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- Chart Analysis - S&P Futures
On the 5 minute chart of the S&P futures, I see a triangle pattern taking shape. Triangle formations will usually 'resolve’ as they approach 75% of reaching the apex.
This symmetrical triangle pattern can resolve in either direction, but with the overall sentiment of the market still negatively biased we have to be alert for a significant market decline should it resolve to the down side.
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Переслать - Dow Jones Industrial Average: Outlook And Targets
Dow (^DJI) was down sharply yesterday. Red boxes above indicate waves 1 and 3 respectively. Wave 3 may still be in progress. There seems to be some support at the 9055 level. At this level Wave 1 = Wave 3. Elliot Wave Theory contends that sometimes wave 3 can extend to 1.618% of wave 1. We’ll have to see what happens if we get to that level.
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Переслать - Stock Futures Show Gains On Fed Rate Cuts
The Fed has taken decisive action this morning to cut rates in order to relieve pressures on inter-bank lending. Equity futures in NY are showing gains.
Yesterday, the losses on the international equity markets were bad, most of them much worse than NY. The Nikkei 225 index, for example, was down -9.4% on the day, which was the worst since Black Monday October 19, 1987.
In NY, the DJIA (-509.39 -5.11% to 9447.11), S&P 500 (-60.66 -5.74% to 996.23) and … [visit site to read more]
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Переслать - FOMC Statement On Rate Cut
Joint Statement by Central Banks
Throughout the current financial crisis, central banks have engaged in continuous close consultation and have cooperated in unprecedented joint actions such as the provision of liquidity to reduce strains in financial markets.
Inflationary pressures have started to moderate in a number of countries, partly reflecting a marked decline in energy and other commodity prices. Inflation expectations are diminishing and remain anchored to price … [visit site to read more]
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Переслать - Global Coordinated Rate Cut Just Announced
The US Federal Reserve along with the Bank of Canada, Bank of England, the European Central Bank, Sweden Riksbank and the Swiss National Bank acted in concert to reduce short term lending rates in pre-market hours this morning.
By a unanimous decision the Fed lowered its target rate for the federal funds rate by 50 basis points to 1.5% and reduced the discount rate by an equal measure to 1.75%. While it is certain that the FOMC did not respond to the overnight deterioration in interbank … [visit site to read more]
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Переслать - By Relaxing "Market-to-Market" Rules, Has The U.S. Switched Off Its Financial Crisis Early Warning System?
By relaxing the U.S. financial system's mark-to-market accounting standards, the U.S. government is effectively deactivating the financial "early warning system" that let investors know that a global credit crisis was brewing – and kept it from turning into a total global meltdown, professional investors warn.
As part of the just-passed U.S. bailout bill, the government has reiterated the … [visit site to read more]
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Переслать - Britain Announces Its Own Bailout Plan
It appears our British Cousins (okay MY cousins ) have decided to execute their own version of TARP in response to the global banking crisis:
From the FT:
Britain’s largest banks will be part-nationalised on Wednesday morning after Gordon Brown took the momentous decision to pump tens of billions of pounds of public money into the sector to avert a banking collapse.
The massive … [visit site to read more]
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Переслать - Brain Dump: Mental Exhaustion Sets In
Macro Man isn’t mentally or physically capable of writing a considered thought piece this morning, because a) the market is too busy b) he is mentally drained and c) his only strong view is a desire to play golf rather than watch this crap.
8.26 am Suffice to say that the authorities are moving in the right direction- the Fed’s CP purchase, the UK package- yet the obvious gesture to tip short-term sentiment is still lacking- e.g. rate cuts. And given that this is a … [visit site to read more]
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Переслать - Bank Of America Shares Plunge On Earnings Shortfall, Major Dividend Cut
Shares of Bank of American Corp. (BAC) fell more than 26% during trading yesterday (Tuesday) as investors reacted to the company's disclosure that it was cutting its dividend after its third-quarter earnings plunged a stunning 68%.
