There was no end of month bounce. It was sunk prior to the open by the GDP report of -6.2% as against the prior quarter of minus 3.8%. At that time there was some scepticism that it was only -3.8%, but now the GDP figure has caught up. The Markets did not like it. They did not [...]
On Thursday the economic news was dismal. First the Durable Goods Orders fell by 5.2%. Even taking out transport it was still down 2.5%. This is a big drop. Transport includes Boeing and plane orders are being cancelled or delayed, so Boeing is slowing down production. Next was Initial Claims for unemployment, a new 26 year high [...]
I wrote yesterday we were due for a bounce, but how high? On the S&P500 800 should be the resistance, 8,000 on the DJIA and 4,000 on the FTSE. Yesterday Bernanke “Sees 2010 Recoverery ‘Only If’ Banks Stabilize”. That is a big ask. What kept the bubble inflated was the consumer, for years taking equity [...]
Yesterday the US and German markets made new lows. The FTSE is not far behind though so far it has not breached the November lows. I would expect a bounce soon, and the level that used to be considered support will now become the resistance level. Then the big question will be will the resistance [...]
Much wailing and woe on the US markets. After their Presidents Day holiday they came back and sold off. Even the signing of the stimulus package did not stimulate the market. The DJIA is now down 16.1% YTD and the S&P500 down 14.7% YTD. After being down 35.8% and 40.6% respectively last year there is [...]
One of the things I look forward to each week is the newsletter I receive on Saturday from John Mauldin. I would describe John as an analyst of analysts. I was one of his early subscribers and have been reading his weekly emails since 2001 and have found that over time he is usually right, even [...]
My day started at 5am and it is now 9:45pm. My bed calls. When I got up this morning the US market was still open. (Closes at 6am WA time) It was interesting that there was quite a difference between the Cash and the Futures movement. The cash on the S&P500 was down 9.48 points [...]
The Obama plan just keeps getting bigger and bigger. The US President is going to use $275 billion out of the $700 billion fiscal bailout plan to cut mortgage payments to as many as 9 million struggling home owners. If it was divided equally to would be $30,555 each. Lets say the average mortgage is [...]
On Monday and Tuesday I had an old Renault bus for the 5.5hr afternoon part of my shift. It is very heavy in the steering. I did not have any problems after Monday but after getting the same bus on Tuesday, I felt my back stiffen up about half an hour before the shift finished. [...]
The US had a holiday on Monday, (Presidents Day), so Tuesday was their first trading day for the week. Over the weekend there was a report that the European banks are in a worse shape than the US banks and may need fourteen Trillion Pounds or $25 trillion to keep afloat. This is a horrendus [...]