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- Why The GBP/USD Could Fall Even Further
The GBP/USD currently stands at just under 1.49 at the time of writing this article, but there are several reasons why I think this pair could fall substantially lower, maybe even as far as 1.30 in the coming weeks or months.
The first reason is simply because of the dire economic picture here in the UK. Every day there is bad news on the jobs front (today it was BT’s turn with the announcement that they are expecting to cut 10,000 jobs) and dire warnings about the forthcoming economic … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. 
Переслать - No Good Reason Why Most Americans Should Be Excluded From Investing In Hedge Funds
One of the major distinctions between Hedge funds and Mutual Funds that Mr. Ackman failed to mention, “Accredited Investor Status”. Not anyone can invest in a hedge fund. You need to be “Accredited” -
At an open meeting on December 13, 2006, the U.S. Securities and Exchange Commission (SEC) voted to propose a change to the definition of “accredited investor” that, if adopted, would apply to offers and sales of securities issued by hedge funds and other private investment pools to … [visit site to read more]Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - US Treasury Has Become The Personal Fiefdom Of King Henry Paulson
Traders have lost all confidence in US Treasury Secretary Paulson. Asked to explain why he arbitrarily changed the mandate of the $700 billion bail-out package, he looked the media in the eye and said, “You should be thanking me.” What kind of nonsense is that?
When the Congress of the United States votes a clear mandate to the Administration of previously unimaginable proportions, common sense would dictate that the Treasury Secretary would have called a press conference to announce … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Forex Trading Analysis: Further Euro And British Pound Weakness
Wednesday’s US Dollar Trading
Thin conditions exaggerate moves, USD firms
GBP at new six-year low
Other pairs two-way and volatileOvernight Preview
Look for two-way action overnight
USD likely to consolidate ahead of newsLooking Ahead to Thursday
All times EASTERN (-5 GMT)8:30am USD Trade Balance
8:30am USD Unemployment Claims
11:00am USD Crude Oil Inventories
11:00am USD FOMC Member Plosser Speaks
2:00pm USD FOMC Member Stern Speaks
2:00pm USD … [visit site to read more]Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Stock Trading: Short Picks For Thursday
Read last night’s post for an overview of sector ETF’s making new lows. I think we are already in the process of breaking the lows in the broader market, and therefore my inclination is to look for stocks to short. Here is a list of stocks I am watching:
- Cabot (CBT)
- Atmos Energy (ATO)
- Comstock Resources (CRK)
- Denbury Resources (DNR)
- Enterprise Products (EPD)
- Equitable Resources (EQT)
- Forest Oil (FST)
- Petrohawk … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - S&P 500 Faces Triple Bottom Test
The S&P 500 (^GSPC) is testing the bottom, yet a third time. It seems that the volume has been declining with each successive test. If we fail to hold these levels, then we could be in for another serious leg … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - G-20 Nov 15 Meeting: USA Isn't Interested!
Now everyone is arguing that this November 15 meeting is a sham….especially now that China has spent its cash and cannot be robbed. We should not go..but our Prime Minister would rather be considered an economist so..he is going. Previously I have said:
India & G-20 Nov 15 meeting:
There is no point going to a summit where you have no real voice…you might as well wait and read the final text at home. I hope the Prime Minister sends an envoy for protocol and nothing … [visit site to read more]Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - I'm Sorry, I Haven't A Clue
There is a long and glorious history of transatlantic cross-fertilization when it comes to television programs and other forms of entertainment. Staples of the US television landscape such as Sanford and Son (Steptoe and Son), American Idol (Pop Idol), and The Office (The Office) all started life on the British airwaves.
It appears as if US policymakers have seized on the idea, re-incarnating the popular UK radio show I’m Sorry, I Haven’t a Clue.
How else are we to interpret Hank … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - US Market Open: Futures Say "Confusion"
Below is a 5 minute chart of the S&P 500 E-mini futures. A difficult and messy pattern here this morning. Watching these levels in the first hour of … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Dour Climate Puts Real Estate ETF Auction On Hold
The first-ever initial public offering open auction launch of exchange traded funds(ETFs) was set for Wednesday, but has been delayed as MacroMarkets deemed the real estate market conditions unhealthy.
Blame the severely slumping real estate market rather than a lack of interest in the planned U.S. housing market ETFs, have led the company to delay the launch. Market uncertainty is still the rule among investors so now may not be an ideal time to try to raise assets, says Whitney White, … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Wrong Turn For TARP
A few days ago we wrote our top suggestion for President-Elect Obama. Several blogging colleagues took up the theme, and we sincerely thank them for their interest and for stimulating discussion. We plan a more complete review of opinion, but events have, once again, overtaken the schedule. The current Administration is moving in the opposite direction.
