Bill Cara’s Morning Call
Whenever the equity market appears ready to break down, there is a global boost to prices. That happened again this morning. Game on!
I concluded my opening remarks in yesterday’s Week In Review with the prescient comment:
Please be aware that since the start of the summer every time indicators showed support being broken, there was a subsequent rush back into equities. The question we are asking today is whether that can continue if the $USD starts to gain strength here.
In the past 24 hours, the $USD broke down on cue and equity prices are off again to the races. We do know, however, that a trainer and jockey can only push a winning horse so hard and so long before there is a wobble and then a collapse. Just like horses, markets are not intended to be driven this way.
But they are off and running today. I’m certain that on Friday afternoon, Goldman Sachs had already purchased their superfecta tickets for today’s sprint. The rest of us are playing the minus pool.
Except for Japan, which is not running today, the rest of the field seems to be enjoying the fast, dry track conditions and the passing of those storm clouds. Best times of the year might be set today, in fact. I don’t recommend you place your bets on the red-yellow-violet silks of Japan when they return to gate #3 tomorrow following today's Labor Thanksgiving Day holiday.
On the FTSE in London today, it was same sold same old. Royal Bank of Scotland (RBS), Barclays (BARC) and Lloyds Group (LLOY) bolted from the gate, quickly ahead about +1.5% and then strengthened from there. Why? Because they have to? So, in the past few minutes, the FTSE 100 has popped +1.65%. Same with the DAX of Germany, and CAC of France. Same thing happened in Australia and other markets earlier. Look at Ireland (+1.0%), with Allied Irish Banks (AIB) up +5.27% this morning.
Whenever the Bulls fear a reversal, the same horses get an ecstasy shot and adrenalin flows through the crowd. Always at the starting gate. Doesn’t matter what hour of the global clock the track opens, which is to say, in the equity market, that economic, corporate, and political news of the hour doesn’t seem to have much bearing.
Along with these moves, precious metals are lifting as well. Spot gold is up to 1165.34 (1167.53 high earlier) and silver to 18.75 (18.88 earlier), and Jan Crude Oil is up +1.24% to 78.43, while the US Dollar is down to 75.07 (75.028 earlier). Of course the $USD has to be down; that’s the play going on across the world today. It’s like the bull is being led around with a ring through its nose.
I wish I were a fly on the wall in Washington. I’d love to know when the Fed’s Dollar policy changes.
Have a great day.
CTA Trading Desk Report
Volume and trader attendance will be dwindling as the US Thanksgiving holiday nears, so comments will be brief, as the likelihood of a meaningful market move is very low for the remainder of the week.
Following Europe's lead, US markets rocketed right out the gate Monday morning, with dollar weakness (DXY -0.7%) spurring equity purchases, and precious metal sectors showing superior early relative strength. Gold (GLD +1.19%) soared over 25 dollars near the open, hitting the measured move target of 115, an area mentioned last Wednesday evening as a possible place for profit-taking to enter the market. With seasonal weakness due to exert downward pressure into mid December, long positions should be kept on a tight leash, or unrealized gains taken, as a better entry point probably is just around the corner.
Keep an eye on the retail sector (XRT +0.37%) this week, as countless hours of can't miss TV will be devoted to projecting Xmas sales projections after analyzing the Black Friday revenue numbers. While the revenue numbers may at first glance seem decent, tallying total receipts will not mean that profitability will necessarily increase. The stocks of many of those in the retail space are not acting well; review the charts of JC Penny (JCP -0.75%) and Kohls (KSS -0.67%) over the past couple of weeks. Even as the S&P and DJIA have chugged higher, these two main street-oriented retailers have turned down, suggesting all the rosy economic assumptions for Middle America may be overly optimistic.
We are still waiting to see if the S&P can tag and break above the 50% retracement level of the entire Bear market around 1120. Expect plenty of head fakes around this number, giving your positions a bit of wiggle room if the S&P approaches the resistance zone. There is also a downtrend line off the all-time high from October 2007 also coming into play in the same general area, so punching through this level normally would take some time.
