Global Market Comments for March 6, 2009 Featured Trades: (GE), (C), (FXI),(BIDU), (SOHU), (NTES) 1) February nonfarm payroll came in at -651,000, taking the unemployment rate up to 8.1%, a 25 year high. The unemployment rate in California is now well over 10%. There were huge revisions up in the December and January figures. Remember
Global Market Comments for March 5, 2009 Featured Trades: (GE), ($XEU), (GOOG)1) Q4 European GDP came in at -1.5%. Consumer spending registered the sharpest fall on record, while exports fell off a cliff, the victim of a relentless shrinking of globalization. The euro ($XEU), down to $1.2450, is flirting with a new four year low.
Global Market Comments for March 4, 2009 Featured Trades: (SILVER), (GOLD) 1) The February ADP employment report showed a loss of 697,000 jobs. Since we are probably in a minus 6% GDP quarter, expect these numbers to remain grisly for months to come. Watch for the Labor Department's nonfarm payroll on Friday, which will be
Global Market Comments for March 3, 2009 Featured Trades: (WFC), (JPM), (C), (BAC), (GOLD)1) We're going to 6,000 in the Dow, then maybe 4,000. So argues Louise Yamada, one of the most respected long term technical analysts on Wall Street. The targets for the S&P 500 are 600 and 400. Let me reprint a comment
Global Market CommentsMarch 2, 2009 Featured Trades: (BAC), (GOLD), (POLAND), (CEE), (MSFT), (INTC), (ORCL), (CSCO), (BRK/A), (COP), (JNJ), (GS), (GE)1) The US is turning into Europe. Think high taxes, high unemployment, more government involvement in everything, and much lower growth. That is the message the markets are telling us by retreating to the 6,000 handle,
Global Market Comments for February 27, 2009 Featured Trades: (SILVER), 1) Welcome to the worst case scenario, with Q4 GDP revised down from -3.8% to -6.2%. Q4 will be just as bad, if not worse, then we will find a bottom. Technical analysts were ringing their hands as the Dow hit a new 12 year
Global Market Comments for February 26, 2009 Featured Trades: (GM), (YEN),(YCS) 1) Weekly first time jobless claims soared from 631,000 to 677,000, taking total claims to 5.1 million, a new all time high. General Motors (GM) announced a Q4 loss, and a 6.2 billion cash burn, leaving them with a scant $14 billion left. The
Global Market Comments for February 25, 2009 Featured Trades: (C), (BAC) 1) So nationalize the banks already! Get it over with! Call it whatever you want: partial nationalization, temporary nationalization, socialization, liverwurst, or rutabaga. Just get it over with! This tortuous slow drip of on again, off again, stop gap measures is going to cost
Global Market Comments for February 24, 2009 Featured Trades: (GOLD), (GLD), (SPG) 1) The Senate Banking Committee holds hearings while Rome burns. The S&P Case-Shiller Home Price Index showed a Q4 fall of -18.2%, the sharpest decline in its 21 year history. Prices in San Francisco fell by 31.2%. We got within 100 points of
Global Market Comments for February 23, 2009 Featured Trades: (C), (XOM), (GM), ($NIKK)1) The Treasury moved to raise its stake in Citigroup (C) by up to 40% by converting preferred into common, yet another step down the road to creeping nationalism. With C trading as low as $1.20 on Friday, taking its market cap down