Secretary Paulson announced that the TARP program would not purchase troubled securities, at least not in the way originally … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - US Stock Market Summary
From the dismal earnings reports during the pre market hours, the Hank Paulson press conference, and the earnings warning from Intel (INTC) made for a continued lack of confidence in just about anything.
As I have continued to say… the lows of October will be tested once again and it appears that could occur very soon. That test of those lows could even come in the overnight hours tonight in the S&P futures market.
When the lows of October are reached it will likely resemble a … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Bullish Factors As Possible Fire Starters In The Coming Months
The major indices are now sitting within striking distance of the October lows and the next two days may go a long way to predicting the action heading into the holiday season. The Dow (^DJI) closed down 411 points or 4.7% at 8282, 107 points from the closing low on 10/27. The S&P 500 (^GSPC) lost 46 points or 5.2% and closed at 852; this is only 4 points from the October closing low. The tech-heavy NASDAQ Composite (^IXIC) finished lower by 81 points or 5.2%. The NASDAQ closed … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Intel Lowering Guidance - A Good Thing
What a difference a month makes. One month after releasing its third quarter earnings report, Intel (INTC) has issued a press release guiding down revenue and margins for the fourth quarter. As recently as October 14th, the company was expecting Q4 revenue to come in between $10.1 and $10.9 billion with gross margin at or near 59%. The company is now looking for revenue of $9 billion with gross margin in the vicinity of 55%. In just under one month, Intel’s business has deteriorated by … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - ETF Wrap-Up: The New Lows Just Keep Building
One observation I’d make is I’ve never seen weekly and monthly RSIs [Relative Strength Index] with readings this consistently low. This is how extremely oversold conditions are. We are witnessing history in my opinion.
Conventional wisdom, better known as hope, argues that markets are just retesting their lows. One more day like this and we’ll be there. A failure to hold those and we could experience a sharp waterfall leg lower. That’s scary.
Volume is still relatively modest but … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Bank Of England's Deflation Defense: More Rate Cuts
Bank of England governor Mervyn King said today (Wednesday) that dangerous deflation is opening a door for further interest cut rates.
“In the space of a few months, we have gone from the highest rate of manufacturing input price inflation in nearly 30 years to the lowest monthly rate on record. And measures of short-run inflation expectations have fallen back sharply,” King read from a statement before a press conference.
When asked about cutting rates, King said the Bank of England … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Wait Till We Have Double-Digit Jobless Rates Before Comparing Today To 1930s
We still hear daily commentary about “the worst economy since the Great Depression.” The chart above shows the monthly unemployment rate in the U.S. back to January of 1930 and eight different peaks in the jobless rate. Before we make alarming and fantastic comparisons of today’s economic conditions to the 1930s, we should probably start by comparing today’s economy to more recent economic contractions, and more recent peaks in the jobless rate.
The current October jobless rate of … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Market Is Down By 30%, But Beer Is Up By +30%
Anheuser-Busch (BUD) update: Bud stock is up by +30% since June, while the Dow Jones Industrial Average (^DJI) is down by … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - What China's Stimulus Package Means For The US Dollar
China recently announced a stimulus package for its economy, promising 586 billion. This is a rather enormous stimulus package relative to the size of China’s economy; John Browne says it would be analogous to a stimulus package of 3 trillion US dollars by the US government.
For the US dollar, this is not a particularly ominous sign. This major expenditure on the part of the Chinese government will leave fewer funds available to purchase Treasury bonds — just at the time when the US … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - World Bank Triples Lending To Developing Countries
The World Bank said today (Wednesday) that it plans to triple its lending to developing nations this year in an effort to prevent a “human crisis” that has been brought about by economic turmoil.
The amount the World Bank lends to developing countries such as China, India and Brazil could reach $35 billion for the 12 months ending June 30. That’s almost triple the $13.6 billion doled out to developing countries over the last fiscal year. The bank said it is prepared to commit up to $100 … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Gold Bugs Beware
I hope that all the gold bugs are preparing for the next leg down. Although risk does exist on both sides, the path of least resistance is down.
