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- An Overview Of Safe Havens
As the Volatility Index VIX (^VIX) surges to a new record high of 89.53, investors and traders are running for the hills, but where are they running to? There are many ways to either protect your portfolio or to seek safety, but that protection comes at a cost, especially when you are late to the party. High volatility makes options expensive and reduces your flexibility, but also produces certain strategic alternatives. As this is an important topic to investors at the present time, I will … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. 
Переслать - Accounting For Nought
Some might think that with all the public money flowing into their coffers –including capital injections and seemingly unlimited access to cheap credit – the banks would have gone out of their way to give the impression that they are running their businesses in a much more prudent fashion than in the past.
Unfortunately, that does not seem to be the case. Aside from the fact that the leaders of many of the banks and other financial firms at the center of the storm have neither … [visit site to read more]Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Despite 1.5% Target, Fed Fund Rate Is Below 1%
Since the FOMC cut its target Fed Funds rate to 1.50% two weeks ago on October 10, the average actual Fed Funds rate has actually been below 1% (.92%), and has been below 0.80% over the last … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Week Ahead In Forex Trading
We all know that this last week was one of the craziest spans in forex that we have ever seen. Currencies are either making people rich or sending people to the poor house with all of this volatility. And it’s mind-boggling to me that even though the United States has such market trouble, that the dollar has rallied beyond all expectations. Here are the total pip movement for the majors:
Majors
EUR/USD | -824 pips
USD/JPY | -719 pips
GBP/USD | -1423 pips
USD/CHF | +325 … [visit site to read more]Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Market Volatility Continues: NASDAQ Closes At New 2008 Low
What a week we just wound down. There was contraction in volatility and a possible triangle consolidation formation, but by Friday we had a lock-limit down move on the US Equity Index futures and the NASDAQ (^IXIC) making fresh new 2008 closing lows. Let’s see these up close and personal.
First, the S&P 500 Daily Chart - hovers above fresh 2008 lows:
We actually did make a new closing low (technically) on the S&P 500 (^GSPC) for 2008, but not an intraday low. … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Merck Not Immune To Struggles
Merck & Co. Inc. (MRK) reported third-quarter financial results and lowered the high end of previously issued full-year adjusted-EPS guidance. The company’s vaccine business, propelled by Gardasil, and other products such as Januvia for diabetes have been the catalysts for revenue growth. Mega-blockbuster Singulair as well as Gardasil have recently experienced significant flattening in sales but will continue to be huge contributors to Merck’s topline.
Vioxx litigation risk, … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Some Healing In The US Housing Market
From First Trust, based on the National Association of Realtors release Friday:
1. Existing home sales increased 5.5% in September to an annual rate of 5.18 million, much higher than the consensus expected selling rate of 4.95 million. Existing home sales are up 1.4% versus a year ago.
2. The median price of an existing home declined to $191,600 in September (not seasonally adjusted) and is down 9.0% versus a year ago. Single-family home prices are down 8.6% versus last year.
3. … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - John Paulson: Sailing Through This Crisis
John Paulson, founder and manager of Hedge-Fund Firm Paulson & Co. is having another prosperous year. The 52-year-old Mr. Paulson, whose firm is based in New York has gained a superstar reputation by betting against the housing market which netted him last year more than $3 billion.
This year, according to Wall Street Journal - Paulson may reap another $500 million. His three main funds managed by his firm are up between 15% and 25%. Paulson Advantage Plus fund, reveals Financial … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Black Friday
Stock markets tumbled around the world on Friday on deepening concern the global economic slump will crimp corporate earnings. In fact, it’s difficult to have any words for this situation right now. The financial crisis is clearly devastating the profits of industries from banking to construction, and profit forecasts are not promising for all of them. The credit turmoil spread is threatening economic growth everywhere. Lenders worldwide have had more than $660 billion of writedowns … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Swiss ETF Stays More Rooted Than Most Amidst Turmoil
Everything is relative, even when it comes to global exchange traded funds (ETFs), and Switzerland is no exception.
The country has managed to remain relatively stable amid the global chaos, as their economy boasts a stable currency. Make no mistake: it’s definitely in bear territory being 39.3% off its December 2007 high. But it has managed to dodge the more severe downturns seen by other global funds that are 50%, 60% and even 70% off their highs.
To what does the iShares MSCI … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Nothing Like Rewarding Failure By Bailing Out The Banks
“…The truth is, through criminal neglect and incompetence, the people at the top of these firms chose to look away, to take more risk, to enrich themselves and to put shareholders and indeed, the country itself and the country’s economy at risk. It is truly not only a shame, it is a crime.” - 60 Minutes
Let’s be frank here…
Wall Street has failed us.
