Global Market Commentary, Analysis and Investments
We have the grim task of attending a funeral near Pittsburgh, today. Our reckoning will be short and sweet.
The markets were enlivened yesterday by thoughts of the holidays. ‘Santa’s coming,’ said investors as the Dow rose 291 points.
The bright lights and garlands have started coming out all over Christendom.
[Read more...]The Dow dropped 297 points yesterday. October may have been the best month for stocks in 37 years. But November could be the worst.
Gold fell a little yesterday, too, down $13. Oil is still over $90.
The newspapers tell us that investors are disappointed over the European deal. They thought they had that problem wrapped up with a bow. Apparently not…
[Read more...]What little good QE2 accomplished has now vaporized.
Shortly after the open this morning, the S&P 500 dipped to 1,087 — 20% lower than the April 29 high of 1,363, thus meeting the formal definition of a “bear market.” That much you’ve likely already heard if you were unfortunate enough to turn on your radio or TV.
[Read more...]Well… Another day has been put to bed without a Greek default… Apparently there was a conference call this morning between the leaders of Greece, Germany and France… I wonder if French President, Sarkozy, was a little cynical with the Greek leader… I mean French giant bank Soc. Gen. had its debt rating downgraded by Moody’s overnight… Sarkozy could be putting the blame on the Greeks… Could be, I didn’t say he was! But isn’t that the nature of everyone today? It’s always somebody else’s fault…
[Read more...]Ursa Major in the sky
Time to sell stocks is nigh
Last night was bright and clear in France. We could see the Milky Way stretched out against the dark background.
And there was the bear…Ursa Major.
Last week, stocks got hammered…mauled…beaten up…
[Read more...]The Dow Jones Industrial Average tumbled 179 points yesterday – continuing a weeks-long trend of dismal performance. The Dow still clings to a slim gain for the year, but the NASDAQ has slipped into the red. Curiously, the XAU Index of gold stocks has also slipped into the red, even though gold, itself, is up nearly 10% on the year.
[Read more...]For 6 weeks, the Dow has been going down. It should be ready to bounce.
But stock market investors didn’t get a bounce yesterday. They didn’t take a loss either. It was a draw. The Dow closed 1 point higher than on Friday.
As for oil, it was down to $97. And gold lost $13.
Business profits have been near record highs. This is not a good reason to buy stocks. Profits are famously “mean reverting.” That is, they go back to normal pretty fast. Which should mean lower profits in the future.
[Read more...]The Dow Jones Industrial Average tumbled 172 points last Friday – punctuating another thoroughly forgettable week for American capitalism. Friday’s loss submerged the Dow back below the 12,000 mark, while also producing a sixth straight losing week for the US stock market.
How rare is a six-week losing streak?
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How Up and Down Markets Toy With Investor Emotions
“I want it all, I want it all, I want it all, and I want it now.”
— Lyrics from a popular Queen song…and the prevailing political “wisdom” of our time.
Stocks up. Gold up. And oil back within a few cents of the $100 mark.
The world economy is, apparently, in full swing again. Until tomorrow, that is. Or next week. Who knows?
[Read more...]