Global Market Commentary, Analysis and Investments
Whoa! The Dow rose almost 500 points yesterday. Whoopee! Hallelujah!
It was like the Second Coming on Wall Street. As if He walked across the East River…and announced it Himself:
“The fix is in.”
But it was not the sacred that spoke yesterday. It was the profane. The world’s central banks, to be precise. They got together. More like a meeting of mobsters than a gathering of the gods. They made it clear.
[Read more...]Big news out of the gate today is that the central banks of the world are about to do more. More what, you ask? More of what central banks do best, of course…more money printing!
They don’t call it that, obviously. They call it “swapping” or “easing” or “recapitalizing” or “saving us from the abyss.” Or they call it “bolstering financial markets,” as The New York Times breathlessly explains…
[Read more...]“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...]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...]Good day… Chuck felt it was best to sit out one more day as he tries to recover from a major cold he came down with late last week. He wanted me to share a few of his thoughts with the Pfennig readers this morning, so I’ll start right off with them. Take it away Chuck…
Here are some observations from the cheap seats, where I sit on I.R.
[Read more...]Despite a dose of reasonably severe buyer’s remorse dampening markets today, the month of October turned out to be a stellar stretch for the bulls.
The thirty bluest American chips, as measured by the Dow Jones Industrial Average, closed up almost 10% for the month, even after today’s 200+-point shellacking. The broader market faired even better with the S&P 500 boasting gains just shy of 11% over the same period. The NASDAQ, not to be outdone, led the three major averages, closing the month out more than 11% higher than where it began.
[Read more...]Stocks up 339 points on the Dow! Gold at $1,747! Oil over $90!
Forget all of our worries about another big swing down in asset prices…about a Japan-like slump that could last a generation…about gold at $1,200 and the Dow at 6,000…
…we were wrong, wrong, wrong!
[Read more...]Yesterday, the market rose because eurozone leaders had made “first steps” toward a “new plan” to solve the European debt crisis.
Today, those gains vaporized because a meeting to discuss the “next steps” toward that “new plan” was cancelled.
Oy.
“You don’t schedule a meeting like this,” observed Byron King during a conference call this morning, “without the outcome scripted weeks in advance.”
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How Central Banks Attempt to Prop Up the Economy
The Dow Jones Industrial Average tumbled about 100 points yesterday — probably not because anyone really wanted to sell stocks, but because no one could think of any really good reason to buy them. This morning, the Dow is soaring more than 300 points — probably not because anyone really wants to buy stocks, but because no one can think of any really good reason to sell them again.
[Read more...]