The Charlotte-based BofA also said it will cut its dividend in half – to 32 cents a share – and will sell as much as $10 billion in common stock to beef up its balance sheet.
The dividend cut underscores the crisis-like capital … [visit site to read more]
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Переслать - The Difference Between Price And Value
Today’s quote of the day comes from Warren Buffett:
Price is what you pay. Value is what you get
I.e. a stock should be considered cheap if the value of the stock exceeds its current price, not just because the stock is cheap on an absolute basis.
This is a very important distinction to make in today’s market, what with fresh market bottoms being called everyday and banking executives blaming “rumors, short-sellers and other Hobgoblins” for the demise of their … [visit site to read more]
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Переслать - Today's US Dollar Trading
Today's US Dollar Trading
• USD remains range-bound
• Traders see two-way action and stops as the main event today
• Fundamentals being ignored in favor of rhetoricOvernight Preview
• Look for the USD to back and fill ahead of US news tomorrow
• Expect current ranges to holdLooking Ahead to Wednesday
All times EASTERN (-4 GMT)
• 7:45am USD FOMC Member Plosser Speaks
• 10:00am USD Pending Home Sales m/m
• … [visit site to read more]Article Published On GraceCheng.com - visit Grace Cheng Financial News & Opinions for more great content.
Переслать - This Is Not A Normal Bear Market
On Monday, many market participants thought the bottom was in. That view was obtained by the VIX (^VIX) and other indicators giving the green light to start loading the boat and buying stocks. But that only works in a normal market.
Within a normal bull market, a rise in the VIX and other over sold indicators would be indicative of a trend change. But this is not a normal bull market, it is not even a normal bear market. It is vitally important to realize that we are … [visit site to read more]
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Переслать - Why The Multi-Day Market Crash?
We have experienced a market crash. It did not occur in one day, as in 1987. Instead, it took a few weeks. We would call it a slow-motion crash, but it seemed to happen quickly and relentlessly. Analysis is needed.
The Proffered Reasons
On Tuesday we were treated to two explanations about why the market had another big decline.
Bernanke
In his speech, Bernanke was not strong enough in indicating that a rate cut was coming. This statement would … [visit site to read more]
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Переслать - Is Apple Stock Reasonably Priced At $89?
First, let’s take a look at Apple (AAPL), technically. It’s almost retraced back to 61.8% from its May 2003 low of $7.00 per share. Its high was $202 less than a year ago. From a price standpoint, it certainly seems like it’s more reasonably priced that it was less than a year ago.
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Переслать - Home Owners, Now Is Time To Get Your Bailout
2% Interest Only 5-year loans available again?!? Yes, but beware.
-Home Owners and Mortgage professionals, this one is for you.
I am a big advocate of mortgage modifications that include a fully documented re-underwrite and re-qualification of every borrower in America allowing a maximum of 28/36 debt to income ratios with market-rate 30-year fixed mortgages.
Yesterday, the video camera was calling my name so I decided to go into more color on mortgage … [visit site to read more]
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Переслать - Tuesday's Market Recap: S&P 500 Falls Below 1,000 Level For First Time Since 2003
The market ended on the day's low as the Dow (^DJI) tumbled 5.11% to 9,447.11, and the Nasdaq (^IXIC) closed down 5.80% to 1,754.88. On the day following the Dow's historic drop past 10,000, another psychological barrier was broken when the S&P500 fell 60.66 points, or 5.74%, and dropped below 1,000 for the first time since 2003. In the news today, Fed Chairman Ben Bernanke commented about the grim future of the U.S. economy as he predicted … [visit site to read more]
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Переслать - IMF Sees "Major Downturn" In 2009
It has been another tough day for the markets, and according to the International Monetary Fund the global economic slowdown will extend into 2009.
Of course, that is something we’ve known all along. Even still their outlook paints a gloomy picture of what’s to come.
