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- Forex Trading: GBP/USD Trading Up The Channel
In what is continuing to be a very quiet trading day with no activity earlier in US markets, most pairs have been trading in a very tight range. After a better than expected consumer confidence number the Sterling did not receive a bid as the number was still extremely negative. However a channel has developed for the GBP/USD pair this week after the 100 hour moving average crossed above the 200 hour mavg. Looking at the channel we see there have been 3 touches on the support trendline, … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. 
Переслать - Carl Icahn Raises His Yahoo Holdings By 6.8 Million Shares
Billionaire investor and Yahoo Inc. (YHOO) board member Carl Icahn has increased his holdings in the Sunnyvale, Calif-based Web Portal by adding 6.8 million shares to his position for about $65 million. According to a filing with the Securities and Exchange Commission, various Icahn entities purchased, between 11/24 and 11/26, 6.8 million shares of Yahoo at an average price of $9.92. Bringing Icahn’s total stake in the Internet company to 75.6 million shares or 5.4%. At Wednesday’s … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Is The Tide Turning For US Stocks?
I posed the following question a few days ago: “Does the stock market rally have legs?” We have now had four days in a row of a higher market, something we have not seen since June this year. This is also the S&P 500 Index’s (^GSPC) biggest four-day surge (+18.0%) since 1933.
A sharply weaker opening yesterday as a result of a barrage of gloomy economic reports was followed by a reversal on the news of former Fed Chairman Paul Volcker’s appointment to a new White House Economic … [visit site to read more]Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Elliott Wave Analysis On The Euro Index
A reader brought to my attention to look at the Elliott Wave Count for the Euro Index, and there’s an interesting development you might find interesting, or want to share you interpretation of what the count might be, or what might be in store next for the Euro.
First, let’s set the stage with a Weekly Chart:
The complete Elliott Five Wave Impulse began just before 2006 and terminated in July, 2008 for a two-year pattern.
Wave 1 began with positive momentum divergences and … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Economic Policies That Are Destined To Fail
Most regular visitors to my site know where I stand in regard to the mindset of mainstream economists and their other-worldly views on how things work - or, should I say, are supposed to work.
While there are many areas of life where the theories of the dismal scientists are proved wrong on a regular basis, the financial markets offer the best examples. Contrary to what the economists say, for instance, there are many occasions when what goes on in the trading pits is other than … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Three Reasons ETF Investors Could Be Grateful
The financial meltdown may have many feeling bitter, but exchange traded fund (ETF) investors know that there are many things to be thankful for.
James B. Stewart for SmartMoney explains a few things that we should be grateful for and that amidst the gray there is also a silver lining. Or is it that every silver lining has a touch of gray?
The most important factor to remember is simply that our net worth does not equal our self worth. Stewart reminds us to not confine ourselves to all … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Jobs Bank Cost Big Three $1.5 Billion In 2006
From the Wall Street Journal article in 2006 “Money for Nothing: U.S. Car Companies Pay Hundreds of Millions of Dollars in Wages to Idled Workers”:
The Jobs Bank is a two-decade-old program in which nearly 15,000 auto workers continue to get paid after their companies stop needing them. To earn wages and benefits that often top $100,000 a year, the workers must perform some company-approved activity. Many volunteer or go back to school. The rest clock time in the rubber room or … [visit site to read more]Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - USD/CAD At Support On Daily Chart
USD/CAD is hovering above daily trendline resistance at 1.2176 (immediate support) A break to the downside could yield 1.1900/05 (S2) on to 1.1650 (S2) and on to 1.1330. If the support levels hold we could see the pair trade back up to the daily highs at 1.3000
Canada’s finance minister has recently stated that they are heading into a technical recession, with GDP to shrink to 1% and 0.4% in Q1 of 2009. A stimulus package is being put in place for the following:
-Double … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Weekly Review Of The New Energy Global Innovation Index
Each week I recap the results of the WilderHill New Energy Global Innovation Index, symbol NEX, and published by New Energy Finance Ltd. The index consists of approximately 90 stocks from 22 countries. The NEX is the tracking index for the PowerShares Global Clean Energy Portfolio ETF (PBD). For reference, the NEX has a 52 week high of 461.56.
