention following a North Korean artillery attack on front-line Yeonpyeong Island that killed two South Korean marines and two civilians.
The Nov. 23 artillery barrage, the North's first assault to target a civilian area since the end of the 1950-53 Korean War, began after the North said South Korea first fired artillery toward its territorial waters. South Korea says it fired shells southward, not toward North Korea, as part of routine exercises.
After the attack, South Korea staged joint military drills with the United States and also pushed ahead with more artillery exercises, despite the North's warning that they would aggravate tension.
A South Korean Joint Chiefs of Staff officer tried to play down the significance of this week's drills, saying they are part of routine military exercises and would not occur near the disputed western Korean sea border where last month's attack took place. The officer, who spoke on condition of anonymity because of office policy, gave no further details.
North Korea, however, lashed out at Seoul, accusing South Korea of collaborating with the United States and Japan to ratchet up pressure on Pyongyang.
That cooperation "is nothing but treachery escalating the tension between the North and the South and bringing the dark clouds of a nuclear war to hang over the Korean peninsula," Pyongyang's main Rodong Sinmun newspaper said in a commentary carried by the North's official Korean Central News Agency.
North Korea has often issued similar threats during standoffs.
In a show of unity, top diplomats from South Korea, the United States and Japan met in Washington last week and said they would not resume negotiations aimed at persuading North Korea to abandon its nuclear weapons program until the country's behavior changes. Adm. Mike Mullen, chairman of the U.S. Joint Chiefs of Staff, visited South Korea last week and warned Pyongyang to stop its "belligerent, reckless behavior."
On Monday, South Korean and U.S. defense officials met in Seoul for one-day discussions on North Korea and other issues that are part of regular defense talks, according to Seoul's Defense Ministry.
At the opening of the meeting, U.S. Deputy Assistant Secretary of Defense Michael Schiffer said "the United States stands shoulder to shoulder with the Republic of Korea and with the Korean people in the face of recent North Korean provocations," referring to South Korea by its formal name.
Deputy Secretary of State James Steinberg was also set to visit China later this week for talks on North Korea amid international pressure for Beijing to use its diplomatic clout to rein in North Korea, its ally. After the China meeting, senior U.S. officials accompanying Steinberg will travel on to Seoul and Tokyo.
New Mexico Gov. Bill Richardson, meanwhile, leaves the United States for North Korea on Tuesday. Richardson, who has often acted as a diplomatic troubleshooter, has made regular visits to North Korea and has also hosted North Korean officials in New Mexico.
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VRTrader Update
Started by
TTHQ Staff
, Dec 14 2010 04:44 PM
No replies to this topic