From Bloomberg by Christopher Swann entitled: IMF Predicts Global Economy Heads for 'Major … [visit site to read more]
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Переслать - Iceland's Economy In Hot Water After Commercial Banking Collapse
The government of Iceland yesterday (Tuesday) pegged its currency to a basket of foreign currencies, nationalized its second-largest bank, and pleaded with Russia for a $5.4 billion loan - all in a desperate attempt to prop up the island nation's ailing economy.
Icelandic banks used to draw the vast majority of their funds from domestic savings, but over the past several years the banks became overly reliant on foreign money markets for cash . Now, those markets are frozen and the banks … [visit site to read more]
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Переслать - Market Strains ETF Affordability As Bid/Ask Spreads Widen
The recent strain on the market is pushing the limits for the affordability factor concerning exchange traded funds (ETFs).
ETFs are touted for their low cost and, in fact, it is a major selling point for most providers. The regulators' latest restrictions on short-selling, mixed with the market stress, is making it more expensive to trade many ETFs, reports Ian Salisbury for … [visit site to read more]
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Переслать - Last Hour Of Trading Contributed 28.5% Of Daily NYSE Volume
The old expression, "In for a penny, in for a pound" is the government's chosen path. Once involved in direct market interference and manipulation there's no turning back. Let's remember Bernanke studied the Depression and published his views on how that condition can be prevented in the future. Don't expect him not to put his theories to the test in real time with our money. All us peons can do is stand back and see if it all works. That said they're engaged in the … [visit site to read more]
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Переслать - Commercial And Industrial Loans Set New Record
Commercial and industrial loans at large commercial banks in the U.S. set a new record of $801 billion in the week ending September 24, going above the $800 billion for the first time, according to weekly banking data just yesterday by the Federal Reserve (see chart above, click to enlarge).
It doesn’t seem like the credit crunch/crisis is affecting commercial lending at large U.S. banks yet????
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Переслать - Will The Market Slide Ever End?
NEWS: The major indices closed down over 5% as new multi-year lows were hit. The song remains the same for the market - the global credit crisis remains more than a burden. The financials led the selling with a loss of 11% for the sector. The Dow (^DJI) finished with a loss of 500 points, the S&P 500 (^GSPC) fell 60, and the NASDAQ (^IXIC) tumbled 108 points. The commodities were able to break the downtrend as gold … [visit site to read more]
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Переслать - The World In Crisis: Where Are The Safe Havens?
We have been warning for some time that "there is no such thing as a safe asset anymore, you have to take a diversified approach to something as mundane as cash." Unfortunately, the current crisis shows that we may be right. Physical gold is attractive to many investors because of its lack of counter party risk. The only counter party risk with gold held in your personal vault is that someone may break in and steal it. However, even staunch gold bugs rarely hold all their net worth … [visit site to read more]
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Переслать - The 60 Trillion Dollar Nightmare Of Credit Default Swaps
The 60 plus trillion dollar nightmare of the CDS (Credit Default Swaps) market is a dangerous anomaly of the tail wagging the dog, pushing risk premium higher against a downward spiral of collapsing market capitalization and lowered credit ratings for corporate debt.
Imagine, 60 plus trillion dollars in total existing liabilities in the unregulated OTC (Over-The-Counter) market of Credit Default Swaps means that our government, in fact, all governments interconnected in the global economy … [visit site to read more]
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Переслать - Bernanke's Remarks At NABE Signal Rate Cut
Fed Chair Ben Bernanke on Tuesday, at the National Association for Business Economics 50th Annual Meeting, signaled the Fed's readiness to lower interest rates.
