Global Market Commentary, Analysis and Investments
“I want to go to war with China,” declared a presidential candidate last night on national TV.
Granted, we’re taking this declaration out of context. A little, anyway. “I don’t want to go to a trade war,” said former Sen. Rick Santorum. “I want to beat China. I want to go to war with China and make America the most attractive place in the world to do business.”
[Read more...]Not much market movement yesterday. Dow basically flat. Gold rose $30. Gold investors don’t seem to be able to decide. Is the economy good for gold…or bad?
Here’s our opinion: This is a good time to own gold. But it won’t seem like a good time. Not now. Because the Great Correction just gets worse and worse. And as the correction bites the economy, the dollar goes up against almost everything.
[Read more...]The world of high finance was still in full flight in February 2007. The cracks in the mortgage market had not yet begun to show and Stephen Schwarzman’s Blackstone Group had just completed its $39 billion purchase of Equity Office Properties in what was the largest leveraged buyout ever.
There was plenty to celebrate, so Schwarzman threw himself a party for his 60th birthday, a 3 million dollar affair for 350 of the billionaire’s closest friends, including Barbara Walters, CNBC money honey Maria Bartiromo, the Donald, Cardinal Edward Egan, and former New York governor George Pataki.
[Read more...]First, a brief look at the markets…
Stocks rallied a bit yesterday, reversing a sharp selloff from the previous day. The Dow added 65 points. The S&P 500 ended up a smidge and the NASDAQ finished 40 points ahead of where it began the session. Gold fell off by almost $25…before recouping all of its losses to end the day more or less where it began, at $1,506 per ounce. Silver trended likewise. As did oil.
[Read more...]As the Labor Day holiday ended, so did the stock market's holiday from underlying economic trends. Last week, the stock market was all about “better than expected.? On the first day this new week, however, the market was all about “worse than hoped.?
Last week, for example, the stock market celebrated a loss of 54,000 jobs in August because the private sector added 67,000 jobs. Interpretation: the private sector is recovering. Earlier in the week, some “better than expected? reports on manufacturing and consumer sentiment inspired investors to add a few hundred points to the Dow Jones Industrial Average.
[Read more...]GDP growth revised downward to an “anemic? 1.6%…
Jobless claims rise more than forecast…
Home sales fall off a cliff…worse than economists expected…
Faced with a slew of deteriorating economic data points, Fed Chairman Ben Bernanke delivered a speech on Friday designed to assure investors that he has the fate of the nation's economy under control.
[Read more...]“How did it all come to this??
It's a question we've asked ourselves many times along this Coast-to-Coast Correction Tour. The answers are everywhere…in Wickenberg, Arizona…Livingston, Texas…Lake Charles, Louisiana and here along the border of Mississippi and Alabama…
[Read more...]Stocks are in the dumps today. As we write, the major US indexes have all but erased the hard-fought/delusional gains of the previous two sessions. The Dow, S&P 500 and the NASDAQ are all nursing losses of around 2%.
The panicky mood on Wall Street comes thanks to a “trifecta of bad reports,? as one news site put it.
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The Weakest Link: Terrifying Economic Conditions in the US and Europe
US economic conditions are “terrifying,” Mohamed El-Erian said yesterday. El-Erian, as you may know, is Bill Gross’ right-hand man at Pimco, the world’s largest bond fund. He gives the US a 50/50 chance at a renewed recession.
“What’s most terrifying?” El-Erian asked rhetorically in a Bloomberg TV interview. “We are having this discussion about the risk of recession at a time when unemployment is already too high, at a time when a quarter of homeowners are underwater on their mortgages, at a time then the fiscal deficit is at 9% and at a time when interest rates are at zero.
[Read more...]