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- US November Retail Sales: Things Still Look Bleak
US November’s consumer spending number came out Friday and it indicated a 7.8% YoY drop in overall spending. However it’s definitely a set of data points that leaves much to interpretation, due to the combination of falling gas prices, the impact of the credit crunch on car sales and the deep discounts offered by retailers during the Black Friday shopping weekend.
I.e. is the latest report more of a function of price changes and the credit crunch, then it is a true reduction in … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. 
Переслать - Daily Forex Commentary: US Dollar Weaker Against Euro And Yen
Euro
The euro moved higher vis-à-vis the U.S. dollar Friday as the single currency tested offers around the US$ 1.3415 level and was supported around the $1.3250 level. The U.S. dollar was sold across the board after the U.S. Senate rejected a multi-billion dollar bailout for Detroit automakers. It remains to be seen if the Bush administration will allocate TARP funding to the beleaguered sector. This is a very sensitive issue, particularly as General Motors … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Video: The Week Ahead
The stories, data, and stocks that may have the greatest impact during the next trading week. … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Sanderson State Bank Seized By Regulators: 25th Bank Failure Of 2008
The FDIC announced another bank failure late Friday. The Sanderson State Bank of Sanderson, Texas, was closed by regulators making it the 25th U.S. bank failure of the year. The Pecos County State Bank, Fort Stockton, Texas, will assume all of Sanderson State Bank’s deposits, including those that exceeded the deposit insurance limit.
From the FDIC:
Sanderson State Bank, Sanderson, Texas, was closed today by the Texas Department of Banking, and the Federal Deposit Insurance Corporation … [visit site to read more]Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Time Running Out On Rally
Last week we looked at a descending wedge pattern on the S&P 500 (^GSPC) chart that could have sparked a rally had it resolved to the upside. Prices actually did break upward, but volume was poor, and the up move stalled immediately. Now there is an ascending wedge pattern inside a declining trend channel. The technical expectation is for the wedge to resolve to the downside, but I should emphasize that it would only have short-term implications.
I am becoming more concerned with … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Swelling Ranks Of Sellers: Is This A Sign Of Upcoming Deflation?
One feature that defines a deflationary downturn is the expanding array of sellers. You don’t just have the usual crowd who are looking to make a profit or to get rid of something they already own so they can buy something else. … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - When Will This Horror Show Come To An End?
This post offers Wachovia’s 2009 economic outlook for the US, under editorship of highly rated John Silvia. The report recognizes the extreme challenges that will confront investors and businesses in the year ahead and is aptly titled “When will this horror show come to an end?” A brief excerpt follows below.
“The 2008 economic story could have been written and directed by a Hollywood horror master. Watching the developments in financial markets this year was like squinting through … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - India Outlook: More Pain Ahead
IIP for the month of October 2008 was negative -.4%. This is the first negative reading in fifteen years! The lagged affect of high interest rates and tight monetary policy is showing up in official data.
“The situation is much graver than expected,” said Suresh Tendulkar, chairman of the Prime Minister’s Economic Advisory Council. Economists and analysts polled by ET ahead of the data had forecast industrial production growth in October to range between 2.3% and 3%.
Lagged … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - The $50 Billion Madoff Scandal: Where Was The SEC?
Regular readers know that we are generally more sympathetic to government actors than the investment punditry. We think this stems from more direct experience with those in government and our disciplined effort to look at a problem from all perspectives.
Despite this perspective, there is one institution that gets a consistently low grade: The SEC. A few days ago we suggested that investors monitor potential changes at the SEC. We continue to believe that this would be important … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Did Basic Materials ETFs Meet Expectations?
Ambition is a wonderful thing, but when it comes to the basic materials companies, their acquisitions for 2006 and 2007 may have led them and their related exchange traded funds (ETFs) down a dangerous path.
Some of the world’s largest basic materials firms were lured by the great expectations that industrialization in developing economies would sustain, with steel, cement and mining companies to rake in profits. Instead, these industries now lead the recession with much more debt than … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - What EU Meeting Means For Europe's ETFs
Economic crisis is in the air, but Germany and the United Kingdom can’t agree on an approach, which would save the well-being of the markets and exchange traded funds (ETFs).
In Brussels, Belgium, there was a meeting of economic leaders looking for a stimulus plan all could agree upon to save the European Union. Stephen Beard for Marketplace reports that Germany thinks the British approach to the stimulus plan is crass, throwing around billions of pounds of public money in a futile … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Retail Sales: Not As Bad As Feared
The Commerce Department reported Friday its advance estimate of seasonally adjusted U.S. retail and food services sales for the month of November. Sales at U.S. retailers fell for a fifth straight month in November, the first time that has happened going back to 1992. Sales peaked in June of fiscal '08 at $384.1 billion, and have fallen off since.