Mr. Bernanke began his remarks by saying that the current situation of financial systems in the U.S. and in much of the rest of the world remains under significant stress, particularly the credit and money markets. Mr. Bernanke continued to talk about economic activity that is likely to be subdued during the remainder of this year, … [visit site to read more]
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Переслать - Forex Trading Commentary: Traders Expect Bank Of England To Cut Rates This Thursday
Euro
The euro appreciated sharply vis-à-vis the U.S. dollar today (Tuesday) as the single currency tested offers around the US$ 1.3740 level and was supported around the $1.3480 level. The common currency bounced back from yesterday's sizable losses as the markets remain highly volatile and susceptible to credit-driven dislocations. Traders are eyeing several factors. First, there is some indication that European officials may be inching closer to providing a … [visit site to read more]
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Переслать - Fed's Commercial Paper Strategy Is Working
Some good news for a change in the credit markets. Business Week is reporting that the Federal Reserves “Special Purpose Vehicle” or SPV for short is actually working. Commercial Paper rates have come down a bit today, as the Fed utilized its’ newest strategy to un-freeze the credit markets.
The Fed’s drastic move had a nearly immediate impact: Yields on top-rated overnight U.S. commercial paper dropped 0.74 percentage points, to 2.94%, according to Bloomberg Financial … [visit site to read more]
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Переслать - What Happened To S&P 500?
Many of you are/were probably wondering what happened today (Tuesday). There was significant weakness in the continuation of yesterday’s (Monday’s) rally. There were also deep corrections which neutralized the trend all morning. At this point, it was an easy choice to exit and go short. We’ve seen many ascending and descending patterns form nearly everyday now, and today is no different. A descending triangle formed which is a bearish pattern.
Below, the red line indicates yesterday’s close. … [visit site to read more]
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Переслать - Energy Tycoon T. Boone Pickens Sues Lehman Brothers
Texas billionaire T. Boone Pickens, whose hedge fund has lost roughly $1 billion this year, (that includes nearly $300 million out of Pickens's own pocket) — has sued a unit of defunct firm Lehman Brothers (LEHMQ.PK) for $59.9 million, claiming the bankrupt investment bank broke a default agreement by failing to repay collateral posted by Mr. Pickens.
Lehman Brothers Commodity Services Inc., notes visit site to read more]
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Переслать - Citigroup Slashes Its Wholesale Mortgage Business
The Wall Street Journal is reporting another substantial change at a major bank.
Citigroup (C) has just announced that under a downsizing plan the co. made known internally on Tuesday, Citi will reduce the number of outside mortgage brokers it does business with around the U.S. to 1,000 from about 9,500.
By substantially reducing the number of loans through independent mortgage brokers—what the industry calls the "wholesale" side of the business, Citi says is … [visit site to read more]
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Переслать - Credit Crisis Update: Rising LIBOR Hints At Bigger Problems To Come
More than a year ago, even before the subprime-mortgage crisis had revved itself up into the full-fledged credit crisis that's now threatening global growth, we pointed to the London Interbank Offered Rate (LIBOR) and other interbank rates that suggested that the worst was yet to come.
Our team has continued to watch this important risk indicator, and has regularly reported our findings to you. Each time, we've preached caution, even though the pundits were telling the masses that the … [visit site to read more]
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Переслать - Clean Energy In China Will Be Worth $186 Billion In Two Years
The clean energy market in China will be worth $186 billion in about two years’ time. Clean energy in China will be worth $555 billion—or over half a trillion!—in the next twenty years.
Knowing this, the U.S. government has been leading a clean energy and environment “trade mission” to China.
One of the results of that trade mission was the signing of a 10-year framework that will expand cooperation in areas such as clean electricity production and transmission, as well as … [visit site to read more]
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Переслать - US Dollar Rally: Not So Unexpected
Time for a little pat on the back — my own.
When I first published Financial Armageddon in March 2007, one of my more controversial calls — aside from predicting, among other things, the kind of systemic crisis we now see unfolding — was that the dollar would stage a short-to-medium term rally during the early stages of the unraveling, contrary to the expectations of other prognosticators who correctly foresaw troubled times ahead.
Here, for example, is an excerpt from visit site to read more]
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Переслать - S&P, ETF On Pace To Be A Loser This Decade
This decade has the potential to go down in history as one of the worst for our economy and exchange traded funds (ETFs).