Then and Now
When researching gold prices, it is common practice to use historical quotes to give some indication of where prices may go. In my opinion that is a very bad strategy. ‘Inflation adjusted highs’ is simply a fancy way of saying that the price was here, we multiplied by some factor and so the inflation adjusted high is X. Therefore … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Change In Shopping Habit: What They Have Will Do Just Fine
As noted previously, current economic circumstances are spawning a sea change in attitudes and behavior. Unlike during the downturns of 2001 and 1990, Americans are adjusting their spending habits to a new, more permanent state of malaise.
Whether it is because they don’t have jobs, have much less in their pockets than they used to, or are worried enough about the future that they want to have more in reserve, consumers are increasingly looking to cut back, trade down or buy … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Intel Issues Earnings Warning
Moments after the close of the market, Intel (INTC) issued an earnings warning.
INTEL’S Q4 BUSINESS BELOW EXPECTATIONS; GUIDES Q4 R$9B V $10.36BE; GUIDES Q4 GM 55% (+/- COUPLE OF POINTS)
- The prior Q4 sales guidance was $10.1B-$10.9B and the prior Q4 GM guidance was 59% (+/- a couple of points)
- Spending (R&D plus MG&A) is expected to be approximately $2.8 billion in the fourth quarter, lower than the previous expectation of approximately $2.9 billion, primarily due to … [visit site to read more]Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - India, China And The G-20 Meeting
In a previous post, India & G-20 meeting, I argued that India and China should not go to the November 15 G-20 meeting
Since you are going to be robbed, there is no point showing up at the scene as ordered…
The Chinese have brilliantly gone ahead and spent the money with their $586 billion stimulus package ahead of the November 15 meeting. The Chinese Finance Minister was called away from the G-20 meeting in Sao Paulo for an emergency, spent 30 hours on a plane back to … [visit site to read more]Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Lack Of Gift Card Enthusiasm Could Spread To ETFs
Retail exchange traded funds (ETFs) could be hurting for the holidays, and gift cards might be the victim.
As more retailers go bankrupt, many consumers could be left holding the bag in the form of unspent gift cards.
Jerry Hirsche for The LA Times reports that out on Main Street, some are realizing that a gift card from a troubled retailer is like a bank account without FDIC insurance. Last season, shoppers spent an average of $26.3 billion on gift cards from retailers, up from $24.8 … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Stock Picks And Trade Ideas For Thursday - CIEN, LDK, GOOG, RIMM
Chart courtesy of stockcharts ( click to enlarge )
Research In Motion (RIMM) formed a significant long-term peak in June 2008 at $148.139 and has been in a corrective mode since then. This fall has retraced more than 60 per cent of the entire gains. The stock has key support at $40.21. From the technical chart the stock shows very strong bearish signs. First of all the stock is trading below both 50 day and 200 day moving average with both moving average pointing downwards. Then the … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Surprise Rate Cut By Bank Of Israel Signals Trouble Ahead
As we have mentioned here more than once, the Israeli economy may not be in as great shape as our leaders have let on. Tonight’s surprise 50 basis point cut, bringing rates down to just 3%, indicates that even the Bank of Israel is worried about a potential economic slowdown or even a recession.
With analysts lowering their '09 growth forecasts, Fischer who has until last week remained unrealistically optimistic, appears to have thrown in the towel an admitted that things aren’t all … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Hedge Funds Lose Billions In October
Hedge funds logged billions of dollars in losses during the month of October prompting again massive outflows and unsettling the markets in the process. According to Timesonline - as much as $100 billion was wiped off the value of hedge fund assets last month caused by panic-stricken investors who rushed to withdraw their capital on fears of a worldwide financial meltdown and mounting expectations that the global economy is entering a recession.
Singapore-based industry research firm, … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - People Trading BIDU Also Traded…
Back in September 2007, I started periodically posting snapshots from the optionsXpress Trading Patterns feature and chose to highlight the highly speculative Chinese internet search firm, Baidu (BIDU), then trading at 299, as my guinea pig. Over the course of seven months, I twice updated what traders who traded BIDU were also trading at optionsXpress when BIDU was at 380 on 10/30/2007 and when it was at 350 on 4/22/2008.
I just captured the most recent Trading Patterns update, which … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Financial ETFs Wilt As Bailout Costs Racked Up
The cost of bailing out the auto industry and our financial institutions, many of which are major components in exchange traded funds (ETFs), is nearing $3.5 trillion. And that’s just the beginning. … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - US Treasury - Hank Paulson - Special Remarks On Rescue Package
Here is the text of what Hank will say:
November 12, 2008
HP-1265Remarks by Secretary Henry M. Paulson, Jr. on Financial Rescue Package and Economic Update
Washington - Good morning. I will provide an update on the state of the financial system, our economy, and our strategy for continued implementation of the financial rescue package.
