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- Grim Reaper Visits Retail
The drumbeat of bad economic news continues. Friday morning it was announced that US nominal retail sales fell 2.8% (seasonally adjusted) in October from September, and are down 4.1% from a year ago. The results were sharply lower than the 2.1% decline expected by the consensus of economists who forecast such data.
Keeping in mind that these are nominal numbers, when you factor-in inflation the picture gets much uglier. Also, when looking at the year-over-year numbers recall that … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. 
Переслать - More Companies Wanting To Be Converted To A "Bank Holding Company"
I really have to laugh! In the news, EVERY DAY, there are at least 3 stories about the latest company to convert to a “Bank Holding Company”. American Express (AXP) converted, GMAC is trying to convert. The WSJ is suggesting that insurance companies are now starting or attempting to convert. Hartford Financial (HIG) is also looking at the option. How stupid!
Failed business models create the need for additional capital, and the only entity stupid enough to throw good money … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - HSBC Criticizes Bank Bail-Outs
Here is a change, instead of blaming their problems on the credit crunch (you know the crisis they caused themselves), HSBC executives are hitting hard at the bailouts, irresponsible behavior and the banking executives behind the whole mess.
From the Financial Times:
The state-sponsored bail-outs of western banks risk rewarding management teams for failure, the chief executive of HSBC warned.Michael Geoghegan’s comments on Monday reflect a deep frustration the recent bail-outs … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - State And Local Budget Meltdown In The US
During the good times, few state and local governments thought about what might happen if it all went wrong.
Polticians and policymakers failed to anticipate an inevitable bursting of history’s greatest housing bubble. They did not foresee an end to the debt-fueled hyper-binge of consumer spending. They skimped on essential maintenance and infrastructure replacement projects and, instead, bought peace (and votes) from public employees with unaffordable pensions, wages and fringe … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Fast Food Restructure Could Add Value To ETFs
We’re living in lean times in which everyone is scaling back and rethinking their old strategies; food and beverage exchange traded fund (ETF) components are no exception.
YUM Brands (YUM), which operates KFC, Taco Bell and Pizza Hut, is restructuring with an eye on the future. The strategy involves selling more company-owned stores to franchisees and eliminating jobs.
By restructuring the business, Yum says it will create more opportunities for growth and improve cost structure while … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Wal-Mart Doesn't Share US Economy's Bleak Outlook
Wal-Mart (WMT) reported their fiscal year third quarter earnings on Thursday, and the results were somewhat surprising. Wal-Mart reported earnings of $3.14B, or $0.80 a share, for the quarter ending October 31st. For the previous year’s quarter the retailer reported $2.86B, or $0.70 a share. Earnings from continuing for operations were $0.77 a share. This was $0.01 above to the consensus analyst estimates and a penny also above Wal-Mart’s internal estimates. Revenue for the … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Friday's US Market Recap
Friday’s market performance turned out to be anything but an encore to the more than 550 point rally in the Dow (^DJI) in Thursday’s trading session. The Dow, now slightly below the 8,500 point level, lost 3.82% or over 337 points, the majority of which were lost in the day’s final hour of trading. The S&P 500 (^GSPC) and Nasdaq (^IXIC) fared worse, losing 4.17% and 5% respectively. The S&P closed at 873.29, while the Nasdaq finished the week at the 1,516 point level. … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Global Financial Crisis Endgame: G20 Meeting, Shared Losses?
In the middle of 2008, total mortgage debt (actual amount of cash given to people to buy a home) amounted to about $11.4 trillion. No model, mark-to-market, or sophisticated math is required to calculate this number. We now have one boundary condition in solving this problem: losses cannot exceed $11.4 trillion. This would happen if the price of every single house with a mortgage was zero, rather an extreme case.
The total o/s US mortgage debt is comprised of 85% prime and 15% … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - The Rule Of 28-33% In Mortgage Lending: Confronting Reality
Back in the old days of Mortgage Lending (when loans were originated to solvent homebuyers with down payments, and at levels they could comfortable service) , the common rule was that homeowners would be limited to a mortgage that was within 25-28% of their monthly gross household income, with 31-33% being allowed for high income buyers/people with a lot of disposable income.
