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- Two Charts That Tell The Story Of The EUR/USD Currency Pair
The EUR/USD has been in a strong bear trend since it reached its all-time high in July of 2008. It has recently been consolidating some of its sharp downward movements. Let’s look at the technicals to see how we can trade this.
Below is the daily chart. Note the symmetrical triangle we are currently in. I would be inclined to think a downward movement is more likely at this point, as moving averages are still bearish, though one sign of a potential reversal is that RSI failed to make new … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. 
Переслать - Mutual Fund Industry Feeling The Shift
The market shakeup has resulted in a number of changes to the mutual fund and exchange traded fund (ETF) industry, with even more waiting in the wings. One of them is how managers are perceived in today’s markets.
Do the elite managers of yesterday’s market still have the same pull they once did? Managers who find ways to make money and contain losses are considered successful, and even the definition of “success” is creating new stars. For example, a manager who keeps returns above water … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - American Express Now A Commercial Bank
American Express Co. (AXP) today (Tuesday) won approval from the U.S. Federal Reserve to become a commercial bank, giving the credit card titan a crucial lifeline as the risk of defaults runs higher in the slowing global market.
American Express won the Fed’s approval unanimously and without the application’s standard 30-day waiting period because of “the unusual and exigent circumstances affecting the financial markets,” according to a Fed statement.
High unemployment and a severe … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - China Trades Money And Arms For Oil In Venezuela and Brazil
Just as we see Russia combining military and energy deals in Venezuela and Cuba, China is doing the same thing with both Venezuela and Brazil, as the following report details. China has increased its importation of oil from Brazil, is cementing agreements to further that trend, and is doing military and oil deals with Venezuela as well.
With both Russia and China combining military and energy policy for national security purposes, Americans must ask what its government is doing to … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Daily Forex Commentary: Euro Down Sharply Against US Dollar
Euro
The euro moved lower vis-à-vis the U.S. dollar today (Tuesday) as the single currency tested bids around the US$ 1.2675 level and was capped around the $1.2800 figure. Traders are deliberating the likelihood of additional monetary easing from both the European Central Bank and Federal Reserve before the end of the year and again in Q1 2009. ECB President Trichet and other ECB members have made it abundantly clear that they have not prejudged monetary policy but … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Massive China Stimulus Is Viewed As An Attempt To Help The West
The half-trillion-dollar stimulus package that China unveiled on Sunday underscores that country’s growing importance to the global economy and shows Beijing’s willingness to assume a leadership role in the battle to blunt a widening worldwide financial crisis, a top expert on China said yesterday (Monday).
“China understands that it’s gaining importance in the world economy and that it’s going to participate in that process,” said Keith Fitz-Gerald, Money Morning’s investment director … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Hewlett-Packard Maintains A Hold
We maintain our Hold recommendation on the shares of Hewlett-Packard Company (HPQ).
Hewlett-Packard is currently trading at a P/E multiple of 8.7x our 2009 EPS estimate of $3.99. This is a discount to the industry mean. The company has sustainable competitive advantages, including its broad product line and strong international (deriving 68.0% of Q3 2008 revenue) presence as well as strong consumer presence. However, stiff competition in enterprise markets and economic concerns point … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Think You're Closing Trades Too Early? Hindsight Is The Devil
I had to write this article because I know from personal experience how hard it can be mentally for new and experienced traders to let go of a trade that they closed too early that went for much bigger gains immediately after. Before I continue this valuable lesson, I want you to look at the figure below that shows one of my successful trades today.
This 46 pip win for me was a very good trade, and it fit my trading style well. I wasn’t looking for a 400 pip gain, therefore I was … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - US Dollar Strength Continues In Thin Market Conditions
Today’s US Dollar Trading
USD holds gains despite thin conditions
Equities fail to advance, oil rallies but fades
China news not enough to inspire confidenceOvernight Preview
Holiday trade will make for thin conditions
Look for continued two-way action in thin tradeLooking Ahead to Tuesday
All times EASTERN (-5 GMT)10:00am USD IBD/TIPP Economic Optimism
All Day USD Bank Holiday-Veterans DayUS data continues light tomorrow.