Current State of Global Financial System
The actions taken by Treasury, the Federal Reserve and the FDIC in October have clearly helped … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - FDIC Issues Special Statement
Press Release
________________________________
Joint Release Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency Office of Thrift Supervision
________________________________
For Immediate Release November 12, 2008
Interagency Statement on Meeting the Needs of Creditworthy Borrowers
The Department of the Treasury, the Federal Deposit Insurance Corporation, and the Federal Reserve have recently … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Unprecedented Volatility Will Continue To Rock The Stock Market In Advance Of A Possible Rebound In Mid-2009
In the 20 years I’ve been creating stock-market forecasts, I’ve never seen such a contradictory set of forces at work in the markets all at one time. I could just as easily make the case that we’re finally nearing a bottom, as I could that we’re in for protracted downturn punctuated by sharp, quick drops.
The only question in my mind is what shape an eventual recovery will take, for I see three possibilities:A “U,” with a slow, methodical reversal that gradually transitions into a … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Watch The Financials (XLF)
Keep an eye on the price level of the financial ETF (XLF). The $12.70 price level is very critical support. A failure of that level would likely bring a very large selling … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Global Investing Roundups: Toll, Vodaphone, Sirius
Toll Brothers 4Q Revenue Caves; Vodaphone Focuses on Cash; Tyco Doubles 4Q Net Income; StatOilHydro Buys Shale Gas from Chesapeake; Oil Hits 20-month Low; Sirius Posts Profit Loss Despite Increase in Revenue
Reeling from the housing and credit crisis, luxury-home builder Toll Brothers Inc. (TOL), reported a 41% dive in its fiscal fourth-quarter revenue, Bloomberg reported. “Unfortunately, the preliminary signs of stability we had discussed in early September were upended by the past … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - How To Get Rich
If we could boil achieving financial freedom and Independence down to one habit, what would that habit be?
LIVE BELOW YOUR MEANS
Seems simple enough doesn’t it? This basically means, ensure that your lifestyle costs much less than your true financial wherewithal. Do this for many years and you’ll find yourself in a very good position financially.
We often hear the phrase ‘Live Below Your Means’ espoused by several personal finance pundits but what does this really mean?
Here … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Who Is Next In Line For A Bailout?
While the newsflow continues unabated, market engagement remains tepid at best; as noted, many punters (and banks) seem content to limp into year-end.
The latest development from the US is, unsurprisingly, a broadening of the firms angling for a piece of the bailout pie. Yesterday AMEX filed to become a bank (and thus receive some sweet, sweet TARP lovin’), while Nancy Pelosi wants to divert a chunk of funding to prop up the US automakers.
Jeremy Clarkson’s love for the new ‘vette … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Gold Prices May Break Out To The Upside
The great global deleveraging continues. In a world that has become addicted to debt fuelled growth, the idea that readily available credit may no longer be available, has scared many into facing the truth; credit is not free and should never have been priced as such. Over the past few weeks markets have continue to sell off, outlook for production and consumption are all bearish and thus oil continues its volatile ride losing $2 overnight to its current level of $58 a barrel. (Month to … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Not A Good Time For Aluminum
There’s no doubt commodities stocks have suffered, but few industries have struggled like the aluminum metals and mining segment. The most glaring indicator of the difficulties in this industry was most recently displayed by Alcoa Inc.’s (AA) horrid earnings. There couldn’t have been a “better” way to start the S&P 500 earnings season than to report a 52% drop in net income. With that said, a lot of the death and destruction has been priced into this industry and many companies are … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Best Buy: "Toughest …Ever"
Calling the current pre-holiday retail market “the toughest retail environment it has ever seen” according to an AP report, Best Buy Co. (BBY) announced today it is taking down fiscal year 2009 (ending February) expectations from $3.25-3.40 per share to $2.30-2.90.
The Zacks consensus had been $2.99, but that’s only part of the story. Analysts had been racing to downwardly revise estimates for the fiscal year — 11 in all, in just the past 30 days. This time last quarter, the Zacks … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Where Will Stocks Bottom?
