Global Market Commentary, Analysis and Investments
The stock market is rolling over. The Dow went down 133 points yesterday. Gold gained $4.
Stocks went down early in the summer. We thought that was the beginning of the big “second shock� we've been waiting for. But we were wrong. The stock market rebounded.
But now it is back at its July lows…and appears ready to keep going down.
[Read more...]Inviting a little bit of government policy to interact with private enterprise is like inviting a little family of rats to interact with a bakery. Before long, you've got more rat droppings than chocolate sprinkles atop your cupcakes. And that's just the beginning…
Every day, the rats are more numerous, more rotund…and more brazen. Every day, fewer baked goods make it from the oven to the display case. Eventually, the baker is in business to feed the rats…and there is nothing he can really do about it.
[Read more...]In yesterday's edition, “Booming Vegas or Real Estate Bust?“, Eric Fry offered some thoughts from Las Vegas, the first stop on our Daily Reckoning Coast-to-Coast Correction Tour. As Mr. Fry mentioned, neither of your editors incurred any serious financial or moral losses while in Sin City. At least none worth fessing up to, anyway.
[Read more...]The markets gave no clear sign of their intentions yesterday. The Dow fell 30 points. Gold rose $8.
And this morning, stock markets in Asia dropped. Earnings are up, just as they are in America. But earnings have a “last waltz� sound to them. AP reports:
New figures from Japan offered a sobering reminder that the world's No. 2 economy remains fragile: The jobless rate rose, deflation deepened, and factories made fewer cars and mobile phones.
[Read more...]Yesterday, after the currencies had sold off in the overnight sessions, they traded throughout the US session in a tight range, with a bias to move higher, but were not able to mount any kind of sustained move against the dollar.
This morning, the overnight sessions have left the euro (EUR) about where it was yesterday morning. The worst performers are the ones that were the best performers on Monday… The high yielders… Aussie (AUD), kiwi (NZD), South Africa (ZAR), Norway (NOK), and even Canada (CAD), not that it's a high yielder, but since Canada was the first G-7 nation to raise rates, they get some credit…
[Read more...]“It seems nothing can keep a bad market down,” we opined last week, adding, “If this bounce goes much higher, we’re going to have to review the laws of financial gravity.”
Just when we were on the verge of losing faith in those immutable laws…the market put them to the test for us, leaping off a cliff with barely a cocktail umbrella to slow its fall. The Dow Jones Industrial Average plummeted more than 4% during the past five trading days. The broader S&P 500 index faired even worse. That’s the thing about the laws of physics – they don’t require any faith. They are testable. They care not for wish thinking and make believe, dot.gov statistic padding. Central planners can fluff their partly fraudulent, wholly misleading GDP figures all they like…the truth always comes out in the end.
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It’s All About Housing
As I was sitting here looking at the calendar, I noticed that next week brings us to the end of March…and then it dawned on me that we’re already staring at the end of the first quarter. Simply amazing, where does the time go? It was a fairly uneventful day as there wasn’t much in the way of data to interpret or any market moving events, so most assets remained in a relatively tight range. I guess I should quit stalling and jump right in.
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