For the week that ended Monday, 11/24, the NEX fell 6.2% to 150.49. The low for the week was 133 on Thursday. The NASDAQ (^IXIC) declined … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - U.K. And Related ETF Forecast For Contraction
The United Kingdom’s economy may be downsizing, meaning related exchange traded funds (ETFs) could be poised to follow suit.
The Organisation for Economic Cooperation and Development forecast that Britain will shrink 1.1% in 2009, and unemployment will rise, Reuters reports.
This would be the biggest contraction since 1991 for the United Kingdom’s economy. The credit crunch and the global financial meltdown has thrown out the notion that 2009 would bring more growth, report Mark Deen and … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Quantitative Easing: US Interest Rates Heading To Zero?
FT.Com - Financial markets notched up another historic milestone on Wednesday as the yield on 10-year U.S. Treasury debt fell below 3% for the first time in 50 years (since March 1956, see chart above). The decline in yields - to a low of 2.98% - comes in response to unconventional policy measures taken by the US Federal Reserve this week aimed at pushing short-term and long-term interest rates lower. This so-called “quantitative easing” is a strategy central banks use to fight … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Inverted Head And Shoulders Outcome In The S&P 500
I often hear a lot of differing views and opinions on where the market is going. After listening to many different thoughts and ideas, I always try to form my own opinions, taking the best ideas and discarding the worst.
The chart below shows how an inverted head and shoulders pattern on the S&P 500 (^GSPC) could be created. We rally up to a point (1200 or any of the fib resistance lines), correct back down, then move higher. If we were to get all the way to 1200, the … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Fed Approves Bank Of America's Acquisition Of Merrill
The Federal Reserve governing board announced Wednesday its approval on the buyout of Merrill Lynch (MER) by Bank of America (BAC).
The acquisition of New York-based Merrill Lynch, one of the premier wealth management and advisory companies, allows BofA to create a unique financial services firm. Merrill has total consolidated assets of approx. $875 billion and controls deposits of nearly $78 billion, which represent 1.1% of the total amount of deposits of insured depository … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Infrastructure Stocks To Benefit From A Second Stimulus?
I’ve known this was a sleeping bull for a long time.
But, until recently, the stock prices were simply too high to talk about investing in infrastructure stocks as a growth catalyst.
Now, the rules have been rewritten, the stocks have gotten a haircut, and infrastructure is being talked about as a possible economic savior.
Case and point is an interview given yesterday by House Majority Leader Steny Hoyer.
When asked what should be included in a proposed second economic stimulus … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - ETF Investors Hang In There Against All Odds
The buy-and-hold philosophy for exchange traded funds (ETFs) and other investing tools is still being pushed by many advisors. Whether it hold true or not, many investors are bailing out of the markets because they have been burned so badly and simply can not take anymore.
Never mind jumps like one week ago Friday, when the Dow Jones Industrial Average climbed nearly 500 points. Investors are losing income elsewhere and can’t afford to risk more erosion of stocks and bonds, reports Ianthe … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Utility ETFs May Get Jolt From Fees
A host of new utilities surcharges may have a more altruistic bent while benefiting related exchange traded funds (ETFs).
Three of California’s largest utility companies are proposing a change in surcharge to be directed away from business customers and be given to residential customers instead.
Southern California Gas Co., San Diego Gas & Electric Co. and Pacific Gas & Electric Co. want to shift $90 million in fees paid each year onto residences, with the fees mostly going toward … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - India Stock Market: Long Lasting Value
You all know I have been arguing that the Indian market is bottoming, and that the time is ripe for picking good companies for long term growth. Here are some points I consider to be important:
Demographics are not changing; aspirations of young, hard-working people in our economy are not changing.
Expect India to take advantage of low commodity prices to secure large, long-term supply committments while the Developed world is trying to get back on its feet. To ensure low prices, … [visit site to read more]Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - ProShares Rolls Out Commodity And Currency 2x And -2x ETFs
Just 12 days ago I came out with what I thought was a bold statement in Prediction: Direxion Triple ETFs Will Revolutionize Day Trading. I was going to do a follow-up to show how volume has skyrocketed in these ETFs, but Bespoke beat me to it in today’s 3x ETFs on Fire. Bespoke includes some excellent graphics that capture the extreme volatility in these ETFs as well as the snowballing volume trend.