Today (Tuesday) the Dow Jones (^DJI) and S&P 500 extended their declines, and now the major indexes are trading at or near four-year lows. The Federal Reserve's plan to buy commercial paper didn't restore market confidence, … [visit site to read more]
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Переслать - Study: Ethanol Energy Efficiency Growing
A new study by the University of Nebraska shows that current ethanol production technology is 2 to 3 times more efficient than previously thought. Earlier studies focused on older, less efficient technologies and this new study helps allay the fears that corn ethanol production uses more energy than it provides.
Here are some of the initial results from the study:
- Ethanol has a positive net energy balance: 1.5 to 1.6 units of energy for every unit of energy used to produce … [visit site to read more]
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Переслать - Impending Rate Cuts Could Resume Europe ETF Growth Path
The European Union is taking steps to preserve their financial system that might someday reverse the downtrend of their exchange traded funds (ETFs).
The EU's 27 governments agreed to guarantee private savings up to 50,000 euro for one year and also to set up guidelines on how each country could rescue a failing bank, reports Robert Wielaard for the Associated Press.
This is the first sign of coordination … [visit site to read more]
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Переслать - CitiMortage Phasing Out Wholesale Lending Quickly
Word is CITI is shutting off 8500 mortgage brokers and keeping about 1000. They will operate via an inside rep and centralized operations platform. This is a smart move and to be expected. But this also goes to show the severity of the mortgage and housing turn down. All that banks really do right now is Fannie, Freddie and FHA and the market is so under pressure and margins so thin, they are having to downsize the most basic of mortgage finance offerings.
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Переслать - Fed Announces The Creation Of A New Funding Facility
In another effort aimed at calming the financial system, and break through a credit clog that has paralyzed the credit markets - the Federal Reserve announced on Tuesday that it would create a Commercial Paper Funding Facility [CPFF], with the Treasury Department's assistance, to begin buying commercial paper.
The market for this crucial financing, where … [visit site to read more]
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Переслать - AGIX Files For Chapter 11 Bankruptcy
For those of you still holding onto AtheroGenics (AGIX), the research-based pharmaceutical company with a drug development program (according to Zacks senior drug industry analyst Jason Napodano, CFA, who published a report on AGIX last week), the company has just announced today it has filed for Chapter 11 bankruptcy.
The question now seems to be who, if anyone, will pick up the pieces of the late-phase candidate AGIX had been developing. But for anyone shocked by … [visit site to read more]
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Переслать - Market Strains ETF Affordability
The recent strain on the market is pushing the limits for the affordability factor concerning exchange traded funds (ETFs).
ETFs are touted for their low cost and, in fact, it is a major selling point for most providers. The regulators' latest restrictions on short-selling, mixed with the market stress, is making it more expensive to trade many ETFs, reports Ian Salisbury for … [visit site to read more]
Article Published On GraceCheng.com - visit Grace Cheng Financial News & Opinions for more great content.
Переслать - Fed's Bernanke Speaks, We Decipher
This afternoon, Ben Bernanke spoke to the National Association for Business Economics. Here are some key sections of the speech and my translation and interpretation.
Considerable experience in both industrialized and emerging economies has shown that severe financial instability, together with the associated declines in asset prices and disruptions in credit markets, can take a heavy toll on the broader economy if left unchecked. For this reason, the Federal Reserve, … [visit site to read more]
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Переслать - Another Volatility Index VIX Record Close - 53.68
The VIX (^VIX) handily surpassed yesterday’s record close of 52.05 by establishing a new mark of 53.68 today.
For most of today’s session, yesterday’s VIX record looked safe, until a flurry of selling in the last half hour lifted the VIX to a new end of day high. Today is the third record close for the VIX in the last seven sessions. Also of interest, today’s intra-day high of 54.19 was the second highest on record, behind yesterday’s 58.24 mark.
One bit of obscure VIX … [visit site to read more]
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Переслать - Market Closes Lower
The bleeding continued today. The Dow (^DJI) closed below 9500 at 9460, down almost 500 points. S&P closed down 60, ending at 996. The Fed promised to buy commercial paper, presumably to help the credit markets. Sure didn't help the equity markets. Are we at a tradeable bottom yet? No telling, just keep your eye on the support/resistance on the charts.