I think that the architects of “homeowner rescue programs” should keep this rule in mind, because you can’t … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Charting S&P 500 From 1990s To 2008
How similar is Friday’s intraday pattern to the S&P 500 (^GSPC) from the 1990s till now? Eerie, isn’t … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Bailout Bungled; ETF Investor Trust Is Lost
The U.S. Treasury is gearing up to deliver capital injections to 20 more banks, large and small, which could encourage financial exchange traded funds (ETFs) to move in the right direction.
The Treasury has allocated $250 billion for purchasing stakes in U.S. banks, and $125 billion has been approved for nine big banks. More than 50 regional banks have offered stakes to the Treasury and are awaiting the final decision, report Rebecca Christie and John Brinsley for Bloomberg.
Which banks … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - South Africa Gold Mines
South Africa’s gold production dropped 17.7% by volume in September compared to one year ago, according to Statistics South Africa. Total mining production for the month was down 3.5% year-on-year.
South Africa’s mining industry was hit by an electricity crisis earlier this year, with shortages leading to severe blackouts. Production has been falling all year, with total mining production for the the quarter ending in September down 7.1% compared to the same period last year.
The … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - More Pain For J.C. Penney
J.C. Penney Inc (JCP) reported a 52% decline in quarterly profit, as fewer shoppers visited malls, and warned that the downturn was expected to continue well into 2009. Net income in the third quarter was $124 million, or 55 cents per share. Gross margin fell to 38.5% from 39.7% during the period.
Looking forward to a lackluster holiday shopping season, J.C. Penney forecast fourth-quarter earnings of 90 cents to $1.05, much lower than consensus forecast of $1.36 per share. The Plano, … [visit site to read more]Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - If Japan Bounces Back In The New Year, Investors Will, Too
Japan has been an infuriating country for U.S. investors for almost 20 years now, since its benchmark Nikkei 225 index (^N225) hit its trading high of 38,957 in late December 1989. The market then dropped steadily to a third of its peak value by the end of 1998, zoomed back up to 20,000 in March 2000, fell to a low of 7,600 in March 2003, and then recovered to 17,600 in June 2007.
Now, however, it has swooned to 8,695, infuriating global investors. And there’s two ways to look at … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - TARP: Banks Give Congress The Right To ^*&*^! Them
TARP is, of course, the Treasury plan to provide capital to banks. There are terms of the deal described in the press and in official documents from the Treasury. However, the deal is subject to any modification that Congress wants to make. Section 5.3 says that Treasury may unilaterally change the terms of the deal to conform with laws passed by Congress. This is a huge danger.
Back in the savings and loan crisis, Congress changed the terms of deals made between the government … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Short Sellers Still In Control Of Stock Market
The chart below shows some interesting action in the markets: you can see yesterday’s (Thursday) rally from low to high. Today, we moved lower, then retested the highs from yesterday but failed to break through and make new highs, and moved lower. The failure to break through the highs was a great point to sell the market … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Eurozone Enters First Recession, U.S. To Follow
The Eurozone - the 15 countries that use the euro - has officially slipped into its first recession, as the region’s gross domestic product (GDP) contracted by 0.2% in both the second and third quarters of 2008. Analysts anticipate the recession will carry into 2009 before easing and induce another round of rate cuts from the European Central Bank (ECB).
Germany, Italy and Ireland have already officially entered into recessions, posting back-to-back quarters of negative growth. France … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Fidelity Laying Off 7% Of Its Workforce
This downturn in the economy is shaping up to be a doozy. Here’s the most recent bit of information on Financial Services, coming from Fidelity via Bloomberg … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Stock Trading: Rounded Reversal Structure Underway
Today’s US equity index markets completed a classic “Rounded Reversal Day” pattern worth examining. Let’s see this pattern and also view the “optimal entry point” that confirmed that this structure was likely forming.
DIA (DIA) 5-min intraday (incomplete) chart (courtesy TradeStation):
The day opened with a downside gap that quickly filled (or actually came just shy of filling) and then price began moving lower on the day after forming two ’shooting star’ type candle patterns … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - US October Retail Sales Drop Fastest Pace Ever Heading Into Holiday Shopping Season
U.S. retail sales dropped 2.8% in October, the largest monthly drop since the Commerce Department began tallying monthly retail sales in 1992.
The sharp drop in consumer spending is largely the result of mounting job losses - with unemployment filings surging to 516,000 this week - and higher lending standards at banks.