The list of well-known names identifying value on the US stock market at current levels is growing by the day and includes the likes of Jeremy Grantham (GMO - “Careful buying is justified”), Warren Buffett (”Buy America. I am”), John Hussman (Hussman Funds - “Why Warren Buffett is right” and “How low, how bad, how long?”) and Barry Ritholtz (The Big Picture - “Another buy in”). Even perma-bears such as James Montier and Albert Edwards (Société Générale - “Turning more bullish”) are … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - The Case For Deflation
Despite concerns that an increase in money supply will lead to hyper-inflation, evidence is mounting that the deflationary trend will persist, and become a primary economic policy concern. First, Mish Shedlock looks at the bond market in his post, Industrial Bond Yields Strongly Support Deflation Thesis:
As you can see, only AAA rated bonds are performing well. This is strong evidence that we are not in a period of “disinflation” as some claim. In a disinflationary environment, one would … [visit site to read more]Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Fannie And Freddie Insanity
If the US government is really serious about coming up with a home loan modification program to aid borrowers, then it needs to be a NATIONAL program, which is available to ALL borrowers. This broad based program helps to eliminate the “moral hazard” issues that exist with the stop gap measures that have been attempted to date. Why should taxpayers’ money subsidize only those that over-leveraged their homes and are delinquent on paying back their debts?
I’m not especially in favor of … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Second, And Possibly Third, Stimulus On The Way As Unemployment Poses Next Major Hurdle For The Economy
With gross domestic product plummeting and the jobless rate at a 14-year high, U.S. policymakers will have to author at least one more stimulus package in the months to come if they are to elbow aside the impact of high unemployment and depressed consumers.
“Investors have been reluctant to admit that this cycle, unlike 1998’s credit crisis, is imbedded in the real economy,” Merrill Lynch & Co. Inc. (MER) investment strategist Richard Bernstein wrote in a research note last month. … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Microsoft Moves Closer To Search Deal With Verizon
Microsoft’s (MSFT) attempts to pull the rug out from under Google’s talks with Verizon Wireless (V) seem to be working. According to WSJ - the Redmond-based software giant is getting closer to reaching an agreement with Verizon to become the default search engine on wireless carrier’s mobile phones.
Under the terms being considered, Microsoft would offer Verizon a larger piece of the revenue-sharing pie than Google (GOOG), with guaranteed payments to the carrier of about $550 … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Government Rolls Out Long-Sought-After Anti-Foreclosure Program
Fannie Mae (FNM) and Freddie Mac (FRE), the mortgage giants taken over by the federal government back in September, will lower monthly payments for hundreds of thousands of struggling U.S. homeowners as part of a plan to accelerate anti-foreclosure efforts, federal officials announced yesterday (Tuesday).
Fannie and Freddie, the nation’s two-largest mortgage holders, will target loans in which borrowers are 90 days or more delinquent, and have high loan-to-income ratios, Bloomberg … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - India: Final Capitulation Underway, Bottom Forming
Finally, Global and Indian equity markets are capitulating. Of course, the news continues to be full of new problems.
And yesterday I ‘posted’ the trashing of India by all the mighty developed country investment houses: Merrill Lynch (MER), Goldman Sachs (GS), Credit Suisse (CS), etc…
You get the picture.
I cannot imagine that anyone believes what Merrill Lynch, Credit Suisse or Goldman Sachs prints or says anymore..we know they only talk their positions. They have not … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Daily Forex Market Commentary
Euro
The euro moved higher vis-à-vis the U.S. dollar today (Wednesday) as the single currency tested offers around the US$ 1.2605 level and was supported around the $1.2475 level. The U.S. dollar went on a tear yesterday after NYMEX crude oil futures for December delivery fell below the $60 level per barrel. Some traders expressed surprise that the greenback moved sharply higher yesterday because U.S. equities tumbled amidst fresh news of layoffs and higher capital … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Carry Unwinding Continues To Dominate Forex Trading
Today’s US Dollar Trading
USD rallies in thin conditions
No news, likely technical trade
Equities fall driving EURO lowerOvernight Preview
Look for two-way action and consolidation
Better liquidity will help with rangesLooking Ahead to Wednesday
All times EASTERN (-5 GMT)
11:00am USD FOMC Member Kohn Speaks
1:00pm USD FOMC Member Stern SpeaksSummary
Despite a US holiday and thin conditions the USD rallied after the start of the mostly-closed New York … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Stock Sellers In Control
I went through a lot of charts this evening, and came out of the experience feeling quite bearish. A half trillion dollar stimulus package in China prompted brief buying on Monday morning, but since then we have seen steady selling. Perhaps we are revisiting the scenario of forced selling by hedge funds and mutual funds. Whatever the case, the sellers are in control here, and I see few stocks I would consider buying. Despite the selling, there remains considerable bullish sentiment, I … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Drawing Some Different Conclusions
Some might be skeptical, but I’ve seen skilled technical analysts take nebulous-looking stock charts and add lines and descriptions that suddenly provide a great deal of clarity about what is going on.