Summary
The USD ended … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Spotlight On The Hong Kong Dollar And LIBOR
Well, the joy of the Chinese stimulus package lasted….err……about 12 hours. By the end of the day yesterday (Monday), stocks finished solidly in the red and oil had reached a new cyclical low, with front-month WTI trading down onto a 50 (!) handle since Q1 2007.
The fun has continued this morning, with everyone’s favourite kleptocrats adjusting the top end of the rouble basket, allowing for a 1% deval from 30.40 to 30.70. Anecdotals suggest plenty more trapped … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Safe Haven Demand For Gold Is Set To Remain Robust
Gold and silver were up another 2% yesterday (Monday) as bargain hunters continue to bottom feed. Oil and most commodities were somewhat higher on news of the Chinese $0.6 trillion stimulus injection while the dollar was flat and the pound fell again (reaching a new low against the euro) due to the sharply deteriorating UK economy.
Gold’s non-correlation with equity markets continues with most equity markets again under pressure today after the Chinese stimulus induced another dead … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Aerospace And Defense Stocks And ETFs Wait Patiently
U.S. aerospace and defense stocks and exchange traded funds (ETFs) weren’t able to dodge the post-election drop on Wednesday, and long-term prospects are still not clear.
Uncertainty is a good word to describe what looms over this particular industry, as the election of Barack Obama has analysts divided, reports Andrew T. Gilles for Forbes. Direction will not be indicated until the contracts and funding begin to be pulled in another direction or are put to the side.
Year-to-date, … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Global Investing Roundups: DHL, GOOG, MCD, GM, DB, FNM, SBUX
DHL Withdraws From U.S.; China 'Stimulates’ Railway and Steel Industries; YouTube to Show Full-Length Flicks; McDonald’s October Sales Solid; DB Analysts Says GM Stock Worthless; Fannie Mae to Tap Fed Fund; Starbucks Profit Down 97%; U.S. Cotton Production Declines by a Third
U.S. job cuts and slashed stateside budgets have forced express mailer DHL Express, a subsidiary of Deutsche Post AG, from the U.S. Market, Reuters reported. With the move, Deutsche Post AG cut 9,500 jobs (on … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - The TARP Summit: Senator Charles Schumers' 6 Principles Of Change
I attended the Securities Industry and Financial Markets Association (SIFMA) Troubled Asset Relief Program (TARP) Summit in New York yesterday. SIFMA expected 350 people to attend, but over the weekend the registration swelled to over 600 people. The day was broken up into several sessions each with a plethora of information about the current state of the TARP, the future of the TARP and other uses for the TARP. In the key note address Senator Charles Schumer spoke.
Key Note Address - … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - New Auto Affordability Close To All-Time High
The chart above is Comerica Bank’s Auto Affordability Index back to 1979, showing the “weeks of family income to purchase an average-price new vehicle.”
The purchase of an average-priced new vehicle took 24.1 weeks of median family income in third quarter 2008, according to the Auto Affordability Index compiled by Comerica Bank. The latest reading is up 1.0 week from the second quarter and down 1.1 weeks compared to a year ago. Including finance charges, the total cost of buying an … [visit site to read more]Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Bretton Woods II – A Roadmap
Following calls by European leaders for a “Bretton Woods II”, the Bush administration has invited the “G-20″ countries to come to Washington with the lofty goal to reform the world financial system. Will the way we do business change November 15?
The first Bretton Woods conference, held in 1944, gave birth to the International Monetary Fund (IMF), the World Bank and - albeit with half a century delay - the World Trade Organization. The Bretton Woods conference is best known for firmly … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Markets Weaken As Euphoria Over Chinese Stimulus Fades
After a very strong opening, the US equity markets sold off through Monday. The session was marked by the absence of volume.
What helped the market to open strongly was news that included a massive stimulus package announced by the Chinese government, positive same-store-sales results from McDonalds (MCD) and the restructuring of the humongous financing agreement between AIG (AIG) and the US Treasury.