They devised a $50-$60 trillion market in a Dr. Jeckyll-like lab, and dolled it up with a guaranteed regulation-free name: … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Oil Could Fall Back To $30 If Demand Continues To Go Down
I can’t think or write about oil or stocks any more. Oil and stocks are simply taking a vacation. They are gone for a while. Some day they will come back. In the meantime, no lower price for stocks or oil is out of the question.
This market is out to decimate as many people as it can. That means providing short periods of encouragement followed by longer periods of breath-taking decline. Panic happens to be the theme of the day for now as everyone contemplates a … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Financial Tsunami Sends Waves Around The World
One of the most jaw-dropping news items I saw this week was the announcement by Volvo, the world’s second largest truckmaker, that it had ”won just 115 European orders in the third quarter, down from 41,970 a year earlier,” according to a Bloomberg report, ”Volvo, Scania Miss Profit Estimates, Cut Truck Output.”
In my mind, that extraordinary 99.7 percent drop makes a clear statement about the suddenly precarious state of the global economy.
Indeed, a report in today’s Wall … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Globalization Of The Forex Market – New Trading Opportunities Using FX Options
Why are financial institutions monitoring the price trends of the foreign exchange market so closely? What is their objective? Why should you be concerned and how does this impact your portfolio? Are there trading opportunities that you should consider? How do options fit into FX trading? … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Explosive Moves In Currencies
Where will the credit crisis’s penny drop next? On centre stage at the moment are emerging market currencies, having crashed in many instances over the past few weeks. A picture tells a thousand words … (Yes, South Africa has been highlighted as it is my base currency, and my overseas overheads have just become exponentially more expensive. But, your holiday to this part of the world has also just become a bargain.)
Source: Plexus Asset Management (based on data from I-Net … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Buy Now Only If You Have A Minimum 3-5 Year Time Horizon For New Positions
THE FINAL NUMBERS - MANMADE PANIC
NEWS: Waking up to triggered circuit breakers was not my idea of a good way to begin my Friday, but that is the hand dealt, so I had to play. And no, my electricity was not out when I awoke at 5am. The stock market on the other hand was about to flip its breakers and halt trading at “limit down” until 9:30am when the markets opened. The situation caused a mass panic in the media that only escalated as the morning drew closer to the opening bell. At … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Stock Trading: Rethinking The Gameplan…Again!
With the Volatility Index VIX (^VIX) at 100 (almost), I’ve come to the conclusion that it’s impossible to trade this market short term. The volatility is just too high. It’s really time to go back to thinking about some sort of longer term investment strategy to accumulate wealth without burning up all your capital. My thought is to start putting money to work in stages.
From October of last year to October of this year, the markets are down 43%.During the Great … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - The US Dollar Reaches A 2.5 Year High Today
The U.S. dollar index (vs. major currencies) hit a 2.5-year high today, reaching the highest level since April 20, 2006 (see chart … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Friday's Market Recap: Dow Escapes With Bruise
While the rest of the world took a beating during Friday’s market hours, the United States managed to escape with only minor cuts and bruises as the Dow (^DJI) closes the day down 215 points, or 2.47%. The global economy fell on fears of a full-blown recession looming in the near future. This week, both Japan and Europe announced their GDP fell for the first times in over 15 years. Despite all the central banks and governments are trying to accomplish, investors believe it won’t be … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Friday's Actions In The S&P 500 Index
If you want to see a day where technical patterns repeatedly breakdown and fail, then today is your day. It’s been a while since I’ve seen breakdowns bounce hard into their range right after the break, or the same with break outs. These are false breakouts and breakdowns and they snare even the most experienced technicians. The only way to protect yourself is to recognize that a pattern is failing and get out.
Around 11:20AM, the S&P 500 (^GSPC) broke out but formed a slight … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Two New VIX Records
The Volatility Index VIX (^VIX) established a new intra-day record of 89.53 and end of day record of 79.13, obliterating the previous records from last week by more than 8 points each.
Today’s action marked the third Friday in a row that the VIX established a new record close. The VIX has now closed over 50 for 15 consecutive sessions, with the 10 day moving average now up to an even … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Reasons There's Hope Yet For A Global ETF Recovery
It’s ugly out there for global exchange traded fund (ETFs), and today it got even uglier. Look at Japan’s Nikkei (^N225): it’s now below its 1985 level.
That means if you had bought the index back than and held on through all this time, you’re now in the red. In fact, few economies around the world are getting spared from the carnage right now.