“What you are seeing now is the turmoil in the credit and funding markets playing out into the consumer sector,” Kevin Flanagan, fixed income strategist, global wealth … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - General Motors Job Loss: Don't Believe It
If General Motors is allowed to fail, won’t we lose three million jobs? That multi-million job loss comes from both GM’s own employees, plus the suppliers and dealers. However, the economics behind that idea is pretty bogus. … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - What's The Colour Of Money?
“The easiest way for your children to learn about money is for you not to have any.”
- Katharine Whitehorn.
Stop the bail-outs, I want to get off. The trouble with flood-gates is that, once opened, they have a tendency to let the floods through. So along with the flotsam and jetsam of the banking industry, Detroit has now joined the queue for “emergency” assistance. The FT’s Lex column recently pointed to the rich irony of this, given that
“..less than two months ago, … [visit site to read more]Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - RevenueShares Expands ETF Family
RevenueShares has launched its first sector exchange traded fund (ETF), and that’s not all the provider has got in the works.
RevenueShares Financial Sector Fund (RWW) began trading this week. Eric Rosenbaum for Index Universe says that along with the coming launch of an ETF focusing on leading revenue-producing foreign stocks-all of which are listed on U.S. exchanges as American depositary receipts-these new ETFs represent the fourth and fifth portfolios from the ETF … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Citi Dumping Thousands Of Jobs
Citigroup (C) is on another round of job-cut drive. After firing more than 20,000 personnel over the last one year, it has now trained its gun on at least 10,000 jobs around the globe, reported The Wall Street Journal.
The move comes a day after the bank’s shares breached the $10-mark for the first time since the 1990s. The paper also reported the bank top brass has ordered officials to reduce budgets for employee compensation by at least 25%. Citigroup has lost more than $20 billion … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Gold At Resistance - Watch Closely
Gold prices are testing major resistance, but have a positive momentum divergence building beneath the action - let’s see these developments - using the Gold Trust ETF (GLD) as a proxy.
GLD (Gold Trust ETF) Daily:
Before viewing the chart, keep in mind that StockCharts represents the gold price index ($GOLD) with end-of-day data only, so to get the most recent intraday data - or for a vehicle to trade your views on gold prices without using futures - you can trade GLD and … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Nordstrom Estimates Declining
Seattle-based specialty retailer Nordstrom Inc. (JWN) operates a chain of department and outlet stores. The company reported weak third-quarter results. Its sales declined 8.4% year-over-year to $1.805 billion, and its earnings per share declined 50% to $0.33. What’s more, the company issued fourth-quarter guidance that was well below consensus expectations.
The stock appears cheap, trading at just 6.6x our fiscal year 2008 EPS estimate and 7.6x our fiscal year 2009 EPS estimate. … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - How Will Commodities React To G20 Meeting?
Crude oil briefly dipped below $55 a barrel yesterday for the first time in 22 months prompted by reports, warning that demand will be significantly weaker in 2009 due to the global economic downturn.
Despite this, Gold gained slightly on the news that Chinese investors’ demand had surged in the first nine months of 2008. Gold is currently trading at $728 after closing in New York on Wednesday at $710.30.
In wealth preservation terms, Gold is still doing an admirable job. The metal … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - US Retail Sales Hit A Brick Wall
Here is some news from the “no real news department”. US consumer spending has hit a brick wall.
Even still, it is worth noting given the huge rally in the broader markets yesterday. Today (Friday), however is new one, and the market have gone red once again the most recent data.
It was pretty ugly.
From Bloomberg by Shobhana Chandra entitled: U.S. Retail Sales Drop in October by Most on Record“Retail sales in the U.S. dropped in October by the most on record, pushing the … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Is It Time To Buy Stocks?
Below is the relative strength chart of investing in the S&P 500 (^GSPC) versus 2 year Treasury. You can see that the direction of this chart has moved from upper left to lower right in a rather dramatic fashion, indicating that it’s been a better idea to be owning “cash” (2 year t-notes) rather than S&P 500 stocks. I think that this indicator can give some meaningful information as to the direction of the market and which asset classes you’d rather be in.
Buy ‘em when … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Forex Trading: Likelihood Of More Rate Cuts Push Euro And British Pound Lower
Euro
The euro moved lower vis-à-vis the U.S. dollar today (Friday) as the single currency tested bids around the US$ 1.2705 level and was capped around the $1.2825 level. Traders are wondering what news may emerge at this weekend’s Group of Twenty meeting in Washington, D.C. 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 … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Recession Could Change Game For Technology Industry
Some of the company heavyweights within the technology sector are going to have to step things up in a big way if they are going to survive and help boost the sector at large and exchange traded funds (ETFs) that hold them.
