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- G20 Meeting: Far Too Many Cooks In The Food Kitchen
Boy, the financial media was pumping the G20 meeting this weekend as the beginning to the end to the world’s financial market woes. Many credited the major counter trend stock rally on Thursday to be because of this. When I heard President Bush stand up yesterday with a summary that essentially said nothing, rather was a pep talk, I immediately assumed this group only showed up for the photo-op.
Mish summed up the meeting below better than I could have so here ya go. If you want to … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. 
Переслать - Auto Makers Bailout: The Ultimate In Lemon Socialism, Leading To The Encroaching Command Economy
With almost 5 million workers supported by the auto industry, Democrats are pressing for a federal rescue. But the problems are obvious.
First, the arbitrariness. Where do you stop? Once you’ve gone beyond the financial sector, every struggling industry will make a claim on the federal treasury. What are the grounds for saying yes or no?
The criteria will inevitably be arbitrary and political. The money will flow preferentially to industries with lines to Capitol Hill and the … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Forex Trading: Eyes On USD/CHF And AUD/USD This Coming Week
Another solid week in the currency world in my opinion when you compare it to the violet swings of the US stock market and all that is going on in the financial world. We saw the $580 billion dollar Chinese bailout plan, the coming of the G20 meeting today in Brazil, and a proposed major bailout for US automakers. But how did the currency markets fair through all of this?
On the Menu Last Week
This week was a bit more calm than the previous week, which usually bodes better for long … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Is Negative Dividend News Good For The Stock Price?
Last week there were several companies that cut or suspended their dividend payments. As part of my studies to uncover market inefficiencies pertaining to dividend stocks I am measuring the performance of those dividend suspenders or cutters. As part of my sample I am measuring stocks which trade at least several hundred thousand shares per day. I am also measuring the decline or advance based off the opening price for the day on which the dividend cut or suspension was announced. This … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Rydex Ratios Diverge
We chart a couple of indicators that are useful in determining investor sentiment based on actual deployment of cash into Rydex mutual funds. The Rydex Asset Ratio is calculated by dividing total assets in Bear plus Money Market funds by total assets in Bull funds. The Rydex Cash Flow Ratio is calculated by dividing Cumulative Cash Flow into Bear plus Money Market funds by Cumulative Cash Flow into Bull funds. (A thorough discussion of these ratios can be found in the Glossary section of our … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - How Does $2.12 Gas Compare To Past Prices?
Feeling nostalgic for the days of 17 cent gas in 1931, 20 cent gas during WWI, the gas below 30 cents during the first half of the 1950s, or the $1.40 gas of the early 1980s? If so, you’d be suffering from “money illusion,” the tendency to confuse nominal and real (inflation-adjusted) prices. Gas is cheaper today in real dollars than any of those past prices.
The chart above displays real gas prices going back to 1919 (EIA data here), showing that the current national average price … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - A Rally Here Should Be Viewed With Skepticism By Long-Term Investors
Thursday and Friday qualify as the craziest days I have ever seen in the market. With such remarkable volatility, I am focused on capital preservation, i.e., sitting primarily in cash. Since I am leaning bullish, I am holding some equity calls in commodity and energy-related stocks, including ATI, CENX, FCX, FSLR, NBL, POT, SII, and TS. Otherwise, I am hoping to see an IBD confirmation of the rally starting on Tuesday in order to put more money into the market. My watchlist is essentially … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - BJ's Wholesale May Benefit
BJ’s Wholesale Club, Inc. (BJ) is the third-largest warehouse club operator in the U.S. It offers customers a broad array of branded merchandise at lower prices than traditional wholesalers, discount retailers, supermarkets, and specialty retailers.
BJ’s reported strong sales for the third quarter. Total sales increased by 13.4% to $2.4 billion, and comparable-club sales increased by 11.9%. The company also upped its earnings guidance for the third quarter to $0.45-$0.49 per diluted … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - The OECD's Economic Forecasts
Here is an graphic from the Economist depicting the forecasts from the OECD for the U.S., the Eurozone, Japan and OECD overall:
Graphic courtesy of The Economist
From the Economist:
AS THE leaders of the G20 countries gather in Washington, DC, to discuss the financial crisis on Saturday November 15th, the economic outlook is grim. Gloomy forecasts just released by the OECD predict that America, Japan, the euro area and the OECD as a whole will slide into recession in 2009-if … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - India And Bretton Woods II
The financial crisis affords India an opportunity to punch above its current economic weight. This column urges India to support globally coordinated actions to help limit the economic downturn. Most importantly, India should call for a strong political commitment by all countries to keep markets open and refrain from taking protectionist action.