Not to be outdone by Direxion, ProShares is now rushing to market a new group of 2x and … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Approaching Resistance On SPY
No doubt SPY (SPY) is coming into some resistance on the way up and we’ll need more energy on the volume front to power us through the resistance to approach the 1000 or 1200 levels.
You can see that the Rate of Change is overbought short term. In the Long Term, it is oversold on … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - The Six Miracles Of Socialism
1. There’s no unemployment, but nobody actually works.
2. No one works, but everyone gets paid.
3. Everyone gets paid, but there’s nothing to buy with the money.
4. No one can buy anything, but everyone owns everything.
5. Everyone owns everything, but no one is satisfied.
6. No one is satisfied, but 99% of the people vote for the system.
~Bennett Owen, National Review in … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Forex Trading: EUR/USD Approaches Retracement Level
The volumes are light but the EUR/USD has moved toward support at the 100 hour moving average (currently at 1.2845) and the 38.2% retracement (at 1.2830). The low yesterday was 1.2818. A break of these support levels should lead to lower … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Citigroup Says Gold Likely To Rise Above $2000/oz Next Year
Both gold and silver fell slightly yesterday (Wednesday) as the dollar and stock markets rallied on renewed increasing risk appetite. Euro gold and British pound gold remained near record highs of €628 and £532.
Gold has traded sideways in Asian and early European trading despite the horrendous terrorist attacks in India. Unfortunately, they show that the world remains very unstable and that geopolitical risk remains ever present.
With the Thanksgiving holiday today (Thursday), … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Thanksgiving Turkeys And ETFs: Let 'Em Fly
This Thanksgiving, are you going fresh cage-free or frozen Butterball? Either way, you could help boost agriculture and livestock exchange traded funds (ETFs).
Turkeys can generally be found running around hardwood forests with grassy areas. They roost in trees, typically flying to their nests at sunset. A wild turkey has really good vision, and this is the main attribute that keeps them from hunters. With a field vision of 270 degrees, they can also run between 50-55 mph, says … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - USD/CHF Tests 100 Hour Moving Average
The 100 hour moving average in the USD/CHF comes in at the 1.2022. So far,the price has been able to remain below the moving average since it broke lower on the 24th.
In other technical developments, the 100 hour moving average crossed the 200 hour moving average for the 1st time since November 5th. When this occurs it can suggest additional bearishness ahead. Alternatively, it can signal a prolonged consolidation period of up and down movements above and below the moving … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Big 3 Automakers Are Profitable Around The World, But Not U.S.
GM (GM) CEO Rick Wagoner told Congress last week that GM’s China operations are profitable. They actually help to underwrite the massive losses in the U.S. The brainpans on the Hill might have asked why Ford and GM managed to build viable auto businesses all over the world but not in North America.
You don’t need the Hubble telescope to tell the answer: The UAW is present only in the U.S., not all over the world.
Here’s a plan: Buy out the UAW with taxpayer dollars and free the … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Retail ETFs Could Get A Lump Of Coal
Retailers feel like they’ve gotten a lump of coal in their stockings, even before the totals are in and exchange traded funds (ETFs) have had a chance to soak in any possible gains.
Christina Cheddar Berk for CNBC says it will be inevitable that retailers are going to see lower holiday sales growth than the past year. An estimated 2.2% year-over-year sales gain just isn’t enough. The traditional Black Friday is only days away and retailers have already slashed their prices. Will shoppers … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Forex Trading: USD/JPY Kept In Downtrend Underneath Key Resistance Levels
Looks like USD/JPY is consolidation on the 4-Hour chart very nicely underneath Key Trendline Resistance and also the 100 and 200 Bar MA’s. A fail again of resistance should lead the pair down to support levels while a break above could see new highs at Fibonacci retracement from the move AUG 15 at 110.65 to the Low around 90.88 10/24/08 with 38.2% at 98.33, 50% around 100.60, and 61.8% at 103.00
R1- 100 Bar MA and 4-Hour Chart Trendline Resistance- 97.26
R2- 200 Bar MA - … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Wednesday's Market Recap: Stocks Rally Ahead Of Thanksgiving Holiday
Wednesday’s market action was another sigh of relief for investors as the three major U.S. averages ended well into positive territory. The Dow Jones (^DJI) finished up 247 points to 8726 or 2.91% while the Nasdaq (^IXIC) finished up 67 points to 1532 or 4.60%. The S&P 500 (^GSPC) also finished up almost 30 points closing at 887 for a gain of 3.53%.
