Market Comments for May 4, 20081) Non farm payrolls came in at -20,000 instead of the anticipated -75,000. The unemployment rate fell from 5.1% to 5.0%. Money poured into financials and technology stocks. The biggest job losses were in the construction area. Interestingly, the hot new job growth area is the retraining of auto workers
Market Comments for May 1, 20081) The rout in commodities is continuing. Crude hit $110. Gold is getting crushed, off 15% from its high. The euro hit $1.54. The ?buy the dollar and sell commodities? trade is accelerating. In the stock market money poured out of energy and commodity names, and into banks and technology.
Market Comments for May 1, 20081) The rout in commodities is continuing. Crude hit $110. Gold is getting crushed, off 15% from its high. The euro hit $1.54. The ?buy the dollar and sell commodities? trade is accelerating. In the stock market money poured out of energy and commodity names, and into banks and technology.
Market Comments for April 30, 20081) The Fed cut the discount rate by 0.25% to 2%. Crude sold off $5, and most other commodities had substantial falls.2) The Bank of Japan held rates steady at 0.5% where it has been for 13 years. This is why the yen is the world's major carry currency. It
Market Comments for April 30, 20081) The Fed cut the discount rate by 0.25% to 2%. Crude sold off $5, and most other commodities had substantial falls.2) The Bank of Japan held rates steady at 0.5% where it has been for 13 years. This is why the yen is the world's major carry currency. It
Market Comments for April 29, 20081) Fears of a strong dollar have triggered a broad sell off across all commodity classes. The Saudi oil minister said that if the dollar rises 10%, as I believe, it will trigger a $40 sell off in the price of crude. He may be right.2) There can be little
Market Comments for April 29, 20081) Fears of a strong dollar have triggered a broad sell off across all commodity classes. The Saudi oil minister said that if the dollar rises 10%, as I believe, it will trigger a $40 sell off in the price of crude. He may be right.2) There can be little
Market Comments for April 28, 20081) Natural Gas jumps to a new post Katrina high of $11.40. Crude fell. The Atlantic hurricane season starts in four weeks. The stock market is dead, waiting for the Fed news. It was a good day for a multistrategy approach.2) Continental Airlines pulled out of its merger with United
Market Comments for April 28, 20081) Natural Gas jumps to a new post Katrina high of $11.40. Crude fell. The Atlantic hurricane season starts in four weeks. The stock market is dead, waiting for the Fed news. It was a good day for a multistrategy approach.2) Continental Airlines pulled out of its merger with United
Market Comments for April 25, 20081) There is a growing consensus that the euro has peaked for the year at $1.60. The currency ($XEU) is a strong short against the dollar at these levels. If the Fed doesn't cut interest rates next week you can expect the euro to collapse and stocks to soar. Commodities