Unfortunately with all the governmental intervention in our capital markets, these are anything but normal times, so make sure you expect the unexpected, developing multiple contingency plans if the unforeseen occurs.
Have a great evening.
Comments
Thanks for the bailout...here's your pink slip
HB&B sending more jobs overseas.
Reuters report: India may get $1 billion in IT outsourcing contracts
http://tinyurl.com/y8f4hla
Cara 100 Ratings Changes
Good morning.
Upgrades:
CHA - to Neutral @ Credit Suisse
SBUX - to Buy @ Jefferies & Co. PT Raised from $22 to $25
SLW - to Outperform @ RBC
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Bill,
Your artfully written morning comments are right on and most appreciated. Can't wait for post time.
Regards,
BH
Place Your Bets
What we need in this race is a mudder, a race horse that performs especially well on a wet, muddy track. HB&B has muddied the track. Perhaps the jockeys riding the Aussie or Brazilian horses will lead us through the mud.
Re: Place Your Bets
Looks like the China and Ag names are up big...big interest in them.
LA TIMES - Gold market disconnect: Record prices, but not demand
November 20, 2009 | 2:42 pm
Gold remains in a powerful bull market as measured by prices in the futures market, where speculators can run rampant.
But third-quarter supply and demand data from the World Gold Council show that the surge in the metal’s price to record highs ($1,146.40 an ounce as of Friday) hasn’t been accompanied by record demand for the real thing.
The recent peak in demand for physical gold, in fact, was in the third quarter of 2008 -- before the financial-system meltdown accelerated.
The World Gold Council’s report on supply and demand in the quarter ended Sept. 30 put total global demand for gold at 800.3 tons, down 34% from the 1,205.6 tons purchased in the same quarter a year earlier.
Demand in the recent quarter also was below the 1,029.8 tons bought in the first quarter of this year, though 10% higher than the 724.8 tons of the second quarter.
Gold demand was down in the third quarter versus a year earlier in every major category of consumption, including jewelry (the biggest single source of demand), industrial use, official coins and purchases by exchange-traded funds.
The drop in physical demand partly reflects simple price-sensitivity: As gold goes up, some buyers back away.
Jewelry demand, for example, reached 673.3 tons in the third quarter of 2008, when gold’s price was mostly below $900 an ounce. In the third quarter of this year, with the price mostly above $900 and on its way to $1,009 by the quarter’s end, jewelry demand totaled 473.5 tons.
The global recession also has played a role in depressing jewelry demand this year compared with 2008, of course.
So how can the price of gold be flying when demand for the metal itself is well below recent peaks?
"This has been a speculative fund-driven futures rally," says Jon Nadler, a veteran analyst at Kitco Metals Inc. in Montreal. In other words, traders who play in the futures markets are betting on higher gold prices. But they aren’t interested in owning the actual metal.
This kind of disconnect can happen at any time in commodity markets. Remember oil in 2008?
Besides, in any market the price is set by the last buyer, whether the trade is for a huge sum or a tiny sum.
In the case of gold, it could work out that speculative demand in the futures market will be followed by a big revival in physical demand if more people around the globe decide that they must own the metal as a hedge against paper currencies, inflation, financial calamity or other reasons.
Interestingly, the Austrian government mint is betting otherwise, at least in the near term: The mint, the world’s biggest marketer of gold coins, recently said it planned to cut production by 32% in 2010, figuring that an improving global financial system will slash gold demand from investors.
The U.S. Mint, however, is siding with the bulls: On Dec. 3 it plans to resume production of American Eagle gold coins in half-ounce, quarter-ounce and tenth-of-an-ounce sizes to supplement its production of one-ounce coins.
Production of the smaller coins was suspended in 2008 because the Mint couldn’t get enough blanks from its fabricators, but that supply problem has been solved, said spokesman Michael White.
