A quick look at bank stocks would indicate that Wall St. is not terribly impressed with the Paulson $700 billion bailout plan. Citigroup (C), the whipping boy of the group, may be at a multi-year low. But, so is Goldman Sachs (GS), the most sublime of all US financial institutions. Even Jamie Dimon's JP Morgan (JPM), arguably the best run bank, has been pulled into the vortex of selling The tro...
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The FOMC minutes were just released from its recent 10/28 - 10/29 meeting. Here are the highlights: The information reviewed at the October meeting indicated that economic conditions deteriorated in recent months. The labor market weakened further in September as private payrolls fell at a faster pace than earlier in the year and the unemployment rate remained above six percent. Industrial prod...
Lately there have been quite a few days when it looks as if the market is wearing ‘concrete shoes’ and will never be able to keep its head above water. Time and time again the financials look like those concrete shoes: financials plunge; the market follows. In fact, the performance of financials relative to the broader market has been weakening steadily since early October 2006, whe...
In early trade, AEM and ABX, my two gold watch list stocks rose to the top of the % gainers list on a weaker dollar. I was waiting for AEM to retrace or form some NRIBs at the base of resistance (blue line). The dollar ended up being a fade and gold pulled back in. However, I noticed that AEM was halted pending news. Briefing.com reported that AEM announced a $252 mln private placement; or 8 ml...
I had to pull out to a 10 Year Monthly Chart to illustrate the support area at 775 for the S&P 500. This is the first target. Momentum and trend is still to the downside.SPX Monthly Chart:
Simon Constable reports: Demand for gold coins and bars from retail investors more than doubled during the third quarter, as financial-market turmoil prompted a flight to safety, according to new data released from the World Gold Council Wednesday. <embed src="http://s.wsj.net/media/swf/main.swf" bgcolor="#FFFFFF" flashVars="videoGUID={7A7EED88-DEC2-4455-B80C-E3B26706E7C3}&playerid=1000...
The FOMC minutes were just released from its recent 10/28 - 10/29 meeting. Here are the highlights:The information reviewed at the October meeting indicated that economic conditions deteriorated in recent months. The labor market weakened further in September as private payrolls fell at a faster pace than earlier in the year and the unemployment rate remained above 6 percent. Industrial product...
Largest moves always at the beginning and the end David Skarica, author of the Addicted to Profits newsletter, gives The Gold Report an exclusive preview of coming market attractions including double-digit inflation, a super pop in gold stocks, and the demise of an empire. A financial advisor who earned his reputation as a contrarian before he turned 30 by predicting the dot.com bust, Skarica w...
Best Buy (BBY) are down sharply today after Standard & Poor’s late yesterday cut its corporate credit for the consumer electronics retailer to BBB- from BBB. S&P said the rating change “reflects our belief that the company will be more challenged than previously expected by the current weak economic environment in the U.S and that credit metrics will deteriorate more than ...
Citigroup’s Jason Brueschke today cut his rating on Baidu (BIDU) to Sell from Buy, slashing his price target to $110, from $300. As I have noted in several recent posts, Baidu over the weekend was the subject of a highly critical report on China Central Television noting that the company has included paid listings for unlicensed medical products providers high in its search results for ce...