Global Market Comments for July 16, 20081) Weekly Crude inventories jumped 3 million barrels on the back of rapid demand destruction, sending crude down $7 to $132. We have dropped $16 since last week's high. If we can break $129 look for another rapid $10 drop to $119. This bubble may have burst. The airline
Global Market Comments for July 15, 20081) Crude fell a breathtaking $10 to $136 on the Bush announcement lifting the ban on offshore drilling. Options expirations this week helped.2) Apple sold one million new 3G IPhones in the first three days, more than double the most optimistic forecast.3) Christopher Cox, chairman of the SEC, announced
Global Market Comments for July 15, 20081) Crude fell a breathtaking $10 to $136 on the Bush announcement lifting the ban on offshore drilling. Options expirations this week helped.2) Apple sold one million new 3G IPhones in the first three days, more than double the most optimistic forecast.3) Christopher Cox, chairman of the SEC, announced
Global Market Comments for July 14, 20081) The government announced an impressive support package for Fannie and Freddie which includes direct access to the Fed window and Fed buying of their paper. The bad news is that they needed a bail out package. Fannie is launching a $3 billion private debt issue this week. The
Global Market Comments for July 14, 20081) The government announced an impressive support package for Fannie and Freddie which includes direct access to the Fed window and Fed buying of their paper. The bad news is that they needed a bail out package. Fannie is launching a $3 billion private debt issue this week. The
Global Market Comments for July 11, 20081) Crude lept to a new high, $147.50, even though one of the Iranian missiles fired yesterday was found to be a Photoshop creation. It then closed at $144.30.2) Bernanke saved the day today, announcing that Fannie Mae (FNM) and Freddie Mac (FRE) would have access to the emergency
Global Market Comments for July 11, 20081) Crude lept to a new high, $147.50, even though one of the Iranian missiles fired yesterday was found to be a Photoshop creation. It then closed at $144.30.2) Bernanke saved the day today, announcing that Fannie Mae (FNM) and Freddie Mac (FRE) would have access to the emergency
Global Market Comments for July 10, 20081) Walmart reported better than expected earnings as the rebate checks worked their way through the system, taking the stock market up 150. Also helping was Dow Chemical's (DOW) takeover of Rohm & Haas (ROH) for $15 billion, a massive 73% premium.2) Lehman Brothers (LEH) continued its free fall
Global Market Comments for July 10, 20081) Walmart reported better than expected earnings as the rebate checks worked their way through the system, taking the stock market up 150. Also helping was Dow Chemical's (DOW) takeover of Rohm & Haas (ROH) for $15 billion, a massive 73% premium.2) Lehman Brothers (LEH) continued its free fall
Global Market Comments for July 9, 20081) Iran fired nine medium and long range missiles and crude did nothing. That says a lot. Last week this would have taken crude to $150. What a difference a week makes! Oil is now enjoying what economist call 'perverse elasticity'. The higher the price goes, the more people