-- Tom Petruno
From GS to JPM - JPMorgan's Dimon Could Succeed Geithner
Several U.S. policy makers consider JPMorgan Chase Chief Executive Jamie Dimon as a potential successor to U.S. Treasury Secretary Timothy Geithner, the New York Post said, citing sources.
Dimon "would love to serve his country," the paper quoted people familiar with his thinking as saying.
JPMorgan could not be immediately reached for comment by Reuters outside regular U.S. business hours.
Geithner endured a grilling last week before the U.S. Congress over his role in the rescue of American International Group in 2008, when he was president of the New York Federal Reserve Bank.
korvis
Well done . I was having trouble entering in a Tiny URL this morning . I entered a full URL and your soft ware promptly turned it into a tiny URL . Thank you. Bob.
WEAKER DOLLAR POLICY
ALOHA !!
Bill posted - "I wish I were a fly on the wall in Washington. I’d love to know when the Fed’s Dollar policy changes."
You mean from a WEAK DOLLAR POLICY to a WEAKER DOLLAR POLICY ...
It's all relative!
Yes, what a great idea. Lets replace Geithner with Dimon ... Now that's CHANGE you can believe in!
Nearest market-influencing numbers to watch
Preview: Oct Existing Home Sales due out at 10amET
**consensus expectation: 5.70Me (+2.3% m/m) v 5.57M prior.
- range of expectations is between 5.2M to 6.0M.
Re: LA TIMES - Gold market disconnect: Record prices, but ...
ALOHA !!
Had I listened to Jon Nadler and the WGC I'd still be waiting for the POG to drop back to $300 four years ago! To the contrary "real demand" has yet to start, but somehow they do not mention that supply has been steadily declining or is that not part of the "supply and demand" equation any more?
Oh yes ... the first rule of "monetary analysis" is to first verify "demand" based on jewelry sales. I could extrapolate on that theme and print up my own article with the headlines "GLOBAL DEMAND FOR FIAT MONEY IS DOWN 32%" due to lower jewelry sales!
Someone needs to think outside the box at some point ...
Cara 100 Update (Final)
AMZN - numbers increased at Merrill/BofA through 2011. Company should benefit from a continued shift toward online shopping this holiday season. Buy rating and new $140 price target.
BBY - price target boosted at Barclays to $47 from $44. 2010 and 2011 EPS estimate lifted to $3.01 and $3.22, respectively. Maintain Overweight rating.
RIMM - estimates lowered at Government Sachs through 2012. Expect weaker enterprise subscriber trends. Neutral rating.
Re: LA TIMES - Gold market disconnect: Record prices, but ...
i think its safe to say that attempting to trade gold based on the idea of jewlery demand is utterly pointless.
it is absolute nonsense the amount of false info that gets posted about jewlery demand, especially considering how difficult it is to verify demand, and confirm how much jewlery gets sold back into the market via pawning and the like.
does anyone ever measure how much jewlery is sent for melting via pawn shops? i recall don coxe discussing this during the silver run up a few decades ago.
right now there are gold parties where people bring jewlery for cash, how much jewlery is sent back on to the market to rub out the same amount of "demand".
gold is a monetary phenomenon, but it too is influenced by people's misguided concepts of what it actually represents. in a sense we could say gold is a religious phenomenon because we do some moronic things in its name, but it doesnt make it true.
Re: Nearest market-influencing numbers to watch
The report is a better-than-expected 6.1M homes versus a high expectation of 5.9M. My totally uneducated guess is the number was affected by buyers expecting the tax credit would be retired.
That pushed the markets a bit higher ... but will we go higher?
Existing Home Sales
Re: Place Your Bets
It's tough to bet against HB&B's stable of "pharmacologically gifted" horses.
In my state, winners are sent to the test barn. On Wall Street, winners are scrutinized by Obama's new government Task Force. Isn't that comforting?.........