Both Sun Microsystems (JAVA) and Motorola (MOT), two one-time huge technology firms that have now become has-beens. Both companies posted disappointing sales results on Oct. 30, reports The Economist.
Sun’s sales to Wall Street firms, which are among its … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - EuroZone Enters Recession For First Time: Is It Time To Go Long?
This headline appeared in the WSJ today, talking about the fact that the Eurozone officially entered a recession today. I’ve often heard pundits say that when the announcement about a recession becomes official, we’re usually closer to the end than the beginning of the recession. Another thought to consider when you’re contemplating being short this … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Advance Retail Sales: Record Low
Advance retail sales for the month of October declined -2.8% m/m and are down -3.3% y/y/. The core ex-autos estimate fell -2.2% m/m and is up 1.7% y/y. On a monthly basis ex-gas was down -1.5%, ex-autos and building materials have fallen -2.4%, ex-autos and gas -0.5% and ex-good service -3.1%. On a three month annualized basis sales in the retail and food service sector have fallen -10.9% with the ex-auto estimate down -7.4%.
Inside the data sales were down just about across the board. The … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Pre Market: Advance Retail Sales Fall By Record Numbers
The official Government data on Retail Sales fell in October by a never before seen amount.
We did not need the Government data to know that it was deteriorating. Real world indicators tell us more than Government data.
OCT ADVANCE RETAIL SALES: -2.8% V -2.1%E; LESS AUTOS: -2.2% V -1.2%E
- Prior Advance Retail Sales revised from -1.2% to -1.3%
- Prior Less Autos revised from -0.6% to -0.5%
The current S&P 500 E-Mini futures chart (5 minute … [visit site to read more]Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Thursday's Intraday Range Was Almost As Much As The Range In The Whole Of 2005
Macro Man’s a bit pressed for time today, so he’ll confine today’s effort to making two observations:
1) He’s not sure exactly what explains yesterday’s equity rally: Paulson’s comments (yawn), hopes for groundbreaking policy initiatives at this weekend’s G20 (good luck with that), or short gamma positions (possibly.)
But consider this: yesterday’s intraday range of 11.6% in the SPX……
…was very nearly as much as the entire yearly range in 2005!!!!!!
While it might … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Direxion Triple ETFs Will Revolutionize Day Trading
I promised myself that once the new Direxion 3x and -3x ETFs started trading at least a million shares a day that I would take them out for a test drive. Well, I didn’t have to wait very long. Launched just last week, two of the eight new ETFs hit the million share mark yesterday and a third missed only by a rounding error.
To recap for those who do not follow this space, Direxion is the first company to offer ETFs that have a targeted return that is leveraged to three times and minus … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Dropping Goldman Sachs From My List
Thursday may have marked an intermediate low for the US stock market; yearly lows were violated, stops were hit and the market violently reversed to finish higher on the day. Interesting a new moon was yesterday and this week was the anniversary of the very important lows in 1907 and 1929.
The two primary considerations that traders must focus on are: (i) choices of companies to monitor, and (ii) entry and exit timing of the share prices of these companies.
My choices of companies … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - US Jobless Claims Rise To Highest Level Since 1983
Jobless Claims Rise to 516,000; Wal-Mart Earnings Soar; Intel Lowers 4Q Forecast; Urban Outfitters Clocks $59 Million 3Q Earnings; Budget Deficit Hits Record High; Volatile Crude Climbs 3.7%; U.S. Steel Lays Off 677 NA Employees;
Initial jobless claims jump to their highest level since 9/11, rising 32,000 to 516,000 in the week ended Nov. 8, the Labor Department said yesterday (Thursday). The total number of people collecting unemployment benefits is at the highest level since 1983, … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Ben Bernanke's Speech In Frankfurt, Germany
The full text of Federal Reserve Chairman Ben Bernanke’s speech follows:
Chairman Ben S. Bernanke
At the Fifth European Central Bank Central Banking Conference, The Euro at Ten: Lessons and Challenges, Frankfurt, Germany
November 14, 2008
Policy Coordination Among Central Banks
I am pleased to be here in Frankfurt today to celebrate the 10th anniversary of the euro. The euro’s introduction was a remarkable achievement. As an academic, I did a bit of consulting for the European … [visit site to read more]Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - S&P 500 Futures Defending 890 Level
We’ll see what happens as the day goes forward, but you can see that in the overnight action the SP500 futures have held at the 890 level. Down from yesterdays’s high of … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Was The Stock Market Rally "Real"?