The circumstances are odd: a lame duck US administration, reflexively reticent about multilateralism, convening the mother-of-all multilateral … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - US Unemployment Rate: From 1950 To Present
Here’s a nice visual of the US unemployment rate from 1950 to present. You can see that it peaked at almost 11% in 1980. It was extremely low in 1950s, getting under the 3% level. Recently, you can see that the unemployment rate has been on the rise, currently sitting over 6%. There’s talk that this recession could take the rate up to 9%, possibly 10% before reversing … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - How Investors Can Find 'Obamanomics' Profit Plays
The election of Barack Obama as the next U.S. president creates plenty of profit plays for investors in the New Year.
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Pepsi's Path To Healthier Living
Everyone has at least heard of, and probably drank a product of, the company PepsiCo (PEP). It is one of the biggest food and non-alcoholic beverage companies in the world and is a direct competitor to the equally popular brand, Coca-Cola (KO). PepsiCo is known for producing, distributing, and marketing products such as Pepsi, Mountain Dew, Cheetos, and Doritos. Of these, the name that is most often associated with the company PepsiCo is Pepsi. Pepsi is a carbonated, sugary, … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - How Bad Could The Crisis Get? Lessons From Iceland
Iceland’s banking system is ruined. GDP is down 65% in euro terms. Many companies face bankruptcy; others think of moving abroad. A third of the population is considering emigration. The British and Dutch governments demand compensation, amounting to over 100% of Icelandic GDP, for their citizens who held high-interest deposits in local branches of Icelandic banks. Europe’s leaders urgently need to take step to prevent similar things from happening to small nations with big banking … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Week Ahead In U.S. Financial Markets (November 17-21 2008)
The week ahead in financial markets will see a modest quantity of data that will hit the tapes largely on Thursday and Friday. The major market moving events will be the Friday release of the October advance retail sales data and the Thursday release of the US Trade Balance, Jobless Claims and the US Budget Statement. On Friday in Frankfurt Germany, Fed Chair Bernanke and ECB President Trichet will lead a cast of global central banking all-stars that will address monetary policy within the … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Weekly S&P 500 Overview
With a wildly volatile week behind us, let’s step up the perspective and see if we can glean any information from the S&P 500’s (^GSPC) weekly chart.
S&P 500 Weekly Chart:
Don’t we wish we could turn back the time to October 2007? Alas, we have to take what we’re given in the market and do the best analysis we can with the information we have.
In terms of the top-down structure, we are in a clear weekly downtrend as evidenced by a series of lower highs and lower … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Stock Market Volatility: Hot Money Panicking Out, Then In, Then Out Of Markets Again
Had you left your market monitor unattended at 3:00pm ET on Friday, and returned at 4:00pm, you would hardly believe your eyes. But, by extrapolating the US equity market to the rest of the world (about $44 trillion), you would have seen that $2 trillion in global market capital was wiped out in a single hour.
In that closing hour, the DJIA (^DJI), S&P 500 (^GSPC) and NASDAQ Composite (^IXIC) plunged -4.71%, -4.77% and -4.50% respectively.
By the end of the day, the DJIA … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Just Say No To Detroit: Let's Cut Our Losses And Let Society's Scarce Investment Flow To Better Uses
Given the abysmal performance by Detroit’s Big Three, it would be better to send each employee a check than to waste it on a bailout, says NYU finance professor David Yermack in today’s WSJ:
Our government is being asked to put tens of billions of dollars in GM (GM), Ford (F) and Chrysler, but we would be much better off if Washington allowed these companies to go bankrupt and disappear.Over the past decade, the capital destruction by GM has been breathtaking. A net $182 billion … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Hey, Obama, Here's A Great Idea For General Motors
Here’s some really interesting reporting from the Wall Street Journal. It turns out the electric utilities are starting to salivate, as well they should, at the prospect of plug in hybrid electric cars - which we know must be a key part of the ultimate solution to an eventual oil shortage. And guess what the electric utilities have that almost no other group has these days? A lot of money.
The report follows:
Hey, Auto Industry, Need a Jump? Utilities Consider Buying Electric … [visit site to read more]Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - How It Was Like During The Great Depression
Some might see it as ironic that most of those with insights on how to cope with the sort of unraveling that is taking place now have moved on to the next life.
Nonetheless, there are some people living nowadays who were around 80 or so years ago. Individuals who understand what it’s like to live in dire poverty. Who know how to scrimp and save. Who are familiar with the social consequences of a calamitous downturn in the economy.
In “Memories of the Depression Still Sear,” … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - The Corporate Tax Hike Of 1932 On Small Business In The US
From 1918 until 1931, the U.S. had a flat tax on corporate income, with a tax rate of 0% for the first $2,000 of income from 1918 to 1927 (equivalent to $26,000 today), and a tax rate of 0% on the first $3,000 of income from 1928 to 1931 (equivalent to $43,000 today), see IRS data here. Starting in 1932, the lowest rate was increased to 13.75% on all income (see chart above).