Regards,
BH
Re: From GS to JPM - JPMorgan's Dimon Could Succeed Geithner
One question, among many to be considered, not that the big picture or medium term have ever carried much weight with non-elected appointments:
What will he being serving to us?
Re: korvis
Careful there; your making extremely hard on us valueless software additions, MSFT, to maintain a modicum of civility within our space. We will take you down if you keep messing with us!
edit: sorry, the intent was good, maybe just a bit overreaching, yea I did not include lack of creativity and stifling hubris.
Blog Chat 'New' indicator
Great to see this 'new' indicator when the Blog page is refreshed come back. It is quite useful as typically one reads this Chat page multiple times a day and it is nice to see the posts not yet read since last refresh be hi-lited by the 'new'
This from Sheaffers morning minutes or opening views
Finally, Soleil Securities lifted its 2010 earnings targets for Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX). The brokerage firm also reiterated its "buy" ratings for XOM and CVX, citing a rise in forward curve prices for crude oil, which should more than offset lower U.S. natural gas price assumptions. However, Soleil cut its outlook for ConocoPhillips (COP) and Valero Energy Corp. (VLO), stating that the companies face lower refining margins.
Note, "Finally" and the implications, if any.
Note, "citing a rise in forward curve prices for crude oil", is this real or memorex?
Note, "cut its outlook for COP & VLO"...relates to ECA,RIG,SLB weakness I assume, but then again assumptions are so deadly, especially when coming from the a** of those that would pollute the air that we traders must breath to survive.
DOW/GOLD Ratio
A few charts of the Dow/Gold ratio here,a range of charts from 30 days to 80 year chart.Looking at the short term time frame the ratio has been heading up since March 09.Perhaps Gold has some catching up to do, or the Dow to lose some ground? Just my assumptions, dyodd.
http://tinyurl.com/yav3zrz
Seeking cheap cyclicals in Asia
Credit Suisse today offers this opinion:
"On our P/B versus RoE valuation model, the cyclicals trading on the biggest discounts are Thai coal (107%), Indonesian coal (106%), Korean Materials (50%), Korean Industrials (38%), Chinese oils and Korean autos (both 29%) and Indonesian palm oil (28%). For Indonesian coal, we believe the discount is overstated by the current high RoE based on contracted coal prices."
A year-end tactical play
Although they don’t suggest as much, should there be a turn down in equity prices in the weeks ahead, Credit Suisse has provided some worthy opinions on where to be positioned if you must be long:
2009 CS Retail Holiday Outlook: Stock(ing) Stuffers
• Tough economic environment: The consumer is less confident, has less access to credit and is less employed. However, while weak, we also have an environment of much tighter inventories and easy sales and gross margin compares. For example, according to census data, the inventory to sales ratio is down over 30% in softlines stores, much greater than the decline in sales.
• Within this tough economic environment, we project retail sales growth in November-December of 1.0%. This essentially returns us to flat on a two year basis, marking the lowest two year sales growth in well over a decade. However, despite the tempered outlook, there are some clear positives. Besides the inventory data, which points to better gross margins, square footage growth has come to a virtual standstill for many sectors, making the 1% growth seem larger on a comparative basis. Combined with lower expectations, that creates select investment opportunities.
• The purpose of this note is to flush out where we believe the market may be too bullish and where we believe the market may be too bearish. We looked at sales expectations, margin expectations as well as changes in the competitive environment. For example Best Buy may face a consumer still reluctant to spend on big ticket items and a discount store trying to undermine it on price but offsets that with its first Circuit City free Christmas.
• Migrating from needs to wants: We are also seeing a gradual but almost glacial move from needs spending to wants. Given the lack of aspirational spending a year ago, categories including electronics may be best positioned to exceed expectations. As well, select specialty apparel chains and apparel names are showing signs of life heading into the Christmas season. We would note that this aspirational trade is not consistent or universal but is another area we looked at by segment.
