Gosh - what it is to have influence, eh? There was I, mentioning the Pampers name last weekend in reference to the "nappy scam" and what happens during the week? The OFT investigates a potential pricing cartel in consumer goods, citing that very brand. My goodness - imagine that! Next I'll be getting invited to advise pop singers who advise the Brown one....

The other week I mentioned the recent Eagles song title "Frail Grasp on the Big Picture" anent a lack of basic economic understanding among those who would control us (use the WICS search engine if you're new to these ramblings) and some of the comments during the week from those "in power" (heaven help us!) are truly amazing in that regard. Blanchflower (one of the MPC members at the Bank of England and some kind of professor in the USA, no less) referred to the US Fed's latest interest rate cut to 2%, by saying "Now is the time to get ahead of the curve". He was speaking about the fact that so far, the BoE hasn't been following the Fed by reducing rates so dramatically, and that he believes the BoE needs to do just that to avert recession by "revitalising" the housing market. Now if you have a wee trawl through the search engine, you'll find the odd reference to the fact that central bankers do NOT "lead" in regard to setting interest rates - as always, it's the MARKET that decides. Refer to WICS of 23rd March 08 for more, if you can be bothered. Or type "T Bills" into the search engine. And as for "revitalising" the housing market...well, I can't really be bothered going into an explanation as to why the CAUSE of the credit crunch has not the remotest chance of becoming its SOLUTION....Oh yes, and the so - called "deputy governor for financial stability" at the BoE (what a job title, eh? It's like something from Gilbert & Sullivan. I'll just call him John) is saying "The unavoidable correction after the credit boom is proving both protracted and difficult." John - the "correction" has been going for less than a year. If you think that is "protracted" you're going to have to acquire a wee bit more by way of patience. The "correction" you mention has barely even started. It seems the Fed announced during the week that the US economy is "growing" again and that recession is now "unlikely". Probably they're right - recession is now less likely than a few months ago - a full scale depression is what's now looming.

And during these recent UK political shenanigans it has been amusing to listen to the Broon one as he tries to pretend he's still in control of anything remotely important. When challenged by a media person over an allegation by some lord person that the Blair Eminence considered him a liar, he brushed the matter aside on the basis of having far more important matters to deal with - "Ah'm steerin' the ecoanomy through verra duffucult curcumstances.." Still chancellor then. Then he managed another wee gem - "The government is takin' steps tae help people wi' their mortgages an' food an' fuel bills..." Eh? What steps would these be exactly, Gordon?

I note the Housebuilders' Federation is saying that orders for new houses have fallen by 65% these past few months - that's astonishing. I would have expected nearer 100% - but that's still to come. Doom and gloom eh? I love it - Private Fraser would have been proud of me.

The other thing I liked during the week was that all Italian tax returns were published online just before Prodi's mob cleared their desks. I wonder if Gordy's lot will do likewise in 2010? What a bunch.

Oh - and just a wee reminder, by the way. I often get emails after a particularly doom - laden ramble, asking why I'm such a pessimist. Listen - I fish. How can you fish and be a pessimist? Nobody could be less gloomy than Williams - trust me. I'm a very happy chappie - but I'm also a realist and I try not to let emotions get in the way of business. The Anglo - Saxon economies in particular are heading for a deep recession at best and a full scale depression at worst. My Really Scary Granny's crystal ball says so, and it is never wrong. YOU can choose to believe anything YOU want.

Oh yes - another wee headline before I forget - "Money Spent Like Water on Olympics Aquatic Centre." Don't you just love headlines?

Anyway, moving rapidly along to an email from one of you (in response to the one from Nick that I published last weekend):

"Hi there Ian

I just wanted to add my thoughts to the email from Nick and your reply in Sunday’s WICS. I too found keeping it very time consuming keeping an eye on my watch list. I have reduced time spent by utilizing the "add text " facility to the graph in Sharescope which allows me to summarise my thoughts on a share and then I can read that quickly to refresh my memory .I’m sure you instantly spot what you were last thinking when you click on a graph but being new to this game I found it was taking me some time to remember what I was watching for and this has dramatically helped and has speeded me up no end! It does take a bit of time to set up the notes but once this is done , they can be amended easily and quickly as needed. Also I use the alarms settings on Sharescope ( again with a notes section ) so that the message pops up after the update if a share has risen or fallen above/below a certain figure and again this is saving me time.

Elizabeth"

Elizabeth - thanks for that. Hopefully it will help others too.

On that note, let's move on to a chart or two and first we'll have another look at that of Premier Foods (recently in a video clip too). It appears there's a wee triangle forming there. Then we'll update the Mapeley chart (yes, I know we looked at it last weekend, but it's just such a great example of horizontal support in classic TTEW style). Then there's more of the same on the Aga chart before we examine Enodis on the basis of "what would you do next?"

And that's your lot for this weekend - as mentioned in the video updates, I'm off fishing now for a few days and my laptop has not been invited along. I will be away by the time you read this in fact. The next WICS therefore will be on 18th May - but there will be video updates on the 14th and I'll be back dealing with your emails on the 12th. PLEASE "hold" any mentoring questions until then. Experience tells me that many emails sent several days before I can reply to them, have been answered by the senders themselves before I can get round to it - maybe there's a wee message there?

Until the 18th then.

Ian

'IMPORTANT NOTICE: These WICS charts are for EDUCATIONAL PURPOSES ONLY. They represent only MY understanding of what is happening in the market for any particular share, stock, commodity or index. In NO circumstances should they be construed as recommendations to trade. If I choose to trade what I see, that is MY decision. YOU must, in turn, come to YOUR OWN conclusions about what action, if any, YOU might choose to take'.