While I’m not totally sure how talented he is as a chartist, Mike Shedlock, publisher of Mish’s Global Economic Trend Analysis, draws (yes, that’s a pun) some counterintuitive conclusions from a graph that has many inflationistas foaming at the mouth in “Parents Pull Kids From Day … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - The US Market Sell-Off In Perspective
For the second straight day the US stock market closed off the lows of the session, but I still do not like the action. The Dow (^DJI) closed lower by 176 points or 2.0% after being down as much as 310 points and in the early afternoon was nearly breakeven. The S&P 500 (^GSPC) gave back another 20 points or 2.2% and the NASDAQ (^IXIC) also tumbled 2.2% or 35 points. The commodities did not sidestep the selling as both gold and oil fell.
THE BOTTOMLINE: The action the last two … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - It's A Market For Hedgies And Trading Desks To Play With
As long as we continue to have 2-4% intraday trading ranges as routine the environment will only be safe for day-traders. Today (Tuesday) featured another whiplash as stocks fell sharply early, camped lower, reversed course and then reversed again. It’s enough to send investors to the chiropractor.
The open lower this morning followed more bad news and sentiment regarding earnings. But volume was relatively light and we remained camped lower. Then with news pending regarding mortgage … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Stock Picks And Trade Ideas For Wednesday - CIEN, WFC, NOK
Chart courtesy of stockcharts ( click to enlarge )
Nokia (NOK) - The stock broke down from this descending triangle by falling 6 per cent, accompanied by above-average volume. With this recent fall, the moving-average convergence and divergence (MACD) is featuring in the negative territory that is below the zero line. I’m bearish on the stock in the short-term. Based on the technical sell signal noted, it is advisable to avoid NOKIA for now.
Chart courtesy of stockcharts ( … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - US Housing Market: For Many, 20% Down Payment Is All That's Left
This news has been a long time coming and is very damaging to the housing market. This announcement from Wells is the first I have seen but others should follow suit this week.
I have done numerous reports on the mortgage insurers and how it does not matter what Fannie (FNM) and Freddie (FRE) do with respect to loan-to-value, its all about what the mortgage insurers will do.
In CA (other states as well) due to mortgage insurer 'challenges’, the MINIMUM credit score required … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Economy Takes A Toll On Luxury Housing, ETFs
The largest luxury homebuilder in the United States, and a major component in homebuilder exchange traded funds (ETFs), predicted a 41% drop in fourth-quarter revenue.
Toll Brothers Inc. (TOL) reported preliminary results for the quarter ended Oct. 31 showed total consolidated homebuilding revenue of about $691 million, down from $1.17 billion a year earlier, report Helen Chernikoff and Bhaswati Kukhopadhyay for Reuters.
Homebuyer confidence, traffic and demand are down to record … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Are You 90 Days Late On Your Mortgage Payments?
If you are, and your mortgage is serviced by Fannie Mae (FNM) or Freddie Mac (FRE) then you may get your mortgage reduced.
From Reuters:
WASHINGTON, Nov 11 (Reuters) - The regulator for the two largest U.S. mortgage finance companies on Tuesday unveiled a plan that could cut payments for hundreds of thousands of struggling homeowners to help reverse a wave of defaults threatening to swamp the economy.Homeowners facing foreclosure who are spending more than 38 percent of their … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Sony: Sell Rating Reiterated
We believe Sony Corporation (SNE) will continue to struggle as it faces competition from other innovative digital products and increasing competition from low-cost Asian manufacturers as the consumer market slows.
The company’s Q2 results were disappointing, and SNE trimmed its forecast for the remainder of 2008 with lower operating income due to sluggish sales in the electronics and the games segments. Deterioration in the Japanese stock market, a weak global economy, an intensifying … [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, U.S. … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Banks Giving 1-2% Teaser Mortgage Rates As Modifications
The re-leveraging of the US home owner has begun. It was just reported on CNBC that part of CITI’s plan was to give temporary teaser rates of 1-2% to 'help’ borrowers avoid foreclosure.This will ultimately lead to lost decades in housing.
Its sad when the only way to ’save’ housing and get borrowers out of default is keep them terribly leveraged by cutting their rates to 1-2%. Exotic loans with teaser rates is what got us here in the first place.
What is also sad is 1-2% is … [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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