Global Market Comments for November 18, 2008Special Russia EditionHighlighted Trades: ($RTSI), (YHOO), (BUD) 1) October retail sales came in at -2.8%, the biggest decline on record. The Producer Price Index plunged by 2.8%, up 5.2% YOY. Inflation is doing a disappearing act. The market was ready for another swan dive, but then was spared by
Global Market Comments for November 19, 2008 Featured trades: (MSFT), (ORCL), (SY), (INTU), (PLD) 1) October housing starts came in at a shocking minus -4.5%, a 791,000 annualized rate, 409,000 below the replacement rate. Huge disruptions in the classical economic data by the credit freeze are ongoing, and will continue for the next couple of
Global Market Comments for November 18, 2008Special Russia EditionHighlighted Trades: ($RTSI), (YHOO), (BUD) 1) October retail sales came in at -2.8%, the biggest decline on record. The Producer Price Index plunged by 2.8%, up 5.2% YOY. Inflation is doing a disappearing act. The market was ready for another swan dive, but then was spared by
Global Market Comments for November 17, 2008 Special wine edition. 5 page issue today. Highlighted Trades: (GM), (STZ), (FO), (DEO), (SPX)1) Expect to hear a lot of hand ringing about the auto industry this week. Its representatives want us to believe that 10% of all the jobs, and 20% of retail sales are somehow car
Global Market Comments for November 17, 2008 Special wine edition. 5 page issue today. Highlighted Trades: (GM), (STZ), (FO), (DEO), (SPX)1) Expect to hear a lot of hand ringing about the auto industry this week. Its representatives want us to believe that 10% of all the jobs, and 20% of retail sales are somehow car
Global Market Comments for November 14, 2008 Highlighted Trades: (SPY), (LSBRX), (COP), (WMT) 1) Yesterday we did a month's worth of trading in two hours. The VIX went from 60% to 70%, then back down to 57%. If you have any doubts about what this market is doing, take a look at this chart, which
Global Market Comments for November 14, 2008 Highlighted Trades: (SPY), (LSBRX), (COP), (WMT) 1) Yesterday we did a month's worth of trading in two hours. The VIX went from 60% to 70%, then back down to 57%. If you have any doubts about what this market is doing, take a look at this chart, which
Global Market Comments for November 13, 20081) Weekly jobless claims came in at 516,000, a new seven year high. Oil imports have dropped from 11 million barrels/day to 8.8 million b/d. Because of the huge price drop the cost of these imports has fallen from $1 billion/day to only $500 million/day since July, causing the
Global Market Comments for November 13, 20081) Weekly jobless claims came in at 516,000, a new seven year high. Oil imports have dropped from 11 million barrels/day to 8.8 million b/d. Because of the huge price drop the cost of these imports has fallen from $1 billion/day to only $500 million/day since July, causing the
Global Market Comments for November 12, 2008 Special Crude Oil Issue 1) A number of big hedge funds are starting to circle around $50 as a place to get involved on the long side with crude. Hundreds of companies faced a near death experience with crude at $148, where no business model was profitable. This