Two-thirds of the GDP is consumer credit. The Consumer Credit numbers for August came in, and it shows … [visit site to read more]
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Переслать - Zacks Ratings: Barclays Still A Hold
We are maintaining our Hold on Barclays PLC (BCS). The company will report its third quarter trading update on November 17.
We are reducing our EPADS estimates to $3.80 from $4.00 for 2008 and to $4.20 from $4.50 for 2009, mainly due to recent appreciation of the $ against the £. We expect results to continue to reflect global markets’ turmoil and also the recent $1.75 billion acquisition of Lehman Brothers North American investment banking and capital markets operations, … [visit site to read more]
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Переслать - Royal Bank Of Scotland, Barclays, Lloyds, Hit By Market Turmoil
The shock-waves from Wall Street have officially made their way across the pond this morning. Three of the country’s top banks may require an investment of 45 billion pounds, the equivalent of $79 billion, according to a Bloomberg report. The brunt of this news was borne by Royal Bank of Scotland (RBS), which is perceived to be the weakest of the three.
Shares of the Edinburgh-based RBS tanked over 33% in early trading Tuesday, taking the shares down to a precarious … [visit site to read more]
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Переслать - The Difference Between The Volatility Index VIX And The VXO
In the past, I have gone to some length to differentiate between the VIX (^VIX) and the VXO (^VXO), but given all the confusion I have seen in the media over new VIX records, I think it is time to offer up some history that may help clarify the situation.
A good place to start, frankly, is with a prior post that I titled visit site to read more]
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Переслать - Stop Looking For A Market Bottom
Another day, another hair-pullingly tumultuous stock market. Zacks Senior Market Analyst Charles Rotblut, CFA was thankfully on-hand to talk us through this most precarious time with practical knowledge of what we should be doing next.
The markets recouped some of their losses late yesterday. Is this a sign that a bottom has been set?
A lot of people have been trying to … [visit site to read more]
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Переслать - Can The U.S. Government Afford Not To Back Citigroup, BofA And JP Morgan?
On the Citigroup (C)/Wachovia (WB) standstill:
“I believe the Fed got the idea very quickly that this wasn’t going to produce a very good result for anybody,” she said. FDIC Chairman Sheila Bair said yesterday that the banks and regulators were “working together to reach an outcome that serves the public interest.”
Whatever happened to serving the interests of the shareholder? Bair’s comments definitely signify a change in the … [visit site to read more]
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Переслать - Federal Reserve Announces Another 'Facility'
Yep.. the Federal reserve is enacting another emergency measure:
Press Release
Release Date: October 7, 2008
For release at 9:00 a.m. EDT
The Federal Reserve Board on Tuesday announced the creation of the Commercial Paper Funding Facility (CPFF), a facility that will complement the Federal Reserve's existing credit facilities to help provide liquidity to term funding markets. The CPFF will provide a liquidity backstop to U.S. issuers of commercial paper … [visit site to read more]
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Переслать - Some Voices Of Calm In A Maelstrom
With Europe in turmoil and US equity markets continuing its free fall, virtually every investment professional that I know is seriously worried. However, there are a couple of voices of calm and hope in this maelstrom.
John Hussman, the portfolio manager of Hussman Funds, has been cautious throughout the market runup the last couple of years is now sounding somewhat more positive in his latest weekly commentary … [visit site to read more]
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Переслать - Is The Stage Set For A Tradeable Bounce In Stocks?
Uh-oh. For a few hours there, things were looking hunky-dory. The stunning late-session rally in the SPX, which carried over into overnight futures trading, has reversed with a resounding “thud.”
It all looked so promising. Cash rates actually fixed lower (see the ICAP 3 month fixing rates below) amid rumours of either Fed rate cuts or that they will visit site to read more]
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Переслать - Whom Should We Trust?