Overseas Europe staged a late rally that moved the FTSE 100 (^FTSE) to down only 18.56 closing at 4152.69 or down 0.44%. … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Video: Pre Market: US Markets Closed
US Markets will be closed for a national holiday. … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - US Stock Market: Anemic Volume On Wednesday
It goes without saying, but I’ll say it anyway. The volume today (Wednesday) was anemic, due to the upcoming Thanksgiving Holiday. We’ll see if we get follow through on Friday, with stronger volume. No volume confirming this rally … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Four Day Winning Streak In US Stock Market: Chase Or Hold Off From Buy?
After the best two-day rally since 1987, the Dow (^DJI) and S&P 500 (^GSPC) were able to hold extend the gains into the holiday with a four-day winning streak. The Dow closed the session up 247 points or 2.9% and is now sitting at 8726. The S&P 500 bounced 30 points or 3.5% to close at 887, over 145 points off the 2008 low. The NASDAQ (^IXIC) got back to its winning ways after stumbling yesterday and surged 67 points or 4.6%. Crude got crushed today on Tuesday after a big … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - The 'System' Is Being Stretched Too Far
The US Government’s response and handling of the financial crisis has stretched the entire system to the point of breaking apart. Credit default swaps (CDS) is essentially a measure of risk. The higher the CDS is the higher the cost is to insure against default.
The CDS spreads for individual companies has risen dramatically over the past 6 months on financial firms as the risk of those firms becoming insolvent has risen. So who is the latest company to have their CDS rise? It is the US … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - When Stocks Trade Like Binary Options: Speculative Plays Under $10
It was recently reported that nearly 20% of the S&P 500 was comprised of stocks trading below $10 per share. There is tremendous value in the markets across all sectors as long as you don’t believe we are headed into financial Armageddon. … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Stock Market Moves Higher: Is Reversal Coming?
Today (Wednesday) you can see that the S&P 500 (^GSPC) concluded a strong week. It made a low on the hourly chart on 11/21 at 739. Today it closed at 887.68. That’s a move of 20% in the last 5 days. It’s a strong move and I’m looking for a pullback. I’ve been long and gradually taking some profits on the way up, but i’m looking for a pullback at some point. I’m gradually scaling into UltraShort S&P500 ProShares (SDS). I’ve highlighted to points that are most … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Latest Federal Stimulus Program Will NOT Help Housing Market
The government’s latest plan (as of today, November 26, 2008) has the Fed buying mortgage-backed securities from Fannie (FNM), Freddie (FRE) and the gang. I’m OK with the program in general, but here’s a bit of hubris I cannot tolerate: the claim that it will help the housing market.
Housing consists of owner-occupied (or increasingly owner-unoccupied) plus rental housing. The proportions are roughly two-thirds owned, one-third rented. Bringing down mortgage interest rates … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - ETFs Encroaching On Mutual Fund Turf
Exchange traded funds (ETFs) are becoming the fastest growing of the three major fund types used by retail investors.
A recent study by Financial Research Corp. projected that ETFs will represent 6.8% of the total assets in retail investments by 2012, reports Eric Rosenbaum for IndexUniverse. This projection shows ETFs overshadowing index mutual funds in market share for the first time.
However, there is a caveat. Data for ETFs cannot be separated into retail and institutional … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Rebates Failed To Jump-Start Consumption
The incoming Obama administration and congressional Democrats are now considering a second fiscal stimulus package, estimated at more than $500 billion, to follow the Economic Stimulus Act of 2008. As they do, much can be learned by examining the first.
The argument in favor of these temporary rebate payments was that they would increase consumption, stimulate aggregate demand, and thereby get the economy growing again. What were the results? The chart above reveals the … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Depicting The Crisis In Logos
This picture by Daryl Cagle Cartoonists illustrates the financial crisis in lighter vein, yet drives home the seriousness of the … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Fed Buying Agency MBS - Still No 'Explicit' Guarantee
This one better work guys. I have my doubts.
