Investing and Trading News, with a Contrarian, Sarcastic Twist!
In a speech laden with true indecisive “economist-speak”, Fed chairman Bernanke headlined his performance from Jackson Hole with assurance that the Fed “will do all that it can” to keep the economic “recovery” (sarcastic quotes mine) rolling. From Bloomberg: Federal Reserve Chairman Ben S. Bernanke said the U.S. central bank “will do all that it can” […]
Today, Karl Rove penned an op-ed for the Wall Street Journal blasting Barack Obama for “one of the all-time presidential PR disasters” in describing Obama’s economic summer 2010 policies. Rove cited Obama’s falling approval rating – from 42% in May, to 35% in August as evidence of his ineptness. Now I’m not exactly a fan […]
Here’s a stat that seems almost too unbelievable to be true. According to economist David Rosenberg, high priced new homes are not exactly flying off the market. If this weren’t from someone as credible as Dave, I’d think this had to be a misprint of sorts – from his daily letter: Now back to the […]
As if people needed another reason to flee Philadelphia – now they’re levying taxes on bloggers! From CNN.com: Philadelphia bloggers were abuzz this week about a citywide move to crack down on citizens running a business without a license — which includes any local bloggers running ads on their sites. The weekly Philadelphia City Paper kicked […]
The CBOE Implied Correlation index has hit a new record – and this is usually bearish. From ZeroHedge: The CBOE Implied Correlation index has just hit another historic plateau, touching on 85 earlier in the day, which means that all those who believe relative value can still be found are about to be carted off. […]
Starting early this year, we had a short Euro position via the ETF EUO – and covered that when Euro sentiment reached pessimistic extremes. Since the Euro bottomed around 1.19 in early June, it rallied as high as 1.33 earlier this month. Was that enough to send the “Euro haters” packing? Judging by the charts […]
Most of the inflation arguments touted about in the press center around the Federal Reserve’s unlimited ability to create money. And while the Fed may be a relatively sovereign entity (probably scarily so!) – it is still accountable to Congress, and ultimately the American public. The Fed can only print as much money as the […]
Standard & Poors just lowered its rating on Ireland (Source: Dow Jones): Standard & Poor’s Ratings Services trimmed its rating on Ireland, saying the projected fiscal cost to the Irish government of supporting the hard-hit financial sector has increased significantly above prior estimates. Ireland’s banks were stung by the property-market crash. They made big loans […]
David Rosenberg wrote today in his daily commentary that earnings expectations peaked with the stock market back in April. He observes that this is a common phenomenon – where stock prices do not follow earnings, but rather they more closely track earnings expectations. When expected earnings are revised up by analysts, stocks rally – and […]
I know that very few if any of us actually believe the worst is behind us. There are too many skeletons left in the closet – with massive sovereign debt being possibly the most ominous storm cloud on the horizon. In this guest article, our friend David Galland questions the logic of the mainstream financial […]
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