The U.S. Census Bureau announced today that advance estimates of U.S. retail and food services sales for November, adjusted for seasonal … [visit site to read more]Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Bad News Can't Hold Market Down
Another volatile week for stocks that did not lack an abundance of news. But when the closing bell rang on Friday afternoon the Dow (^DJI) and S&P 500 (^GSPC) were little changed as the NASDAQ (^IXIC) gained 2.1% for the week. On the day the Dow rallied back from triple-digit losses to close up 64 points or 0.75%. The S&P 500 added 6 points or 0.7% on the day and the NASDAQ had the best of the big three, gaining 32 points or 2.2%. Crude closed down $1.70 on the day at … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Feds Seize Haven Trust Bank - 24th Bank Failure In 2008
Haven Trust Bank, Duluth, Georgia was seized Friday by the Georgia Department of Banking and Finance where the Federal Deposit Insurance Corporation [FDIC] was named receiver. The bank will be assumed by Branch Banking & Trust (BBT), the FDIC said in a statment.
From the FDIC:
To protect the depositors, the FDIC entered into a purchase and assumption agreement with Branch Banking & Trust (BB&T), Winston-Salem, NC, to assume all of Haven Trust’s deposits, including those … [visit site to read more]Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Market Close: No Auto Bailout, So Whitehouse Intervenes
The events of the past 24 hours can best be summed up as “It’s a Mad Mad Mad Market”. First the US Senate decides to kill the auto bailout bill sending the futures down significantly in the overnight hours. Then this morning we have the Whitehouse issuing a statement that they will intervene and ’save the day’ pulling the market from the grips of hell. The Whitehouse does not yet know how they will bailout the automakers but they assured the market this morning they will. I imagine that … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Freight Haulers: An Economic Roadkill
From its mid-summer record peak, the Baltic Dry Index, a benchmark index of shipping rates for 26 dry bulk routes calculated by the London-based Baltic Exchange, has fallen by more than 90 percent, a crash of epic proportions.
Yet the carnage in the transportation industry has not been limited to international operations. Both within and beyond our shores, a fast-spreading economic downturn is having a deleterious impact on firms that transport goods in all sorts of ways, over … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Geothermal Energy In Africa
Africa doesn’t need any more problems.
Cholera is spreading to epidemic proportions in Zimbabwe, Congo is aflame with civil war and UN officials say genocide in Darfur continues.
But there is a potential bright spot now developing, and it’s 100% African…
The UN Environment Program (UNEP) is optimistic about geothermal energy in Africa, and so is Green Chip Stocks long-time holding Ormat Technologies (ORA).
It’s a question of exportability. Africa’s natural endowment of … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Video: Oil Closes The Week Just Under $47
Oil prices continued to feel the pain of a deteriorating global economy as stock markets plunged on news of a failed bailout plan for US automakers. … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Video: Asian Stocks Plunge On Bailout Rejection
Last nights rejection of the proposed US automakers bailout plan led to an overall plunge in the Asian/Pacific stock markets which saw recent gains plunge. … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Video: Despite No Bailout, Investors Find Hope
Markets lose some ground midway through the session, but resist sell off on hopes auto sector will still get help from Washington. … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Video: Dollar Trading At 13 1/2 Year Low Vs. Yen
News of the rejection of the US automaker bailout proposal led to the end of risk appetitie as well as allowing the low-yielding yen to trade at a 13 1/2 year high against the dollar. … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Video: Dow Holding Up Despite Early Indications
Thoughfutures pointed to a sell off markets are holding on. The Markets reaction has been strong in the face of bad news, says James McGuire, Jr., of Christopher J. Forbes. … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Video: Las Vegas Sands Corporation To Cut 2% Of Its Staff
With the rough global economic times keeping gamblers away from the casinos, the Las Vegas Sands Corporaion (LVS) announced this morning that they will soon cut 2% of their employee staff at two hotels on the Las Vegas strip. … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Auto Industry Bailout - Nyet Comrade!
Kudos to the Senate for standing strong on the auto bailout, and shame on the UAW for not agreeing to cut compensation next year to the hardly unreasonable level of their Japanese competitors. I guess unions feels they need all the money they can get their hands on in order to keep buying political appointments (ok, low blow). This is clearly (well, clearly to me) an instance of the UAW giving the finger to the American taxpayer. The UAW is calling Congress’s bluff. Unfortunately, with … [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 Tests Highs And Sells Off Again
The White House came out and said that all options are open for the Auto problem (including TARP funding). This has led to a decline in the EURUSD from the highs at 1.3405 area. The level has now held three times today which makes it a good sell level for intraday traders.
