Global Market Commentary, Analysis and Investments
Oh la la “it’s not Armageddon, but it feels like it!”
Sometimes the news flow is slow. Here at the Daily Reckoning, your editor is forced to write about theory…history…or the weather.
But sometimes the news comes so fast he can barely keep up with it.
[Read more...]Big down day for stocks.
The Dow lost 198 points.
Why? Are investors worried about gridlock in Washington? Or falling property prices in Beijing? Or maybe it’s the European debt crisis that has them bugged?
It doesn’t matter. When Mr. Market wants to go down, he’ll go down. He’ll leave to us to come up with the ‘reasons’ afterward.
[Read more...]Big down day for stocks.
The Dow lost 198 points.
Why? Are investors worried about gridlock in Washington? Or falling property prices in Beijing? Or maybe it’s the European debt crisis that has them bugged?
It doesn’t matter. When Mr. Market wants to go down, he’ll go down. He’ll leave to us to come up with the ‘reasons’ afterward.
[Read more...]Yesterday, the Dow shot up more than 200 points, for no apparent reason. Gold backed down below $1,600 for a very obvious reason.
Nothing goes up in a straight line, not even gold. After such stunning gains over the last few weeks, the stuff that Ben Bernanke does not regard as money, gold, needed a rest.
[Read more...]Who can honestly say that he is not enjoying the show?
Clowns to the left of us, jokers to the right…it’s fun, isn’t it?
Yesterday, the Dow fell and gold rose above $1,600 to a new record high. The euro fell, but against the dollar it is still more than 50% higher than it was when it was introduced 10 years ago.
[Read more...]Good day… And a Marvelous Monday to you! It’s not a Marvelous Monday for the currencies, stocks, commodities, the Miami Heat, or my beloved Cardinals… Of course, those two teams will get through their rough patches… But the risk assets… Talk about getting slammed on Friday… Whoa! That was one nasty move, and so, here we are on this Marvelous Monday sifting through the ashes of risk assets that got burned on Friday.
[Read more...]On Wednesday, the US stock market took its biggest drop of the year. Thursday, the Dow shed another 41 points.
Treasury yields – on 10-year notes – fell below 3%.
US financial stocks took their worst beating in 10 months.
Even gold gave up ground yesterday, with a $10 drop.
[Read more...]While we were traveling around the globe, the data continued to come in. It offered no surprises. Instead, it was more of the same. Housing is in a bitter slump, with prices down more than 30% nationwide and now falling at about 1% per month.
Unemployment remains a problem area. Officially, the unemployment rate is around 9%. But the real rate of joblessness, according to Yale professor Robert Shiller, is closer to 16%. New jobs are being created. But there are not enough of them to keep up with population growth and allow the unemployed to get back to work.
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The Chairman of the Federal Reserve is Clueless
When it came to financial failure, there was no one in Washington – or on earth – who had masterminded more disastrous policies or produced more erroneous forecasts than Federal Reserve Chairman Ben Bernanke. Had he been an imperial soothsayer in a medieval court he would have lost his head or, at best, he’d be rotting in a dungeon.
[Read more...]