Both developed and emerging markets are being hit badly as investors sell off their stocks and cause major indexes to sink.
But the … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - World Markets Plunge On Recession Fears
Equity markets around the world nosedived today (Friday) as fears of a global recession intensified.
At noon ET today (Friday), the blue-chip Dow Jones Industrial Average Index (^DJI) had plunged 267.46 points (-3.08%), to trade at 8,423.79. The tech-laden Nasdaq Composite Index (^IXIC) shed 34.67 points (-2.16%), to reach 1,569.24. And the broader Standard & Poor’s 500 Index (^GSPC) dropped 28.63 points (-3.15%), to hit 879.48.
The S&P 500 is 45% down from its … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Friday: US Market Roundup
A worldwide recession is almost imminent increasing the possibility of panic in the global financial markets which will result in more fallout from massive market selloffs.
Existing Home Sales:
U.S. September Existing Home Sales rose by 5.5 percent to 5.18 Million rate; U.S. September Existing Home Sales Consensus came in at 4.97 Million Rate; U.S. Inventory of Unsold U.S. Homes at 9.9 Months Supply; U.S. September Median Existing Home Price fell 9.0 percent on the year to $191,600.At … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Large Multi-Nationals Hurt By Strong US Dollar
As you put together your “Shopping List”, bear in mind that some of the largest currency moves in the USD will create pain for the largest multi-nationals. Many of the largest companies in the US derive a large % of their sales from overseas. The strength in the US dollar will reduce the sales and income contributions that foreign markets have provided for these large multi-nationals.
Think Staples, Think Necessity.
Consider purchasing things that businesses and individuals … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Global Market Fears Return Friday, Sell-Off Continues
Corporate Earnings results have trended towards the “not too bad” and “above lowered expectations” columns more times than not this quarter, however the expectations game and fears of a drastic 4th quarter slow down have stocks reeling worldwide. From Europe to Japan, the sentiment this morning was profoundly negative, causing a halt in Dow futures trading as contracts dropped significantly in the early-hours.
At the open, American markets led off with a 500 point drop in the Dow … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - US Stock Market Update: "That Ain't Right"
1:30 pm EST update:
The rise in the broad market from the opening 'limit down’ condition has been occurring on decreasing volume. When prices advance and volume declines that tells me that something is not right. From a technical perspective, it tells us that this rise since the open is prone to fail. If that happens at some point today then the failure may be swift and intense.
The action so far does not 'jive’ with a simple market capitulation event. There are dynamics that I … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Market Panic Increases As Markets Plunge
It was déjà vu in the Comex gold market yesterday as the recent sharp selloff continued. Bearish sentiment remains at extreme levels and all notions of fundamental value are being thrown out the window as the financial crisis morphs into a global economic crisis. Stock, commodity and many currency markets internationally are in meltdown on panic selling.
Both gold and silver are off another 4.3% and 8% today on massive deleveraging and wholesale panic selling in financial markets. The … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Drastic Sell-Off: What To Do Now?
Today is October 24th, 2008, 79 years to the day of the 'Crash of 29″.
S&P futures have reached 'lock limit down’ before the open this morning. If the technical analysis predictions come to fruition then the S&P 500 will experience a 200 point decline before this is completed. I can’t say it will happen in one day or four days, but if the predictive nature of the patterns resolve by the text book then it will be roughly 200 points lower at some point.
For Dow Industrials … [visit site to read more]Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - PNC Becomes First Bank To Utilize TARP Funds With Acquisition Of National City
PNC Financial Services Group Inc. (PNC) became the first U.S. bank to make use of the government’s Troubled Assets Relief Program (TARP) with its plans to purchase National City Corp. (NCC).
Pennsylvania-based regional bank PNC announced today (Friday) that it would purchase Ohio-based National City in an all-stock transaction that values the struggling regional bank at $5.2 billion. Shareholders will receive 0.0392 PNC share for each National City share, or $2.23 per share, 19% … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - US Existing Home Sales Down 9.6% From August
HOME SALES CRASHED IN SEPT posting their largest one month fall in a year. Today’s Existing Home Sales numbers released showing sales up 5.1% were ANNUALIZED, which is not how you have to look at this dynamic market. Month over month reflects the truth about this market. Sept 07 was before the 'new normal’.
Look below at NAR’s chart. In reality, home sales FELL considerably from August, down 9.6%. Prices fell as well, putting millions of home owners into a negative equity or deeper … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Is The World Staring At Financial Armageddon?
Panic has overcome global equity markets this morning. There are no bids from traders. Cash has been declared king. The fact that headlines shout that the global recession is at fault is too disgusting for words.