At the close, the DJIA (-73.27 -0.82% to 8870.54), the S&P 500 (-11.78 … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - AIG Bailout Plan Almost Doubles
The AIG bailout plan just got bigger. The US government has scrapped the original $85 billion bailout plan for American International Group (AIG) and signed a new $150 billion deal that it hopes will be more likely to save the from going belly up.
Under the terms of the new AIG bailout plan, the company will get lower interest rates and $40 billion of new capital from the government to help ease the impact of four straight quarterly deficits, including a $24.5 billion … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - The Future Of US Auto Stocks
There have been some pretty negative news surrounding the big three US auto manufacturers this year. Recently GM (GM) and Ford (F) reported continuing large losses, triggered by a decrease in the demand for cars nationwide. The demand for cars, which typically is highly cyclical in nature, is lower because of the low consumer confidence in the economy as well as the difficulty that car buyers have in obtaining credit financing to purchase new vehicles.
As a result of these events … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - American Express Looks Toward Fed
Credit-card giant American Express Company (AXP) has gained acceptance from the Federal Reserve to operate as a bank holding company. This follows earlier moves by the Fed to allow Goldman Sachs (GS) and Morgan Stanley (MS) into the commercial banking market, as well.
Before one leaps to the idea that AmEx is aggressively filling the void left by the failure of banks such as WaMu, notice that the main reason American Express cited for turning toward accepting deposits is to … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - India: Global And Local News Getting Grimmer
I have been talking about this for a long time. Here are Big Guy reports that India has some serious issues to deal; playing politics will do damage.
Credit Suisse
India: The Potential For An Extraordinary BustThe implications of the monetary policy steps are likely to be far and wide. In the long-term, the question of central bank independence may resurface although we strongly believe that in extraordinary times all policymaking arms are better off working in perfect harmony. The … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Federal Government Grants AIG A New Bailout Package
American International Group Inc. (AIG) got a $150 billion government rescue package - almost double the initial bailout deal of less than two months ago and the largest ever granted to a private U.S. company - as the ailing insurer continues to burn through its cash at an accelerating rate.
The New York-based AIG will get $40 billion of new capital from the U.S. Treasury Department’s $700 billion bailout package, to help offset the damage wreaked by four consecutive quarterly losses, … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - The US Economy: It's A Freakin' House Of Cards
The revelation that Fannie Mae (FNM) may need an additional $100bn to remain solvent is a complete understatement. When the Treasury Dept. was “crafting” these bailout deals earlier this year, they realized that it would be necessary to throw a life line to ailing Fannie Mae and Freddie Mac (FRE). The Chinese and Japanese hold huge positions in the “government agency” bonds. The US Government needs to make sure that they don’t default on this debt. If the Government were to … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Fed Grants American Express Bank Holding Company Status
The Federal Reserve Board announced Monday its approval to a request from the credit card giant American Express (AXP) and a related company, American Express Travel Related Srvc, to become bank holding companies.
AMEX currently operates as an industrial loan company and is exempt from the definition of “bank”. However, in its statement the Fed noted that “in light of the unusual and exigent circumstances affecting the financial markets…the Board determined that emergency conditions … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - American Express Becomes A Bank Holding Company
Another sign of the times. American Express (AXP) has been granted 'bank holding company’ status by the US Government. This enables them to tap the spigot of money flowing from our Government wallets.
WASHINGTON - The Federal Reserve has granted the request of credit card giant American Express Co. to become a bank holding company.The Fed announced late Monday that it had approved the application for American Express and a related company, American Express Travel Related Services Co. … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Monday's ETF Wrapup: Pump And Dump?
Friday after the close stock futures rallied mightily and I posted that image for subscribers on Sunday. Something was up, as in someone or some group had some inside information and was running with it. The 5 minute chart below is Friday’s NASDAQ futures which included the ramp 30 minutes before the close and thereafter. That was a large 5% move with much of it on heavy volume.