The proximity to the 1.3400 level may suggest that the selling is tied to option expirations that take place at 10:00 AM today (Friday). Often if a large amount of options are expiring, the players will … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Worry About More Than Just The Big Three
The Senate’s failure to pass a rescue package for the U.S. automakers has futures pointing to a weak opening for the stock market.
While the automotive news is not good, stock investors should be worried about more than just the fate of General Motors Corporation (GM), Chrysler and Ford Motor Company (F). They should also pay attention to what is occurring in the treasury markets.
On Wednesday, 3-month treasury bills sold with negative yields. According to Bloomberg News, this … [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 Broke Through Trendline Support
The USD/JPY fell through the October 24th low at 90.91 and the channel support at the 90.63 level triggered stops. The selling pushed the pair down to a low of 88.27, the lowest level for the pair since August 1995. The move lower came on the back of the US Auto Bill failure. The BOJ was reported as saying they were not considering currency intervention but that they were monitoring the situation. The low in 1995 was 79.75.
The 90.62 level will be watched today … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - U.S. Companies "Throw In The Towel" – Pushing Jobless Claims To A 26-Year High
The number of Americans filing new claims for jobless benefits rocketed to a 26-year high last week, surpassing already gloomy forecasts, as the U.S. economy sinks deeper into recession.
Initial applications for jobless benefits climbed by 58,000 to 573,000 in the week ended Dec. 6, upwardly revised from 515,000 the previous week, the U.S. Labor Department reported yesterday (Thursday). The figure was the highest since 1982, and far exceeded the median projection of 525,000 put forth … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Former Chairman Of The Nasdaq Stock Market, Bernard L. Madoff Indicted
The Securities and Exchange Commission [SEC] charged Thursday 70-year-old Bernard L. Madoff, ex-chairman of the Nasdaq Stock Markets and his investment firm, Bernard L. Madoff Investment Securities LLC, with securities fraud for a multi-billion dollar Ponzi scheme that he perpetrated on advisory clients of his firm, the SEC said in a statement.
From the SEC:
The SEC’s complaint, filed in federal court in Manhattan, alleges that Madoff yesterday informed two senior employees that his … [visit site to read more]Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Bad News: Auto Bailout Fails, Bernard Madoff Runs Ponzi Scheme, US Household Wealth Falls
It’s said that bad news, like late night buses, comes in bunches. That certainly seems to be the case this week, where a few days of lethargy have been punctuated by a firestorm of fresh Armageddon-fodder over the past twenty-four hours.
Where to begin? Macro Man has to confess that he may have overestimated the market nous of equity punters, given that news of the auto bailout failure served to catalyze a jump lower in stocks. Is it really the case that a Big Three bailout was … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - With Billions In Bailout Funds Flowing, The "Peso-fication" Of The Dollar Continues
The plethora of bank and corporate bailouts, stimulus plans and interest-rate cuts that the U.S. government has produced over the last three months can only lead to one outcome: The U.S. dollar has to decline.
During the crisis so far, the dollar in general, and U.S. Treasury bonds in particular, have been regarded as a “safe haven,” making the dollar strong and pushing long-term U.S. Treasury rates downward. In the New Year, however, this is likely to change - the weight of the added … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Global Investing Roundups: BofA, Citigroup, UBS, BlackRock
South Africa Cuts Interest Rates; BlackRock Cans 500; Empire Co. Posts 13% Profit; KB Toys Files for Bankruptcy; Citi and UBS to Buy Back $30 Billion in Securities; Bank of America to Cut 35,000 Jobs
South Africa’s central bank cut a half-percentage point from its benchmark interest rate, marking the country’s first interest rate reduction in more than three years, Bloomberg reported. The growing global crisis, rising unemployment and falling commodity prices are hampering growth for … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - More On Oil, Foreclosures And Financials
Overseas markets sold off on Friday, and US futures look quite weak in the premarket. Let’s take a look at the SPY (SPY) chart to consider possible near term market action.
Yesterday’s (Thursday) selling was not particularly heavy, and we have considerable support below the current level. If we gap down to anywhere near 83.50, I will be covering shorts and watching for the next move. I think the market would be inclined to bounce from that level. On the other hand, should SPY … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Former Nasdaq Chairman Bernard Madoff Runs The Mother Of All Ponzi Schemes
What else could happen in the world of finance. 2008 has certainly been a pretty lousy year and now we have sunk to the lowest of the low, as former Nasdaq stock market chairman Bernard Madoff was arrested on claims that he ran a Ponzi scheme. He purportedly lost tons and tons of money in bad investments and then took fresh principal that was invested with his firm to pay off earlier investors. Losses are estimated to be at least $50 billion. Yes, that’s not a misprint, $50 billion. … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - GM Retains Lawyers To Study Bankruptcy Protection
According to WSJ, General Motors (GM) has hired bankruptcy lawyers and restructuring consultants to consider whether to file for bankruptcy protection as lawmakers in Washington DC continue to debate the terms of a possible bailout of the embattled carmaker.