• Putting all the above together, we developed a list of our favorite stocking stuffers. Our favorite holiday picks include ANF, BBY, BKC, COST, GES, GME, GPS, HGG, RL, RSH, TGT, TIF, TXRH, and WAG. Our least favorites include BKS, CAB, and DECK.
• But don't ignore quality: This is not a structurally bullish call on consumer spending, but, rather, a tactical way to take advantage of those retailers with both easier holiday comparisons and resilient business models. Longer term, we believe that those names that can deliver top line growth will be best positioned to win as consumer spending stutters through poor access to credit and high unemployment. Along these lines, we continue to favor companies that could deliver sales and margin outperformance in any environment. These include COST, DKS, FDO, GES, KR, NKE, ORLY, RL, SWY, TGT, TJX, UA, VFC, and YUM.
Re: Thanks for the bailout...here's your pink slip
I just made a second attempt to purchase a new computer from Dell!!! I have to struggle with myself to continue a conversation when the person on the other end of the phone barely understands what I am saying. Regardless of the quality of the item some people will not make the effort!
I would recommend some of these CEO's (Michael) try calling there own 800 number to see what kind of crap there customer has to deal with.
Skylane
Re: Seeking cheap cyclicals in Asia
Darn it, I wonder if Buffet knew of this disparity when he did what he did? It is tempting to get this granular and perhaps it would be rewarding for a while, but why make the effort?
Bill, I have noticed you follow CS closely, notice I did not say faithfully. My question is:
How are they different from say DB and others? Does it have to do with hard money policy, which I do not know the particulars in their case...thanks for taking time out from your day if you get the chance to help me in establishing the way this particular market works.
Setup overview
Want to give you guys an example of the trade with quick overview of all the considerations. While it's a day trade, the elements are the same as they would be in any time frame.
RMBS, pops up on the scanner as divergence play: while market is strong and generally uptrending, this stock is in red and hits lows. Relative weakness like this is a first hint of short shaping up. Look at the first chart attached, compare it to NASDAQ chart.
Next, setup presents itself. If it's hard to see on the first chart, have a look at the second one which is zoomed in and setup area is highlighted in yellow. This is what we call DBI (Drop-Base-Implosion): leg down, then consolidation within narrow range above the support, then breakdown of the support and sharp drop. Stop is placed above the upper limit of such range. In this particular case, support is 17, upper limit is 17.10, breakdown of the support is short entry trigger. Provided 1:2 risk/reward quickly.
Re: Seeking cheap cyclicals in Asia
TN_blogger
Re: "I have noticed you follow CS (research) closely"
There are about six or so HB&B research teams that I particularly like, and since UBS, Merrill Lynch and Morgan Stanley threatened to sue me if I so much as mention them, I am now using CS, holding a couple more in research for the day CS decides to join the line. :-)
I like the format of the CS Daily. At some point, if I feel that these are worthwhile contributions, I'll add them from all the others too. I'm waiting to hire an exec assistant who can do that for me. I have already cut my hours in half to just 50/week, and will soon reduce them even more as I find ways of providing value quickly.
Off Topic (but absolutely hilarious...)
SNL gives their take on Obama's trip to China, touching on issues such as debt repayment, budget deficits, unemployment, healthcare, etc.
http://www.youtube.com/watch?v=8ZXEShSIFks&feature...
Destined to be a classic...
Re: Seeking cheap cyclicals in Asia
I understand. I am glad the change to CTA recently implemented is going to and is already making this a top notch experience. I figure we have already won this fight and now it is up to this community to fill in the details. Actually, it is not we, but the 800000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 times infinity guerrilla in the room...I think you know what I mean; in fact I know you do because it all makes sense and that is as it should be.
I agree with you that there is a season for all and this appears to be as good a season as any!
