Global Market Comments for September 16, 2008 1) The fallout is still reverberating from the Lehman (LEH) bankruptcy. Wells Fargo (WFC) announced it took a $109 million hit on LEH preferred. Their initial investment was certainly a lot more than that. George Soros also took a hit. Banks all over Asia announced $100 million plus
Global Market Comments for September 15, 2008 1) In last Friday's newsletter I predicted that Merrill Lynch (MER) would be the next target for the cloud of locusts. I had no idea that it would be gone in a few hours! The scary thing is that Bank of America (BAC) was willing to pay $50
Global Market Comments for September 15, 2008 1) In last Friday's newsletter I predicted that Merrill Lynch (MER) would be the next target for the cloud of locusts. I had no idea that it would be gone in a few hours! The scary thing is that Bank of America (BAC) was willing to pay $50
Global Market Comments for September 12, 2008 1) Lehman is a dead man walking. Expectations are now so high that if Lehman (LEH) is not sold by Sunday the market will be down big on Monday. The cloud of locusts is already looking for its next victim. At the top of the list? Merrill Lynch
Global Market Comments for September 12, 2008 1) Lehman is a dead man walking. Expectations are now so high that if Lehman (LEH) is not sold by Sunday the market will be down big on Monday. The cloud of locusts is already looking for its next victim. At the top of the list? Merrill Lynch
Global Market Comments for September 11, 2008 1) The Great Unwind of 2008 continues. Gold down from $1,100 to $740. Crude from $148 to $100.25, Natural Gas from $13.50 to $7, Silver from $21 to $10.40. The Russian stock market, with the ruble depreciation has plunged 50% since July. The best of breed commodity stocks
Global Market Comments for September 11, 2008 1) The Great Unwind of 2008 continues. Gold down from $1,100 to $740. Crude from $148 to $100.25, Natural Gas from $13.50 to $7, Silver from $21 to $10.40. The Russian stock market, with the ruble depreciation has plunged 50% since July. The best of breed commodity stocks
Global Market Comments for September 10, 2008 1) Lehman (LEH) held its much anticipated conference call. The bottom line is that all of the saleable parts will be sold and the toxic waste will remain with LEH on a $600 billion balance sheet. The Q3 loss is $3.9 billion on $5.6 billion in net mark
Global Market Comments for September 10, 2008 1) Lehman (LEH) held its much anticipated conference call. The bottom line is that all of the saleable parts will be sold and the toxic waste will remain with LEH on a $600 billion balance sheet. The Q3 loss is $3.9 billion on $5.6 billion in net mark
Global Market Comments for September 9, 2008 1) The biggest financial bail out in US history, and the nationalization of the majority of American home mortgages and we only get a one day rally. Hank Paulson must be slitting his own wrists. All this at the price of doubling the national debt, from $9 trillion