What a wild day on stock markets yesterday! At one stage the Dow Jones Industrial Average plunged to below 8,000 to a five-year intraday low, but staged a spectacular rally late in the session to close 553 points (6.6%) up on the day. … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Interpreting Yesterday's Rally: Was It Government Intervention?
So I am sitting there, and the market’s down around 4%. The S&P (^GSPC) had breached the October lows, and I’m loaded with short positions, including a pretty large position in the ultrashort EEV. Then it suddenly occurs to me, everybody’s watching this level, including the government. And they have hundred of billions of dollars to buy stocks! I started thinking, if I’m Hank Paulson, I’d be buying hand over fist now to protect the low, maybe put a floor under this market. So I … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Double Top In USD ?
It looks like the USD could be failing here.
It’s up against a double top and MACD below is … [visit site to read more]Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Copa Airlines Stays Nicely Profitable
Anyone watching the results of U.S. based airlines over the last 6 months know they have struggled mightily with higher fuel prices. In contrast, my favorite airline stock, Panama based Copa Holdings (CPA) has had two nicely profitable quarters in a row. For the just released 3rd quarter Copa had net earnings of $30.3 million or 70¢ per share, the same level as the 2nd quarter. The earnings are well below the $1.08 for the 3rd quarter of 2007, but very nice results considering the fuel … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Carnival Cruises Keeps Afloat
We maintain our Hold rating for Carnival Corporation (CCL) (CUK). Although the recent dividend suspension has afforded Carnival increased financial flexibility, the stock price has fallen substantially since the announcement.
Given our expectation for continuing margin pressures and potential demand weakness, we do not feel that material price appreciation is warranted at this time. While the recent pullback in the price of fuel should provide some relief, a great deal of … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Buckeye Partners Retains A Buy
We are maintaining our Buy recommendation on Emmaus, Pennsylvania-based Buckeye Partners, L.P. (BPL), a master limited partnership (MLP) and one of the largest independent common carriers of refined petroleum products in the U.S in terms of volume delivered, with approximately 5,400 miles of pipelines, located mostly in the Northeast and the Midwest.
The weakening economy, falling commodity prices and tight credit have led to dramatic slides across equity markets. BPL has fallen 25% … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Wal-Mart Optimistic On Economy As Others Slash Outlooks
The clout and reputation of Wal-Mart (WMT) precedes it even in the most trying consumer and economic times. Not only is WMT the only component of the Dow to be in positive territory for the year it is one of those American bedrock companies that span the nation and its shopping consciousness.
With Wal-Mart reporting an almost 10% rise in year over year profit for the quarter it is becoming crystal clear that even a tight-wallet shopper needs the inexpensive wares provided by his or … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - It's Not As Bad As Before, It's Worse
It’s one thing when the author of a book entitled Financial Armageddon (with a blog of the same name) highlights the threat of depression and hyperinflation in the United States. Many people naturally dismiss such talk as the rantings of a permabear (or lunatic) or, more cynically, as some sort of attention-grabbing marketing effort.
However, it’s another thing when the former head of one of the most well-known and highly regarded firms in the financial industry – prior to recent … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Did President Bush Cause The Market Rally?
Here on our site, we admire and enjoy Larry Kudlow’s show on CNBC. It is not because of the host’s opinions, with which we often disagree. Larry is incorrigibly bullish about the economy and the market, and it does not hurt to get that perspective. What we really like is his ability to get a range of strong guests with serious and well-developed conclusions. It is a great way to get a fast read on the main perspectives from the day’s activities.
An Astonishing … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - No Recession At Wal-Mart
WSJ: Wal-Mart (WMT), the nation’s largest private employer, is reaping big gains from the souring economy even as consumers cut back, retail chains struggle and thousands lose their jobs.
On Thursday, after a week of bad news from retailers such as Best Buy (BBY) and Starbucks (SBUX), Wal-Mart said earnings for the third quarter rose 9.8% while sales rose 7.5% (see chart above). At stores open at least a year, sales rose 3%, twice as much as a year before, and far better … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Staying Away From Retail Stocks
US initial claims for unemployment insurance jumped to 516K from last week’s 484K (revised up from 481K). This is the highest level of new claims since the spike right after 9/11.