I look forward to the day when we traders no longer have to sit in the back of the bus while we watch those around us being force fed dirty rice, not the good kind, but the rancid kind. I hope you can add to your arsenal of worthwhile or at least competent financial advisers...to be clear I am referring to CS and possible others.
In my mind which I have to check occasionally, but not in this case, you give people a priceless gift everyday and in many ways...really it amazes me that you have not been hurt by forces of evil that exist for the soul reason to suck the marrow from what bones they can find. This is a story that needs telling.
edit: story should read "stories that have need of being told." By marrow I mean to imply soul juice, ideas ready to germinate and other equally descriptive terms used to convey life force.
Finally I shorted
The dollar bounced back from it's support. Thus, I opened a small position of TZA at 11.5 with a tight stop.
Still not sure if this a beginning of a new breakout or a great shorting opportunity. Time will tell. There should be a decisive move in U$D one way or another soon as the triangle is almost complete.
Re: Off Topic (but absolutely hilarious...)
Thanks...is very important healing and educating...funny...seam splitting funny.
MACD Extemes going back 20 yrs
Forgot to post this past weekend, but The Chart Pattern trader had great content over the weekend. 2 videos.
Speaks about MACD extremes and how they usually precede more extreme prices after the macd signals the extreme.
http://bit.ly/4w33lQ
http://bit.ly/6RdCw5
Happy Thanksgiving week to the Cara Community.
Re: Finally I shorted
From observing recent dollar movement, preceding some of the moderately decent rebounds off the 75 level, the buck takes an annoying 0.20 - 0.30 dip right before rebounding. In other words, it looks just like it is breaking support, and in fact does, only to come bouncing back above original support, through it, and off to the races.
the tanks are coming
I am amazed to see how well SKF is holding up on such a big up day for S&P, which is supposedly driven by a *jump in October home sales* -- a financial event! Apparently, the Big Boyz know that this is all a pile of BS at this point, and are simply unloading their financial stocks at every opportunity.
A few months ago I compared two views of the economy: one that is based on extrapolating the past (which is what all the analysts and the overwhelming majority of economists do, and which is the right thing to do when no predictable EVENTs can occur in the near future), and the other one that also takes such upcoming EVENTs into account. Naturally, the latter approach resonates with me much more, as this is the approach that really works when I do system modeling/analysis/forecasting/optimization at my work. Hussman also uses the latter approach, and here is a quote from his latest article:
"The past decade has been largely the experience of watching tanks rolling over a hilltop to attack the villagers celebrating below. Repeatedly, one could observe these huge objects rolling over the horizon, with an ominous knowledge that things would not work out well. But repeatedly, nobody cared as long as it looked like there might be a little punch left in the bowl."
The "tanks" he is referring to are, of course, the looming mortgage defaults, which he pointed out yesterday are appearing not only in the OptionARM and Alt-A loans, but also in the *Prime* loans. "the surge in delinquencies and foreclosures on prime fixed-rate loans is disturbing, because that wasn't even part of the reset equation, and represents a relatively pure effect of the weakness in employment conditions."
"A major second wave of mortgage losses isn't a question of whether the economy will post a positive GDP print this quarter or next. Rather, it is a structural feature of the debt market that is baked into the cake because of how the mortgages were designed and issued in the first place." "The inevitability of profound credit losses here is unnervingly similar to the inevitability of profound losses following the dot-com bubble."
To cut the long story short, I have added to my TWM position at $28.16 a little while ago. :) I wanted to add to my SKF position, but it is not down enough to warrant adding to it...
bought more SKF
But then, on a second thought, I did buy some SKF just now at $24.14. :)
Test
?
NBC gone to Comcast
Finally, Jeff Immelt did the right thing.
Speaking of losing their shirts....
More BS from Exec's that professed to 'feel the pain' of their employees.
http://tinyurl.com/yc56hkv
Bloomberg now doing the wrong thing
I see that a Bloomberg reporter is now a stock-picker, and giving investment advice on-air. I am surprised at that, but I guess in this day and age anything goes.