A small company making $43,000 (in today’s dollars) in profits would have paid no corporate income tax in … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - A Look Back At Last Week Via The 30-Minute Charts
I actually missed this development until a reader pointed it out to me, but Friday’s action seems to 'make more sense’ when viewed through the 30-minute chart. As a bonus, this timeframe allows us to see the broad picture of the whole interesting action of last week. Let’s look.
DIA (DIA) 30-min chart:
The blue vertical line represents the 'divider’ between weeks. Monday gapped open after a definitive positive momentum divergence and reversal, but ended up being … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Bank Of America Seeks To Boost Stake In China Construction Bank
Bank of America Corp. (BAC) will likely boost its stake in state-owned banking giant China Construction Bank Corp., paying about 36 cents a share (2.46 yuan), or 1.2 times the Beijing-based lender’s book value, China’s Caijing magazine reported Friday, citing unidentified sources.
No timetable or total dollar value for the deal was given. The magazine report was picked up by the Reuters wire service, and by other U.S. media outlets, such as Forbes.com.
To smooth the way for the … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Review Of Last Week's US Economic Data
We didn’t have many US reports this week, but three key reports were the Jobless Claims, Retail Sales, and the University of Michigan Consumer Confidence reports. The markets are down between 6-8% this week, depending on which index you use, and they fully reflect the grim confirmation of the state of our economy. I don’t really have to say anything because you already know what kind of situation we’re in. What is frightening is that we can throw as much money at this problem as we want, … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Banking Ratings Report Can Provide Peace Of Mind And Warn You If Your Bank Is Weak
When federal banking regulators last week seized the Houston-based Franklin Bank SSB (FBTX), it became the 18th bank failure this year amid the ongoing credit crisis. With total assets of $5.1 billion and total deposits of $3.7 billion, Franklin wasn’t the largest bank failure this year - that honor belongs to IndyMac Bancorp Inc. (IDMCQ.PK), which had more than $30 billion in estimated assets when it was seized by U.S. banking regulators in July. At the time, IndyMac was also the … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - US Housing Market, ETFs Seek Help
Real estate exchange traded funds (ETFs) and the housing market need a helping hand.
The FDIC is breaking with the Bush Administration and is now proposing a $24 billion plan to help 1.5 million Americans stay in their homes.
The Federal Deposit Insurance Corp. is proposing the government funding to help 1.5 million Americans avoid foreclosure. The FDIC posted the plan on its Web site two days after Treasury Secretary Henry Paulson rejected the idea of using money from the $700 billion … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Sales Hit The Skids For Kohl's
With possibly the most challenging holiday selling season fast approaching, the retail sector is beginning to feel the pinch from consumers. Thursday after the close of a crazy session, the Wisconsin-based retailer reported a 17-percent decline in net income from a year ago. They did, however, beat analysts earnings estimates by a cent… coming in at 52 cents per diluted share, a 15-percent drop from the same quarter last year. Shares were down for most of the day touching below … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Eurozone Recession Undermines Oil's Slip, ETFs
October was a record month for sagging retail sales, proving further that consumers are tightening up their wallets, and not adding to a domestic economic boost for Wall Street or exchange traded funds (ETFs).
The decline in auto sales led the drop, but clothing and furniture was also left on the shelves. Martin Crutsinger for Associated Press reports that the Commerce Department said retail sales fell by a record 2.8% last month, surpassing the old mark of a 2.65% drop in November 2001 in … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - VeriSign Leads Slowing Industry
VeriSign, Inc. (VRSN) provides essential Internet infrastructure services to companies, service providers and website owners. VeriSign has three core offerings: Internet security, registry services and communications services.
VeriSign is the gatekeeper of the Internet. Its registry, security and communications services are essential for the smooth functioning of the online world. Moreover, the Internet keeps expanding. Not only can people plug in to the Internet by means of wired … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - US Automakers On Brink Of Collapse; Citigroup To Slash Jobs
10am: Market started to sell off
12:15pm: Market began to rally
3:15pm: Someone pulled the plug and the market sold off and closed at the low of the day
So what happened? Same as every day lately - lack of confidence. Traders are still well aware of the growing stresses in the financial system and there is little desire to keep money in the market. Only a strong bear market rally will traders be willing to keep their chips on the table.
The economy is still in a downward spiral … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Considering The NY Times Headline, Is It Time To Consider Buying Tech Stocks?
Seasoned traders know that by the time the information has hit the national news wires, it has most likely already been discounted by the markets. This picture and story appeared in today’s NY Times, headlining in the business section.
Most owners of the equities have already felt the pain from the anticipated recession. Now is the time to consider owning some of these beaten up … [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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