As you all know, Fannie (FNM)/Freddie (FRE) mortgage-backed securities (MBS) have been under fire for at least a month taking mortgage rates up as everyone was a seller in lieu of US Treasuries. The spread between MBS and UST has been sitting at record levels. This had gotten to the critical level. Of course, intervention was the only way out so the Fed announced it would buy $500 billion in Agency MBS likely over the next six quarters … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Recent Gold Volatility Coinciding With Price Spikes
I have been receiving quite a few questions about gold and gold volatility lately, so with gold receiving a lot of attention in the press, I thought this would be a good time to check in on the commodity and on the CBOE’s gold volatility index (GVZ), which was launched back in August.
Gold is something every investor should be watching these days as it reflects the ebb and flow of opinions about the risk of deflation in the short run and inflation over the longer run.
In the chart … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - The Truth Behind Low Oil Prices
Yesterday, as I filled up with sub-$2 gas for the first time in years, I was so amazed and happy that I had to fire off a “tweet” about it. (You can follow me on Twitter as “nelderini”) Wow, a fill-up for under $40! That’s great-a little more money to work with for the holidays.
My elation was short-lived though, as I thought again about the threat that low oil prices pose to the supply in the longer term.
Anyone can see the obvious risk. With the price of gasoline so low, drivers … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Canadian Regulators Need To Look Into The Trading Of BCE Shares
Why are the Canadian securities regulators and the financial editors turning a blind eye to the goings-on with the trading of BCE (BCE) stock? Can’t they spot fraud when it’s sitting on the end of their noses?
I received the following mail on November 2, but was too busy to look into it.
Bill, You have likely read my comments regarding the BCE leveraged buy-out and why it highly unlikely to close. I think you could do a lot for your readers if you made a call on this and recommended … [visit site to read more]Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Video: October New Home Sales Slip 5.3%
New home sales during the month of October were reported to have dropped by 5.3% today. That combined with weak existing home sales reported earlier in the week has proven that the US housing markets are not in the best of health. … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Video: Oil Prices Rebound In A Volatile Session
The mix of an increase in oil stockpiles, a possible Russian production cut, poor US economic data, and China slashing its interest rate all combined to form quite a volatile trading session just before Thanksgiving. … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Video: Financials Help Boost The Hang Seng And Sensex
A gain in domestic financials due to the US government’s assistance of banking giant Citigroup led to both the BSE Sensex and Hang Seng indices posting heavy gains at their close. … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Video: Stocks Rebound
US Markets rebound slightly after a weak start, but stocks are still under pressure following a slew of disappointing economic data. … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Video: A Rise In Risk Aversion Lifts The Dollar
Poor US durable goods sales further heightened both US economic recession fears and risk aversion which have in turn allowed the dollar to gain in traing against the high-yield euro this session. … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Video: Tiffany & Co's Future Is Not As Shiny As Its Products
Luxury goods retailer Tiffany & Co. (TIF) released their less than spectacular 3Q earnings reports. Still, the report managed to beat Wall Street estimates but the company’s future doesn’t appear so good. … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - AIG Got Enough Yet?
We start to see more articulation regarding the reconstruction of insurance and financial mammoth American International Group, Inc. (AIG) this morning with the announcement of how $40 billion of its total $150 billion bailout plan will be utilized.
For its $40 billion, the U.S. government gets preferred stock with a 10% interest rate, and “warrants to purchase about 53.8 million shares of common stock, or about 2 percent of outstanding shares,” according to the AP this … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Government Stimulus Programs Not Always The Hoped-For Solution
The British government this week unveiled a stimulus plan that will boost that country’s budget deficit to $181 billion (118 billion pounds), the equivalent of 8.0% of gross domestic product (GDP). U.S. President-elect Barack Obama’s stimulus plan, when combined with the recession, may raise the U.S. federal deficit to $1.2 trillion, or 8.0% of U.S. GDP.
This raises the question: If it’s so easy to stimulate an economy, why don’t we do it all the time? Don’t such large deficits cause … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Jumbo Prime: 'Walk Away' Loans - More Downgrades Coming
I am hearing that more ratings agency downgrades are on the way in the Jumbo Prime arena - rightfully so. Believe it or not, as with Pay Option ARMs Jumbo Prime are also 'walk away’ loans.