That made me think a Sunday Surprise was in the offing once again. What could it be? AIG (AIG) was … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Trading Actions In The S&P 500 And Nasdaq
Interesting day where I didn’t think we would be fading the gap as far as we did. Regardless, we re-entered the consolidation range not giving a care about China’s stimulus package. On a longer short-term view, we are forming a bearish flag after having failed the 20-day MA 3x. At this point, we are more likely to test the October lows than to breakout to the upside. This can obviously change as each new day gives better guidance. The NASDAQ (^IXIC) formed a ’stick sandwich’ and you … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Larry Summers Mischaracterized By CNBC
Unfortunately, Larry Summers will probably never live it down. A female anchor tonight on CNBC suggested his possible appointment to Treasury Secretary could be in jeopardy because of his statement at Harvard that “males are inherently more intelligent than females.”
Unfortunately, that is complete mis-characterization of what he actually said:
“It does appear that on many, many different human attributes-height, weight, propensity for criminality, overall IQ, mathematical … [visit site to read more]Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - If Your Mutual Fund Is Costing You, Look At ETFs
One of the many advantages of exchange traded funds (ETFs) is that they’re, on average, cheaper than most mutual funds.
How does that happen? Easy - ETFs are passive investment tools, meaning that there’s no manager to pay, says Saj Karsan for iStockAnalyst. When you buy a mutual fund, there are managers making moves, buying and selling within the fund. They’re not doing this for free, and the cost is passed onto investors. Sometimes it can be hefty, too.
ETFs, however, track an index and … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - General Motors Shares Near Collapse
Today (Monday) it has been announced that some brokers smashed the price target of General Motors (GM), something that shocked the market over the trading session. Deutsche Bank (DB) does not believe in the viability of General Motors; the investment bank predicts the collapse of what is the largest U.S. carmaker. Accordingly, they recommended investors to “sell” shares, evaluating each company’s title at … zero dollars.
Chart courtesy of stockcharts ( click to enlarge )
On … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Will China's Economic Stimulus Limit Damage To The World's Most Powerful Emerging Market?
If a bailout is like mopping up a financial mess, economic stimulus packages are meant to keep as many people as possible from slipping and falling. China just launched a half-trillion-dollar stimulus to bolster its economy. Will that do the trick and limit damage to the world’s most powerful emerging market?
Let’s begin by noting that China’s rising domestic consumer demand became the cornerstone of a popular “decoupling” hypothesis over the past few years. That’s where market … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - US Housing Market: Bubble-States Awash In Negative-Equity
One of my primary arguments that the foreclosure crisis has a long way to go has to do with to the massive amount of negative equity in the hardest hit, most populated 'bubble states’. The very states that added so much to the great wealth effect.
Negative-equity is FICO-score and loan type blind. In the new era of 'my house is my largest investment’, most everyone feels the same way about paying into a massively depreciated asset. This is even more the case when the payment … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Gap, Flag And Divergence: A Day that Had it All
I know that today’s (Monday) trading was frustrating for many reasons, but by the end of the day, we’d developed a successful gap-fade trade, a couple of bear flags, and a couple of positive momentum divergences - all of which are worth reviewing for educational purposes to build pattern recognition skills for the future.
DIA 5-min chart:
The day started with an overnight gap of roughly $2.00 in the DIA (DIA), which usually does not result in a successful fade trade, but today … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Over-My-Shoulder Approach To Investment Education
Here we have had a number of comments and emails asking us to explain how we pick stocks. So far we have not dealt with this topic, feeling that stock-picking was for clients. There is always a time for an exception.
Educating by Thinking Out Loud
Out of thousands of books read, it is easy to name the one re-read most often, Play Bridge with Reese. We are not putting this on the recommended list, since it would not be helpful to the average investor, but there are some deep … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Circuit City Files For Bankruptcy After A Year Of Falling Sales And Corporate Cutbacks
Circuit City Stores Inc. (CC) has filed for Chapter 11 bankruptcy, a week after the struggling electronics retailer announced it would close 155 of its 566 U.S. stores by Dec. 31 and slash its workforce by 17%.
