Will we see breakthrough this time? According to divergence between RSI and price yes:

Source: TradePort2

Is cheap oil over?

would be in big trouble. According to UBS graphs, Slovenia is not so good positioned afterall:

Source: FT.com

Jps, it’s happening. Yen is obviously turning: there is lack of correlation to market moves (before we could notice that yen was strengthing when markets were red) and there is louder and louder talk about bad macro situation in Japan. We could also notice technical signs:

Source: TradePort2

It is all aboutCEE exposure mixed with bigger and bigger spreads between countries EU bonds. So EUR is getting hammered:

Source: TradePort2

And now everybody is talking about Asia 97 crisis happening in CEE….

Defined benefit obligation is another bomb, that is waiting for us. Many companies have such pension system and bear market is just an introduction to losses that will appear with such plans (especially with optimistic assumptions based on bull market 2003-2007). OECD published  latest pension report where we can find some interesting charts:

Source: OECD

Source: OECD

We’ll have to wait to see the current situation, but I assume that the situation is so bad, that many companies are just ignoring the fact of massive underfunding.

Jps, it is getting hotter and hotter. We can see, that past movements are repeating - slowly rising and violent fall. Will it happen again? Maybe not, bacause we can see a lot of investment demand due to safe heaven buying:

Source: TradePort2

Soon it will come into 14$ area where silver failed twice.

Today we could read a PR response from Gorenje where they say that orders received were are around 20 to 25% lower than 1 year ago.

Crisis is biting all around.

Today’s auto sales in USA are catastrophic. Chrysler posted 55% drop vs jan08. But all things don’t look so bad. Cash that isn’t directed into new cars is going into savings. So the balance of american consumer is getting  healthier.

There is also one more view that must not be over looked. Many cars weren’t sold because of stricter loan conditions. So maybe that is the reason why auto shares were trading up today:

Source: finance.yahoo.com

Personally I am waiting that dealers offer some big discounts for new cars, which are waiting for customers (invetory on parking). Thinking about 75% discount.  Some shares are trading at these levels in relative to their peak.