Global Market Comments for August 19, 20081) The producer price index, the real inflation rate, rocketed by 1.2% in July to 9.8% YOY. The stock market barfed 200 points. Lehman (LEH), AIG Int. (AIG), Fannie Mae (FNM) and Freddie Mac (FRE) did coordinated swan dives in true Olympic fashion.2) According to Dataquick, home prices in
Global Market Comments for August 18, 20081) With the euro at $1.46 on its way to the $1.30's, and commodities in free fall, it is becoming screamingly obvious that the inflation trade is temporarily dead. Long bond yields are approaching new lows for the year, with the ten year at 3.80%.2) Nine million jobs are
Global Market Comments for August 18, 20081) With the euro at $1.46 on its way to the $1.30's, and commodities in free fall, it is becoming screamingly obvious that the inflation trade is temporarily dead. Long bond yields are approaching new lows for the year, with the ten year at 3.80%.2) Nine million jobs are
Global Market Comments for August 15, 20081) There is a nightmare scenario unfolding in the commodities markets where the meltdown is explained not by just a two week slowdown for the Olympics, but by an unfolding global recession. Four out of five of the world's largest economies are now at or in recessions. Natural Gas
Global Market Comments for August 15, 20081) There is a nightmare scenario unfolding in the commodities markets where the meltdown is explained not by just a two week slowdown for the Olympics, but by an unfolding global recession. Four out of five of the world's largest economies are now at or in recessions. Natural Gas
Global Market Comments for August 14, 20081) The momentum traders have definitively bailed from the crude/commodities trade, taking the fluff out of the market and equity valuations in the area down so much that even value players are starting to have a look see. Crude is not dead, it is just resting, and these names
Global Market Comments for August 14, 20081) The momentum traders have definitively bailed from the crude/commodities trade, taking the fluff out of the market and equity valuations in the area down so much that even value players are starting to have a look see. Crude is not dead, it is just resting, and these names
Global Market Comments for August 13, 20081) Panic buying of the dollar spilled over from the euro into the British pound, which soared overnight from $1.91 to $1.87. Britain's economic data is now looking as dire as those in the US.2) Gasoline inventories fell a surprising 6.4 million barrels as the summer driving season draws
Global Market Comments for August 13, 20081) Panic buying of the dollar spilled over from the euro into the British pound, which soared overnight from $1.91 to $1.87. Britain's economic data is now looking as dire as those in the US.2) Gasoline inventories fell a surprising 6.4 million barrels as the summer driving season draws
Global Market Comments for August 12, 20081) Oil pipelines are exploding in Georgia and Turkey, new wars are breaking out, and crude still goes down. The suddenly unloved commodity is clearly gunning for the 200 day moving average at $107, and broader support kicks in at $100. Texas tea has suddenly become the red headed