The Journal reported late Thursday that GM’s management has tapped bankruptcy veteran Harvey Miller of the New York law firm, Weil Gotshal & Manges LP, to handle any potential bankruptcy filings. Others involved in the matter … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Surprise! Coal & Nuclear Power Are Keys To Obama's Energy Plan
President-elect Barack Obama has made no bones about wanting to jump-start the renewable energy markets - pledging $150 billion for the development of biofuels, solar and wind power, other alternative energy sources during his first term.
But what might the new administration mean for more traditional - and more reliable -energy sources?
Oil is always the first energy source to spring to mind. But it’s hardly a solo act - coal and nuclear make up the other two-thirds of the top fuel … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - PwC Finds 'Gold Is Serving Its Purpose As A Hedge Of Wealth In Uncertain Times'
Gold rallied sharply yesterday, for the fourth day in a row, on sharply higher oil prices (some 10%) and a weaker dollar. Gold gave up some of its gains overnight in Asia as the dollar bounced after recent sharp losses in volatile trade.
Gold’s rally yesterday had nothing to do with an increase in risk appetite. If that was the case, why have stock markets internationally been falling sharply again in recent days and yesterday? Quite the opposite is true, gold has been strong as risk … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Auto Bailout Bill Dies
The opening salvo from Thursday’s Wall Street Journal:
WASHINGTON - A frantic, last-ditch attempt to forge a relief package for the auto industry collapsed in the U.S. Senate, dealing a giant blow to the immediate hopes of the Big Three.Senate Majority Leader Harry Reid of Nevada suggested the $14 billion wouldn’t be revisited until January. “It’s over with,” he said.
The talks, which appeared close to a deal several times, broke off due to a sharp partisan dispute over the wages … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Video: Debt Drops For The First Time On Record
Household debt falls 0.8% as credit tightens. … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Bear Rally Chatter And Strategy Update
This market continues to favor traders and thrill seekers. I’ve talked about fading this market a number of times in the past few months, and, at the margin, that’s what I’ve been doing. The basic rule has been simple: when my wife has had to talk me off the railing of our one-story deck, its time to buy, and when I start doing Schwarzenegger impressions, it’s time to short. Recently, I’ve been doing Schwarzenegger impressions on the deck railing.
In mid-late November, … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Bank Of America To Eliminate 35,000 Jobs
Bank of America Corporation (BAC), the third-largest U.S. bank, said it is working on a plan to eliminate 30,000 to 35,000 positions over the next three years reflecting the pending merger with Merrill Lynch (MER) and the persistent weak economic environment.
The job cuts, which according to the bank will not be determined until early 2009, will be nationwide and will affect primarily those areas where the companies have significant overlap, such as staff support. Bank of America … [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 Friday - JPM, Citigroup, Goldman Sachs
Chart courtesy of stockcharts ( click to enlarge )
JPMorgan (JPM) - The ascending wedge pattern I’ve followed in the JPM’s chart for the past several days has finally been broken to the downside. What does this mean for tomorrow’s action ? Well, normally a close near the lows of the day such as we saw today leads to a lower close the following day. This is usually a sign of bearishness. In addition, the Stochastics indicator showed the %K line crossed below the %D line when both … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Video: Pre Market: Bank Of America Cuts 35,000 Jobs
The news, data, and stocks that could have the most impact in the coming trading session. … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Forex Trading: EUR/GBP Trading Off Recent Highs
The recent run against the USD has been led by the EUR, however the Sterling has been unable to keep pace, evident by the EUR rally against the GBP. Looking at retracement analysis from the November lows against yesterday’s highs we see the pair trading sideways without any clear support. We will be watching the 100 hour moving average and the 38.2% retracement level below it to provide that support if the EUR should falter. However, a break of yesterday’s highs should initiate the 89 … [visit site to read more]
Article Published On DailyMarkets.com - visit Daily Markets - Financial News & Opinions for more great content. Переслать - Two Reasons A Weaker Yen Could Be A Good Thing
The Japanese yen is showing signs of weakening this morning, but it might actually be good for the Asian economy’s exchange traded fund (ETF).
Japanese investors may soon be on the hunt for higher-yielding currencies, as the yen fell against the U.S. dollar, euro, the Aussie dollar and the New Zealand dollar. It appears the yen is weakening on sentiment for equities, and the auto bailout deal has driven that decline; South Korea’s won had its largest gain in six months, reports Stanley White … [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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