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
Global Market Comments for August 11, 20081) The magnitude and the volume seen on Friday suggests that the euro has had it. Trillions of dollars worth of hedges by banks and multinationals are being simultaneously unwound. Look to sell rallies from here. This means that the commodity trade, including crude, will be broken for the
Global Market Comments for August 11, 20081) The magnitude and the volume seen on Friday suggests that the euro has had it. Trillions of dollars worth of hedges by banks and multinationals are being simultaneously unwound. Look to sell rallies from here. This means that the commodity trade, including crude, will be broken for the
Global Market Comments for August 8, 20081) The dollar had its largest one day move up against the euro in seven years to $1.49, not because things are getting better here, but because things are getting worse at an alarming rate in Europe. Stocks celebrated by soaring 320 points and crude fell to a new
Global Market Comments for August 8, 20081) The dollar had its largest one day move up against the euro in seven years to $1.49, not because things are getting better here, but because things are getting worse at an alarming rate in Europe. Stocks celebrated by soaring 320 points and crude fell to a new
Global Market Comments for August 7, 20081) Today was the day of the AIG shock, which reported an H1 loss of $13.6 billion. All of the credit default swaps they wrote are coming back to roost. The news took the Dow down 220.2) Whole Foods (WFMI) is suspending its dividend, canceling new store openings, and
Global Market Comments for August 7, 20081) Today was the day of the AIG shock, which reported an H1 loss of $13.6 billion. All of the credit default swaps they wrote are coming back to roost. The news took the Dow down 220.2) Whole Foods (WFMI) is suspending its dividend, canceling new store openings, and
Global Market Comments for August 6, 20081) Yesterday's 300 point pop in the stock market is proof that we are still in a bear market. It is the sixth such move in the past year. These gaps are caused by ferocious short covering rallies which then burn out. In the 2000-2002 bear market there were
Global Market Comments for August 6, 20081) Yesterday's 300 point pop in the stock market is proof that we are still in a bear market. It is the sixth such move in the past year. These gaps are caused by ferocious short covering rallies which then burn out. In the 2000-2002 bear market there were
Global Market Comments for August 5, 20081) Stocks finally noticed that crude has fallen $30 in a month.2) Pawn shops are now a booming business, which see 60% of their income from scrap gold. EZCorp (EZPW) is up 95% this year, Cash America International (CSH) is up 78%, and First Cash Financial Services (FCFH) is