Global Market Comments for February 19, 2009 Featured Trades: ($GOLD), (DGP), (GLD), (WFC), (EPD)1) GOLD! GOLD! GOLD! This is the cry being heard worldwide by investors in the Great Gold rush of 2009, looking for a generic 'short America' trade. Where in the past gold seekers used sluices, shovels, and jackhammers to extract the glittery
Global Market Comments for February 18, 2009 Featured Trades: (NAT)1) Obama's mortgage bailout package is out, and the market didn't care, hitting new six year lows. After wading through pages of arcane, mind scrambling detail, it appears that $75 billion will be made available to distressed homeowners to cut mortgage payments to 31% of their
Global Market Comments for February 17, 2009 Featured Trades: (TM), ($GOLD), ($SSEC)1) In three short weeks we have gone from an administration that had a political interest in portraying the economy as not as bad as it really was, to one that paints the economy as worse than it really is. The markets don't like
Global Market Comments for February 13, 2009 Featured Trades: (ABX), FCX), (GOLD)1) We learned yesterday that not only does the Obama administration watch the stock market carefully, it also has a technical analyst on board. We were exactly at a crucial support point on the charts when the Treasury leaked the home mortgage subsidy plan,
Global Market Comments for February 12, 2009 Featured Trades: (DEO)1) Those who believe that the wine and spirits business is recession proof should take a look at UK based Diageo (DEO). Its shares just hit a new low for the year of $50, down 42%. Although the giant purveyor of alcoholic beverages posted profits up
Global Market Comments for February 11, 2009 Featured Trades: (IWM), (LSE-AJG), (BAC)1) After the passage of an $800 billion in stimulus, and another bank bailout package, I don't see any market boosting events on the horizon. Hence the Dow's 400 point swan dive yesterday. The market is not going to wait until the end of
Global Market Comments for February 10, 2009 Featured Trades: (IWM), (C), (BAC), (INTC)1) Treasury Secretary Tim Geithner announced his bailout plan and the market gave him a big raspberry. Long on platitudes and short on specifics. The Dow plummeted 381, Bank of America (BAC), dropped 18%, and Citigroup (C) pared 16%. The 'End of the
Global Market Comments for February 9, 2009 Featured Trades: (IWM), ($COPPER), (DRYS)1) This week it is all about Washington. CNBC has turned into CSPAN. Democrats coming off an eight year starvation diet are loading the stimulus plan with more pork than a bacon factory, and sending Obama the bill. There is also a personal element
Global Market Comments for February 6, 2009 Featured Trades: (BAC), (TM), (TBT)1) The dreaded January nonfarm payroll came in at minus 598,000, the third monthly figure over a half million, taking the unemployment rate up to 7.6%. It was the worst monthly reading since 1974. We'll probably see 9% by June. Notice how the numbers
Global Market Comments for February 5, 2009 Featured Trades: ($GOLD), ($SILVER), (BRK/A), (GS), (GE), ($SSEC), ($BDI) 1) UBS was matched by Goldman Sachs in raising its 2009 target for gold ($GOLD) up to $1,000, triggering a $30 rally to $920.While jewelry demand from India and the Middle East remains weak, this is being more than