Conforming and Jumbo Prime defaults are surging. These programs offered by most of our nations largest banks allowed a considerable amount of leverage when purchasing or refinancing. These are the ultimate 'walk away’ loan, as a household income of $85k per year could legitimately buy a $650k … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Giving Thanks For Capitalism, The Invisible Hand, And The Miracle Of The Free Market
You probably didn’t call your local supermarket ahead of time and order your Thanksgiving turkey this year, did you? Why not? Because you automatically assumed that a turkey would be there when you showed up, and it probably was there when you showed up “unannounced” at the grocery store to select your bird.
And the reason your Thanksgiving turkey was waiting for you? Because of “spontaneous order,” “self-interest,” and the “invisible hand” of the free market - “the mysterious power … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - US Durable Goods Plummet, New Home Sales Down
The U.S. Census Bureau reported New Orders for Manufactured Durable Goods decreased by 6.2%, $12.7 billion, to $193 billion in October. This is the third consecutive monthly decline. In September, new orders decreased 0.2%, revised from an originally reported +0.8% change.. Analysts had anticipated a 2.9% decline for October. Excluding transportation, which had the highest increase of 11.1% ($4.9 billion) in October, new orders decreased 4.4%. Excluding defense, new orders decreased … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Will There Be A Year End Short-Squeeze Rally?
Macro Man is kind of surprised at the number of punters he speaks to who kind of fancy a late year squeeze. He will concede that such a rally, if it happens, will have little to do with fundamentals and will instead be driven by positioning and momentum jockeys. … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Occidental Petroleum: The West Is Still The Best
During these tough times, in a market environment where literally no one is safe, you would assume that a company who is one of the largest one hundred components of the S&P 500 would take somewhat less of a hit when compared to its peers. If the company also had a great long term track record and a balance sheet so clean you could eat off it, you would be certain that the stock price would reflect these factors. Unfortunately for the market and fortunately for investors, … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Global Investing Roundups: US Home Prices, Crude Oil, Citi
US Consumer Confidence Climbs; Home Prices Record Plunge; Troubled Banks on the Rise; Oil Falls 7%; Slim’s Bank Buys Citi Stock; D.R. Horton Shares Vault
The Conference Board said yesterday (Tuesday) that its Consumer Confidence Index now stands at 44.9, up from a revised 38.8 in October. Last month’s reading was the lowest since the research group started tracking the index in 1967.
Home prices plunged in the third quarter, according to the S&P Case-Shiller Home Price index, … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - BHP Abandons Hostile Bid For Rio
With commodity prices falling and the global economic outlook uncertain, Melbourne-based mining titan BHP Billiton (BHP) pulled the plug on its hostile takeover of rival Rio Tinto PLC (RTP), saying the proposed deal is of no longer in the best interest of shareholders.
The bid was also partially kneecapped by antitrust concerns raised by the European Commission, which mandated BHP unload assets for approval.
And Rio’s net debt of $39 billion was yet another concern for … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Open Interest In Gold Falls On Speculative Liquidation
Gold was largely unchanged yesterday after rallying to as high as $830 and has traded sideways in Asian and early European trading.
Open interest levels in gold and silver on the COMEX have fallen to extremely low levels showing that nearly all the speculative froth has been liquidated and remaining longs are “strong hands”. The gold open interest fell a very sharp 5533 contracts to 282,978 which is a new low and low levels such as these usually portend lows in the gold price and … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Forex Trading: USD/CHF Moves Higher On The Day
The USD/CHF is moving higher as the market bounces after 3 days of selling. The pair has been rising from the start of the new day. The move has brought the pair up from 1.1835 low to the high at 1.1967. The momentum to the upside today has not been broken so far today as there continues to be a pattern of higher highs and higher lows.
Intraday, the pair has the potential to move to the 38.2% retracement level which currently comes in at the 1.2008 level. Should the hourly … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Forex Commentary: ECB's Trichet Says Interest Rates May Be Cut Next Week
Euro
The euro moved lower vis-à-vis the U.S. dollar today (Wednesday) as the single currency tested bids around the US$ 1.2905 level and was capped around $1.3070 level. Many U.S. economic data were released today ahead of tomorrow’s Thanksgiving holiday. First, November personal income edged up 0.1% and the core personal consumption expenditures were unchanged in October and up 2.1% y/y. Second, October durable goods orders decreased 0.6% with the … [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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