Exhaustion gap?
Glad I was busy working today.
DJIA, Russell 2000, and Naz all look like exhaustion gaps. (Google that term for further explanation). And some are close to kangaroo tail reversals.
But with some juice, they can make broken down nags run like Triple Crown winners.
No trades today.
For the past month I've watched fisherman
at a NC lake take bucket-full after bucket-full of fish home to feed their families.... Most of the fishermen have lost their jobs in the past 6 months, and cannot find work, anywhere... Six weeks ago, NC Wildlife posted signs stating that known levels of PCB's have been measured in the lake, and advised consumption of NO More tha One Meal per Week of bass or catfish.. I have talked to the fishermen about this notice, and they are aware of the risks.... yet, as they said, they have to feed their families the bestand cheapest way possible... most have children under the age of 5..... Let Goldman, BAC, Paulson , Geithner and all the other Godless Bastards live long enough to pay for the untold damage and theft they have laid upon our nation..
Re: For the past month I've watched fisherman
Don't forget their minion who sanctioned their actions in the hallowed halls of the city built on a swamp
Re: For the past month I've watched fisherman
Hi All - Best we add Charles Rangel to this list as well - a man who's ways & means do not serve America properly in this rating, banking, securitization mess the world suffers from now. I do honor the man as having served his country honorably - just the district he represents does not generally mirror America's postion, but he has served his constituents well - a house for everyone on the premise of constant appreciation. Happy Trading
Radio show i listen to consistently
http://bit.ly/4qyhUN
I only post resouces I use after several months of using myself as I am the company I keep.
Disclaimer: the radio show host has 40+ experience in the markets, lives in Corning, and is currently seeing risk of deflation vs inflation. I don't agree with everything he says or understand everything. but I cannot deny his yrs of experience, which i lack.
Anyway, bill tatro has a daily radio show online and on select stations natonwide thru kfnn.
In my own routine I must build a wide enough range of self interested parties to get enough data and make my own conclusions.
Yes, I even check what cramer is spewing once in a while. Friends are not as useful as enemies in business.
But tonight, Bill Tatro was away at some financial convention, & his son, Quint Tatro, who sometimes hosts, did a great job with tonight content. Pay special attention to the 2nd half when he discusses the financials and semi's.
Nothing new if you pay attention here already.
But I find casting a wide net, picking out the best of the best and of the worst, to yield the best dinner.
http://bit.ly/4qyhUN
Have banks start playing first come first served?
"Sumitomo Mitsui Financial Group Inc., Japan’s second- largest bank by market value, fell 4.4 percent after the Nikkei newspaper said banks are preparing a new round of share sales. Bank of China Ltd. slumped 4 percent in Hong Kong after saying it’s studying options to raise funds."
Asian Stocks Fall to Two-Week Low on Bank Share-Sale Concerns (Bloomberg)
Re: For the past month I've watched fisherman
I heard they were doing God's work....
The age of disinformation......
Keep fighting.
Dollar Slump Persisting as Top Analysts See No Bottom
Jesse appears to agree in principal with research that suggests that:
"History tells us the dollar shouldn’t start rising on a sustained basis until 12 months after the Fed starts to lift rates,” said Callum Henderson, the Singapore-based global head of foreign-exchange strategy for Standard Chartered". While other analysts' suggest:
"...the dollar will depreciate as much as 6.4 percent versus the euro (in 2010). About $12 trillion of fiscal and monetary stimulus, the world’s lowest borrowing costs and a record $4 trillion of government bond sales between 2009 and 2010 will weigh on the currency, they said. So will the nation’s 10.2 percent unemployment rate and signs that the economic recovery may falter, they said.
so no big correction? dips and bounces in the markets as suggested by Jesse while the trend remains? Or is it possible for the $ and markets to diverge?
http://jessescrossroadscafe.blogspot.com/