“The decision to restructure the business through a Chapter 11 filing should provide us with the opportunity to strengthen our balance sheet, create a more efficient expense structure and ultimately position the company to compete more effectively,” James A. Marcum, vice … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Circuit City Gets A Lump Of Coal, Files Bankruptcy
It has been some tough sledding in November for big box retailer Circuit City (CC).
Just last week the company announced that it was closing 155 stores in a move that would put 17% of its workforce out of job by the end of the year.
Meanwhile less than a week later, the company was back in the news again for all the wrong reasons. Today they took it to the next and final step as they filed for bankruptcy.
The reason?
Increasingly nervous creditors had decided to cut them off … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Global Markets: Reality Check, Again
My favorite banking analyst, Meredith Whitney, is at it again. She forecast the meltdown in the US financial market in 2007 and now has some sobering comments for those that want to bottom fish in the equity markets: Meredith Whitney on the Banks. Here are some excerpts:
We are in a new part of cycle. We have digested the fact that the securitization is not coming back. Securitization made up 85% of mortgages and 50% of credit cards. Market is not coming back. Contraction of capital … [visit site to read more]Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - The Need For A New Approach To Regulation
I figured the above was apropos of the news around AIG’s (AIG) huge loss and the Government’s “revised” rescue package; mind you I’m not characterizing the AIG situation in exactly the same manner as the comic panel, but it certainly feels that way now doesn’t it?
There is no point in revisiting what led AIG to this point as I did that last week here; however I will say that the situation begs for a new approach to corporate government and regulation. Namely that companies need … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Freeport McMoRan Outlook Neutral
Freeport McMoRan Copper & Gold Inc. (FCX) reported third quarter EPS of $1.31, a 48.0% year-over-year decline, due to higher input costs at Grasberg, lower realized copper prices, and higher-than-expected unit costs at its North American mines (Morenci and Safford). Given our lowered 2009 copper price assumption, rising LME copper inventory levels, and the deteriorating global economic environment, we project an FY09 EPS estimate of $4.34 and rate FCX
shares a Hold.We believe … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Ford A Sell Until Further Notice
Ford Motor Company’s (F) market share is likely to fall continuously due to its inclination to push pickup truck sales. The company is facing overcapacity, which leads to weak pricing. Moreover, costs are higher due to product launches and higher incentives.
The company dropped its plans to become profitable by 2009 due to a difficult operating environment including an uncompetitive cost structure. These lead us to rate the stock a Sell and set a six-month target price of $1.00.
On … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - European ETFs Gain Ground On Summit Hopes
In an era where time is money, the European Union (EU) and its leaders are holding a summit meeting in Washington this week to help repair their economies and exchange traded funds (ETFs). The 27 member countries met in Brussels to discuss issues they would tackle on Nov. 15.
At this meeting, European leaders will call for an overhaul of the global financial system within 100 days, hoping to influence President-Elect Barack Obama to jump on board and act quickly. Other issues they … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - The Strongest Jackup Play: Hercules Offshore
As a younger investor, I am extremely interested in many of the smaller companies because of their potential for extremely high returns. Obviously these returns come with much higher risks, but for young investors it is generally more prudent to take these types of risks when you have your whole life ahead of you and you are not trying to save. Hercules Offshore (HERO) is a company that fits this description perfectly due to their outstanding fundamentals and growth prospects as well … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Sun Microsystems, Microsoft Sign Toolbar Deal
In another effort to boost its shrinking shares of the online search market, Microsoft Corp. (MSFT) announced Monday a search distribution deal with its old rival Sun Microsystems (JAVA).
Under the terms of the agreement Sun will promote the MSN Toolbar to U.S.-based Internet Explorer users as they download Sun’s Java Runtime Environment [JRE] software platform. The toolbar has a built-in box for queries to Microsoft’s Live Search and buttons that give users access to Live Search … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - McDonald's Shine, But Food ETF Still Hungry
McDonald’s (MCD) Dollar Menu must be appealing in tight times, but the food and beverage exchange traded fund (ETF) does seem to be eating it up.
