Happy Halloween
We just had to post this picture and remind everyone not to leave alcohol around your pumpkins this year……
Monthly Archives: October 2009
Dow Jones 30 Retreats After Big Gains
The DOW Jones 30 fell today early on with financial shares leading the decline, as investors took a step back after the previous session’s big rally. In early trading the markets were down nearly half a percent. Markets: Stocks rallied Thursdayafter a better-than-expected third-quarter GDP report reassured investors that a recovery is on track. The ...…
Harvard Warns Of "Double Dip" Economy
Harvard University professor Martin Feldstein said this in an e-mail to Bloomberg. “The danger remains of a serious slowdown after this and a possible double dip of the economy in 2010.” The economy grew in the third quarter for the first time in more than a year, propelled by emergency programs to boost buying of ...…
XLE Bounces Off Support On Oil Climb
The XLE is bouncing off support today after Oil rose nearly $3 to top $80 a barrel on news economy returned to growth in the third quarter, reviving expectations of an increase in fuel consumption. Third-quarter U.S. gross domestic product grew at a rate of 3.5%, beating analysts’ expectations for 3.3% growth. Higher equities and ...…
GDP Grew At 3.5% – Beat Estimates
Stock futures are rising after a better-than-expected report on the nation’s economy. GDP grew at an annual rate of 3.5 percent in the third quarter after four consecutive quarterly declines. Also, the Labor Department says workers filing for jobless claims for the first time fell slightly. Economists polled by Thomson Reuters predict GDP, the broadest ...…
EUR/USD Bullish Forecast
The structure remains quite constructive on the monthly chart, with the market having put in 6 consecutive monthly higher lows and potentially now looking for a seventh. The price has also traded above the 61.8% fib retracement off of the major 2008-2009 high-lows, and next resistance in not seen until the 1.5200 area which represents ...…
Job Loss By State
Here is an interesting chart of the job losses by state……
New Home Sales Fall 3.6%
The drop in new home sales was driven by a nearly 11 percent decline in the West and a 10 percent drop in the South. Sales rose 35 percent in the Midwest and were unchanged in the Northeast. The Commerce Department said Wednesday that sales fell 3.6 percent to a seasonally adjusted annual rate of 402,000 ...…
Houston, We Have A Problem
Yesterday, the city of Houston found out that it was completely bankrupt. Below is the letters of Bob Lemer, CPA, Retired Partner at Ernst & Young; Aubrey M. Farb, CPA, Retired Partner at Grant Thornton; and Tom Roberts, CPA, Retired Partner at Fitts Roberts, who performed the analysis of the city’s financials. October 22, 2009 Subject: ...…
/ES Mini Trades Mixed On Energy
The Dow and S&P indexes rose on Tuesday as earnings at BP Plc lifted energy shares, but results at Chinese Internet search giant Baidu.com (BIDU) and weaker-than expected consumer confidence data pushed the Nasdaq lower. BP reported third-quarter earnings that beat expectations, helped by cost cuts, sending the stock up 4.6 percent to $58.04 on ...…
Australian Business Confidence Hits 15-Year High
Australian Business Confidence surged to the highest in 15 years in the third quarter according to the National Australia Bank. Risk sentiment is set to continue guiding markets in European trading. The US Dollar consolidated in overnight trading after surging in New York hours as stocks tumbled, boosting demand for the safety-correlated currency. Traders had ...…
EUR/USD Breaks Major Support
The dollar turned higher in midday trade Monday, with analysts citing pressure on U.S. stocks after nearing technical resistance levels, while concerns over the health of financial firms returned. Rising concerns that stocks might be overstretched were also fed by worries over the financial sector of the market, following the downgrades of several big U.S. ...…
Russell (IWM) Rally Falling Behind DOW
As we’ve mentioned a few times over the past two weeks, one bearish factor of the broad market’s recent action has been the relative weakness in the small-cap arena. In most uptrending markets, the Russell 2000 Index outperforms the S&P and Dow because its small-cap components are “aggressive growth” companies whose stocks are considered to ...…
S&P 500 Overvalued By 40%
Here is what the economist and president of research firm Smithers & Co. said in an Oct. 23 interview at Bloomberg’s Tokyo office: Markets are very vulnerable to an end of quantitative easing. Central banks, they’ve got to stop some time and if that happens everything will come down. Quantitative easing has set off another sharp, ...…
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