There is an argument making the rounds. The first incarnation was in opposition to the Paulson Plan. It has morphed into a question about whether the plan — and other measures — will work.
We did not take an advocacy position on the bailout — er –rescue plan. We have opinions about public policy, but that is not our job here. We tried, both here and in the series of RealMoney articles, to inform investors about the progress and prospects of the legislation. The market had … [visit site to read more]
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Переслать - Can The IMF Save The World?
Global crises used to remind us why we have the IMF. If the Fund doesn’t come up with some new ideas for how to handle this one, it may remind us why it has become increasingly unimportant. The IMF could reassert its relevance by aiding middle-income countries caught up in the crisis with new ideas on how to link emergency lending with policy adjustment.
As the financial crisis has unfolded, the International Monetary Fund has been noticeable mainly for its absence. … [visit site to read more]
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Переслать - Bank Of America - A Desperate Move for Capital
In an unexpected announcement, Bank of America (BAC) released their 3rd quarter earnings results and announced that they will be cutting their dividend and issuing new common shares to raise capital. After an interview on CNBC yesterday, CEO Ken Lewis stated that a dividend cut wasn't completely out of the picture, and that they would do what was best for the company going forward. Bank of America was … [visit site to read more]
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Переслать - Eurozone In Crisis And Euro In Trouble
The Euro has been declining against most major currencies at a breathtaking rate of decline. There are two main reasons. First, there’s a monetary crisis which is similar to what we’ve been going through here in the states. Second, there’s a “unity” problem in 15 countries that use the Euro currency. The Euro countries are a union of countries that came together, beginning in 1998 to hopefully find strength in unity. Their initial thinking was that by uniting under a common currency, they would … [visit site to read more]
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Переслать - Forex Trading Analysis: The Rally In US Dollar Is Unsustainable
Today's US Dollar Trading
• Stops and active selling drive majors to new lows
• USD/JPY falls to parity
• Volumes only moderateOvernight Preview
• More follow-on selling expected
• USD likely to consolidateLooking Ahead to Tuesday
All times EASTERN (-4 GMT)
• 11:00am USD FOMC Member Stern Speaks
• 1:15pm USD Fed Chairman Bernanke Speaks
• 2:00pm USD FOMC Meeting Minutes
• 3:00pm USD Consumer Credit … [visit site to read more]Article Published On GraceCheng.com - visit Grace Cheng Financial News & Opinions for more great content.
Переслать - Pimco's Gross Urges Fed To Take Dramatic Measures To Unclog Credit Markets
The unprecedented disruptions in the credit markets have caused major problems in the crucial asset-backed commercial-paper market — where firms raise cash through the issuing of short-term debt. The current stagnancy of the commercial-paper market, which provides the short-term fuel that keeps corporate America running, is now widely affecting even creditworthy co.'s. Most of them can no longer borrow money on a short-term basis efficiently. This fact may have been one of the reasons that … [visit site to read more]
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Переслать - Cramer's Video And Paulson's Words Of Wisdom
First, have to post the video of the Cramer capitulation:
It is amazing he is … [visit site to read more]
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Переслать - Fed To Pay Interest On Depository Institutions
With conditions in U.S. and global financial markets remaining persistently strained, the Federal Reserve announced Monday that it will begin to pay interest on depository institutions' required and excess reserve balances.
According to Fed the payment of interest on excess reserves will permit the Federal Reserve to expand its balance sheet, give it greater scope to use its lending programs while maintaining the federal funds rate close to the target established by the FOMC, and provide … [visit site to read more]
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Переслать - Focusing On The Long Side For Tuesday
We ended Monday above the support lines I drew in Monday morning’s post. Many traders will be looking for a rally on Tuesday, given the extreme action Monday and end-of-day buying that took place. Perhaps some value investors will be looking for (what they consider to be) bargains as well. It may not happen, but odds do appear to be better for long side trades. In particular, I am looking for stocks that have seen extreme selling, and had buyers emerging late today, especially past earnings … [visit site to read more]
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