The world’s largest purveyor of fast food reported that same-store sales worldwide jumped 8.2% last month, on the strength of value-seeking consumers, reports Lauren Shepherd for the Associated Press. Even as consumers closed their wallets on recession anxiety and the credit markets seized up, the lure of the Golden Arches proved strong. In the … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - For The U.S. Economy In The New Year, The Pain Will Precede The Promise
If there’s a proverb that captures the outlook for the U.S. economy in the New Year, it’s the one that says: “It’s always darkest before the dawn.”
Regardless of any formal announcement of whether or not the United States drops into an actual recession, the ongoing credit crisis guarantees a contraction of the American economy by virtually every measure we know. That period of darkness will be marked by a dramatic slowdown in economic activity, as well as by rising unemployment, … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Five Factors That Give You The Big Picture Of The US Dollar
As many economists and analysts have noted, the stability of the US dollar is a key issue in our current times of economic turbulence. To keep an eye on the stability of the dollar, its value, and how this will affect other markets, there are a few key factors to watch:
1. CDS Prices. Credit default swaps (CDS) can be thought of as default insurance; the buyer makes regular payments, and the seller makes a payoff if the credit instrument in question goes into default. When CDS prices rise, … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - China's Stimulus Package And The US Financial Markets
Along with the rest of the world, the Chinese economy has slowed significantly, from close to 12% growth in the second quarter to just 9% in the third, and clearly heading lower. As people continue to pour into the cities from the countryside, China needs to keep its job growth engine going.
Many in the U.S. overestimate how much of China’s economic success is due to exporting to the U.S., but it is not a negligible factor either. The E.U. recently surpassed the U.S. as China’s … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - By Ignoring Paulson's Advice, Did Washington Mutual Make The Worst Possible Deal For Itself?
U.S. Treasury Secretary Henry M. “Hank” Paulson Jr. warned former Washington Mutual Inc. (WAMUQ.PK) Chief Executive Officer Kerry Killinger to sell the thrift to JPMorgan Chase & Co. (JPM) two months before WaMu failed, both The Seattle Times and Bloomberg News reported.
According to the published reports, Paulson telephoned Killinger and told him that “you should have sold to JPMorgan Chase in the spring, and you should do so now. Things could get a lot more difficult for you.” … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Wait, Who Are The Criminals Again?
I spent this past weekend relaxing and catching up on some episodes of CNBC’s “American Greed” that I DVR’d several months ago. One of the episodes was about Barton Watson a con man who cooked the books at his Tech Company (A PC VAR), in order to procure lines of credit from banks that he used to both run the company and finance a high-flying lifestyle for him and the company’s executives.
I.e. he overleveraged his company on the back of faux assets.
Doesn’t this scenario sound … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Stock Gains From China Economic Plan Evaporate In Afternoon Trade
In this continuing seemingly unprecedented global crisis the next stimulus injection attempt is being carried out by the Chinese. China announced a $586Billion US stimulus package it will use to try to guide that nation through the perils of today and tomorrow’s economic pressures. The package, which was designed to boost business and consumer confidence, and hence bolster the economy was seen as a light for Asian markets.
US stocks began the day climbing about 2% at the open, but … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Buffet's Investment Hasn't Helped Goldman So Far
Bloomberg put put out a great story on the Lehman saga over the weekend. We already knew most of it, but the color and detail makes for a fun read.
One thing I found particularly interesting is how Buffet was ready to do a deal with Lehman during its crisis period. If he would have done so, he would have ended up with a big, fat ZERO.
Perhaps this is why Goldman (GS) is having such a rough time lately - a Buffet deal does not automatically mean that everything is great. Hearing … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - What Does 4 Trillion Yuan Buy?
Friday was a milestone in the evolution of the ongoing financial crisis. No, not the employment data, which was execrable (and prompted Goldman to raise their unemployment rate forecast to an eye-watering 8.5%.) In fact, Friday was notable because it was the first time in quite a while that Macro Man can recall being bored at the office.