The 4-week moving average of initial claims rose to 491K from 478K and has now exceeded the peak of the 2001 recession. It is also and is fast closing in on the peak of the 1991 recession.
The numbers were far worse than the consensus of economists had been looking for (479K). Continuing claims looked even … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - US Stock Market Wrap: Gandalf Magic?
The significant 825 level on the S&P 500 E-Mini futures was breached with strong momentum. Then came the sudden reversal within minutes.
The reversal was extraordinary because of how far below the 825 level the futures dropped. This important and key support had been breached but like magic the futures reversed. I said last night that when the 825 level is reached it would be like one of those battle scenes from 'Lord of the Rings’. Well it was and the reversal had to be the magic … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Can We Use 1970s, 1980s Or 1990s As Benchmark?
The top chart above shows today’s updated WSJ consensus forecast (based on 55 forecasters, data here, article here) for the U.S. jobless rate of 7.7% in December 2009, up from the 6.8% forecasted previously (see CD post here).
Let’s say the forecasters are correct and the U.S. unemployment rate rises to 7.7% by the end of next year. Hopefully, that would be close to the peak unemployment rate for the 2009 recession, and economic recovery would in place by the last half of 2009 … [visit site to read more]Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Germany Officially Enters Recession, Eurozone Likely To Be Next
Germany has officially plunged into a recession, as the nation’s Federal Statistics Office revealed yesterday (Thursday) that Europe’s largest economy contracted by 0.5% in the three months through September.
The data is worse than many analysts had expected and follows a 0.4% decline in the second quarter. The economy last contracted this much over two consecutive quarters in 1996, making this Germany’s worst recession in more than a decade.
The slide may worsen, too, as German … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - US Trade Deficit Sets A Record
Remember when a federal budget deficit of $237.2 billion in a year would have been considered bad news? Well that was the budget deficit for just the month of October. That’s right, the federal government took in $164.8 billion and spent $402 billion in the month of October.
The budget deficit does vary greatly from month to month and October is normally a deficit month, but this is far higher than anything we have ever seen before. In fact only there have been only 8 other times where … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - US Stocks Rocket Off Multi-Year Lows
Stocks set a multi-year low as more fear about the economic situation grew. However, stocks found footing and with volume soared from its lows. Is this the bottom? Time will tell, but the move off the lows was very powerful and with volume. At its lows today (Thursday) the NASDAQ (^IXIC) was off 50% from its October 2007 highs. Extreme moves like this usually result in massive snap back rallies. After the 1938 lows the market rallied 50% from its lows and we could see … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Obama Wants To Appoint Auto Czar, Seeks Billions In Detroit Aid
President-elect Barack Obama is asking a Congressional lame-duck session to approve $25 billion to $50 billion in rescue aid for Detroit’s crumbling auto industry.
He also wants to appoint a czar or board to oversee the auto industry’s rescue and reconstruction, Bloomberg reported.
Both are steep requests that would require nationwide support - from Michigan state officials all the way up to President George W. Bush. Without 60 seats in the Senate, Democrats would need a few … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Stock Trading: Thursday's Rally Was Purely A Technical Move
I found exactly what I was looking for, even the increased spike in volume. This was no surprise to me as it was bound to happen. I am up 14% today (Thursday) and up 42% for the month so far and 3 out of 4 of my students are up over 10% today alone after joining me in killing the bears (at least for a day). I even said that today was the day to pay attention to (in my post yesterday), so if you didn’t make money and you were trading all day, then something’s wrong [nice version]. Let me … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - ETF Strategies In Volatile Markets
The markets are as volatile as ever today, making it a good one for an article I wrote to appear in Investment News, outlining our strategy when it comes to exchange traded funds (ETFs).
Many advisors are dealing with scared and uncertain clients in these markets, and it really helps to have a strategy to protect them. We’re even seeing some shifts in the long-term buy-and-hold strategy, because markets are hitting levels not seen in decades.
For years, we used the 200-day moving average … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Renewable Energy And Inflation
Thanksgiving is still two weeks away, but retailers are out with ultra-early Christmas ads to boost spending. Meanwhile, oil has dipped back down below $60, and Treasury Secretary Hank Paulson is going it alone with his bailout plan. So what’s up with the dollar these days, and what does it mean for renewable energy and inflation?
GCR reader Patrick in Argentina asks:
“Do you foresee an inflationary or deflationary outlook for the dollar? Assuming inflationary, how would a weaker … [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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