The world is at war today: it’s the people versus the bankers. The governments of the world must decide today and over the weekend precisely who they will support. Conflict of interest is and has been the issue. Let there be no doubt that should the G-20 governments decide to … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - British Pound Plunges Vs Dollar As UK Economy Contracts For The First Time Since 1992
The British pound suffered another super massive blow today (Friday) after the release of the UK GDP report which showed that the UK economy is in deep trouble. The economy shrank by 0.5% in the three months to September (-0.2% expected) - the first contraction since the second quarter of 1992. The contraction is the largest since 1990. To illustrate the gravity of the pound’s fall from grace, GBP fell more than 1000 pips today against the US dollar, plunging from 1.6330 to below 1.5300 … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Will The US Government Respond With Rate Cut Today?
I’m willing to speculate that the US Government and the Fed will intervene again in the markets this morning with a possible interest rate cut. The US Dollar has exploded relative to other currencies. Foreign markets are collapsing. The dollar is strengthening against most other major currencies. This is the ammo that Washington needs to cut interest rates and to stimulate the economy.
The Euro has fallen too far too fast. Watch for the US Government to take action in the … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - US Rate Cut Is Imminent
Just a quick note to share a graph showing the US Fed funds target rate (red line), together with the actual rate (blue line). In my opinion, it will not come as a surprise to see the FOMC reducing rates by as much as 75 basis points very soon, possible still today.
Source: Plexus Asset Management (based on data from I-Net Bridge)
It looks like another rough day, with the Japanese Nikkei 225 Average (^N225) down by 9.6%, European markets down by between 6% and 8% and the Dow Jones … [visit site to read more]Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Euro Futures Plunges Again
EURO/USD … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Waiting And Watching
Thursday’s end of day rally is looking like an aberration as world markets sold off sharply Friday and US markets look very weak in premarket trading. Essentially I am still watching the same chart patterns from yesterday’s post, and waiting to see if specific index and sector ETFs break to new lows. In other words, short them as they break down. Given the action in global markets, I have a hard time seeing the buyers stepping up today.
As we read about potential government … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Panic And Fear In International Markets
Huge selloff in European and Asian markets today:
Russian Markets had to be closed as the fear of declining oil prices resulted in huge selloffs in Russian stocks.
Rates, including LIBOR, seem to be coming down as … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - S&P 500 Futures Hit Limit Down; NASDAQ Futures Make New Lows
You don’t see this image all the time…
The S&P 500 futures contract has hit its limit down today
NASDAQ futures makes new … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - US Dollar: Still The Undisputed Heavy-Weight Champion Vs Euro
Talks of the USD’s demise were premature - the USD is still the reserve currency. The US dollar rallied sharply versus the Euro Friday morning. However, the Yen is stronger! … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - SocGen's Albert Edwards: Turning More Bullish
One of the most popular reports ever published on my blog site, was that of Albert Edwards and James Montier of Société Générale, entitled “Market Fundamentals are Appalling (July 5, 2008). At the time they said: “The recession, which has barely begun, is more likely to be deep than shallow, market valuations are hideously expensive and the flation policymakers should be worried about starts with de-, not in-.”
Their distinctive bearish voices have been on the money. It was … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - 27 US States In Recession, 14 More 'At Risk'
In March 2008, only 5 US states were in recession (Arizona, California, Florida, Michigan, Nevada). Now, 27 states are in recession and 14 more are at threatened levels. So, despite what the textbook definition of a recession is, the map just answered the “Are We in a Recession?” question for you. On a technical level if I could, I would short the s* out of this map. The question is, how long will it take for the “at risk” states to sink into a full-blown … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - India Market: Talking Heads Still Saying Buy; Be Very Scared
We have real problems in the Indian economy due to large investments made at peak prices in anticipation of higher prices. The premise of higher prices has collapsed. For example GMR is building the new Delhi International Airport; it estimates that fares per passenger would have to be increased by Rs 1,000 per passenger for the next 15 years to make up for the revenue shortfall from its planned ‘Hospitality Zone’.
Every day there is more anecdotal news about realty companies paying … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - U.S. Discrediting The Credit Rating Agencies
The compromised rating agencies are finally being discredited. See my earlier post on the Independent Agencies. The unholy nexus is being exposed; credit rating agencies certified by government and dependent for their livelihood on the companies they rate. If these rating agencies were paid by the Investor upfront (the investor pays eventually anyway) then we would have a paradigm shift in Rating securities. We have a beginning. Let us now start on the Regulators. Auditors are next. Stay … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать
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