It seems as if markets have mentally shut down and are content to limp into the end of the year. Liquidity has certainly dried up amongst many of the … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - AIG: Taxpayer Nightmare
In my opinion, the two key points of the AIG (AIG) article in the Wall St Journal last night are as follows:
“The new package is a tacit acknowledgment that the original $85 billion rescue in September, combined with an additional $37.8 billion made available to the company last month, together haven’t come close to stabilizing AIG”
If they were wrong the first time, why would twice the money work the second time? If it takes $150 billion to ’stabilize’ one company, I surely hope that … [visit site to read more]Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - US Dollar Index Holding Strong
To the surprise of many, the US Dollar Index - once feared to be in a hopeless downtrend - has resurfaced to new life and is forming a potentially bullish continuation pattern on strong technical strength. Let’s look at the daily chart to see these developments.
US Dollar Index: Daily Chart
Price bottomed in July on a mini-positive momentum divergence before breaking above both the 20 and 50 day EMAs, surviving a 'confluence support test,’ and then reawakening into a … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Apple Shares: Buy, Sell Or Hold?
Apple Inc. (AAPL) used to rule its niche world and will continue to do so, with lots of room to grow.
As Coldplay’s “I used to rule the world…” played softly on the outside stereo speakers of my sailboat “Southern Cross” as my family and I pleasantly glided by Execution Rock on a gorgeous Sunday afternoon in the Long Island Sound, I could not stop myself from thinking how the song got there. It was coming out of my daughters’ Apple iPod, interfacing with the boat’s new iPod-ready … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Forex Trading Analysis: US Dollar Likely To Remain Range Bound
Overnight Asia/Europe
Equities firmer overnight; underpin EURO
China announces stimulus plan, USD falls
Commodities higher also helping the MajorsToday’s (Monday) Economic Reports
All times EASTERN (-5 GMT)
Tentative USD Assist Treasury Sec Kashkari Speaks
Light day for US news-expect two-way action.
Looking Ahead to TuesdayAll times EASTERN (-5 GMT)
10:00am USD IBD/TIPP Economic Optimism
All Day USD Bank Holiday-Veterans DayUS data continues light … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Punitive Oil Taxes Will Give Us Less Oil, Not More
House Speaker Nancy Pelosi wants the new Congress to impose billions of dollars in additional taxes on oil and natural gas companies. Others are calling for a windfall oil-profits tax.
Never mind that the top 27 U.S. oil companies have seen their annual taxes rise to more than $100 billion - an 80% increase from 2004 to 2006.
We cannot afford to repeat the mistakes of the 1970s - discriminatory taxes, price controls, and picking winners and losers among fuels - none of which have … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Pre US Market: Circuit City Files For Bankruptcy
Well after just one week after announcing the closure of 155 stores.. today the company has filed Chapter 11 according to the news wires.
Fannie Mae (FNM) reported earnings losses:
REPORTS Q3 -$13.00 V -$1.56 Y/Y; R $4.06B V $3.26BE - FILING
- Q3 Provision for credit losses $8.76B v $1.09BM y/y
- Q3 Charge offs for combined loss reserves $2.2B v $872M y/y
- Q3 Credit loss ratio 29.7 bps v 5.3 bps y/y
- Q3 Serious delinquency rate for Alt-A 4.92% v 1.41% y/y, Subprime: 10.46% v … [visit site to read more]Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Barclays' New ETFs Focus On Fixed Income
The volatility in the market has placed a new focus on fixed-income products such as exchange traded funds (ETFs) offering access to municipal and agency markets.
Barclays Global Investors launched two new ETFs that respond to the latest market demand.
According to David Hoffman for Investment News, the new ETFs are:
iShares S&P Short Term National Municipal Bond Fund (SUB), 0.25% expense ratio
iShares Barclays Agency Bond Fund (AGZ), 0.20% expense ratioSUB measures the … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Exchange Traded Funds (ETFs) Vs Mutual Funds
I was at the International Securities Exchange (ISE) - one of the largest options exchanges in the world - and spoke with Product Development Specialist Mark Abssy about some of the differences between Exchange Traded Funds (ETFs) and Mutual Funds. … [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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