Feb 3, 2010

Daily Markets - Financial News Updates

Daily Markets - Financial News Updates

Update: Ex-NY Fund Manager David Slaine Pleads Guilty

Posted: 03 Feb 2010 03:01 AM PST

GUILTY!!

Wall Street master of the universe David Slaine has now been reduced to just another in a long line of Wall Street crooks.

God forbid one tries to make an honest living in the financial industry.

I first wrote about Slaine on January 17th. At that point, I wondered whether Slaine’s cover as a government mole in the ongoing insider trading investigation on Wall Street had been blown by The Wall Street Journal. Was somebody trying to out Slaine in order to distract or … [visit site to read more]

Forex Trading: Euro Retail Sales M/m

Posted: 03 Feb 2010 02:03 AM PST

Eurozone retail sales came in flat at 0.0% versus the 0.4% forecast for the month over month reading, but the market had a limited reaction to the … [visit site to read more]

The Future Of Oil ETFs Is Still Uncertain

Posted: 03 Feb 2010 02:01 AM PST

Crude oil prices rose by more than 3% to settle north of $77/barrel on Tuesday, however, the commodity’s future is uncertain.

This recent rally has been primarily driven by an optimistic outlook on the economy and positive earnings reports.  Consumer confidence is on the rise and a strong outlook in manufacturing, illustrated by the recent rise in the Institute for Supply Chain Management’s index to its highest levels since August 2004.  Both factors which are expected to boost demand for … [visit site to read more]

Forex Trading Review For 03/02/2010

Posted: 03 Feb 2010 01:44 AM PST

USD Dollar (USD)

The Dollar declined across the board rising only against the Australian Dollar. The fall of the American currency was moderated on a relative quiet day in the market. Pending Home Sales data came out 1% better then than the 0.4% expected. US markets rose for the second day in a row extending its recovery after last week sell off. The Dow Jones rose by 1.10% and the NASDAQ gained 0.87%. Crude oils rose almost by 3% closing near $77 a barrel. Gold (XAU) also rose and closed at … [visit site to read more]

Forex Trading: EUR Final Services

Posted: 03 Feb 2010 01:22 AM PST

The Euro has caught a bid over the last hour gaining nearly 50 pips against the USD. In the midst of this rally European Final Services PMI came in slightly higher than expected; 52.5 versus 52.3 forecast and prior reading. Currently the EUR is trading at … [visit site to read more]

Video: U.S. Auto Sales Post Mixed Results In January

Posted: 03 Feb 2010 01:00 AM PST

U.S. automobile sales came in mixed for the latest month. Ford sales soared by 25%, but Toyota sales were down by 16%. … [visit site to read more]

Inflation-Deflation Timer Turns Neutral

Posted: 03 Feb 2010 12:58 AM PST

The Inflation-Deflation Timer model turned neutral last week after showing an "inflation" signal that has been in place since July 2009.

The above chart shows the price graph of the Reuters/Jeffries CRB Index and the timing of the most recent signal. The Inflation-Deflation Timer model turned bullish on inflation and commodities in late July and moved to a neutral stance this week, which represents a profit of about 8.5%.

There is a possibility that the model could turn positive on … [visit site to read more]

Book Review: Too Big To Save? By Robert Pozen

Posted: 03 Feb 2010 12:52 AM PST

Robert Pozen

This is my ninth book review on the Financial Crisis. To see my previous book reviews view my previous articles. My Most recent Book is TitledToo Big to Save? How to Fix the U.S. Financial System by Robert Pozen.

Robert Pozen has worked in numerous roles in the Government and private Sector. He is currently chairman of MFS Investment Capital, which manages more than $170 billion in assets for mutual funds and pension plans. He is also a senior lecturer at Harvard Business … [visit site to read more]

Thoughts On Obama’s New Retirement Initiatives

Posted: 03 Feb 2010 12:01 AM PST

Last week I told you about some of Washington’s latest ideas on “fixing” Social Security. And the very next night - as part of his first State of the Union address - President Obama referenced some of his own ideas on the broader topic of retirement.

Today I’d like to run down these ideas … explain them … and tell you where I stand on each. By the way, details on all of these can be found on this White House webpage …

Idea #1: Establishing Automatic IRAs

According to the White … [visit site to read more]

5 Ways ETF Investors Can Overcome Liquidity Issues

Posted: 02 Feb 2010 11:01 PM PST

Although exchange traded fund (ETF) investing has become easier, millions of smaller investors are experiencing some of the pitfalls when it comes to the costs of illiquid investments.

Both institutional and individual investors like ETFs for their ease of trade and efficient index tracking, however, there are potential problems that can arise if you’re not on the lookout.

Eleanore Laise for The Wall Street Journal highlights some of the recent issues with liquidity, including:

Funds … [visit site to read more]

A “Must Know” Strategy For Investing In Volatile Markets

Posted: 02 Feb 2010 10:01 PM PST

For the past few weeks, there has been a lot of discussion about the stock market’s direction and what could be the extent of this correction we’re apparently in the middle of.

The correction has been officially identified by many market professionals. Last week I too discussed it, in light of the market’s (rich) valuation and historical perspective. I then mentioned in my “What to do?” concluding thoughts the concept of “taking advantage of lower prices to pick up solid long-term … [visit site to read more]

How To Make A Weak Economy Worse: Raise Taxes

Posted: 02 Feb 2010 09:01 PM PST

From “How to Make a Weak Economy Worse” by Amity Shlaes in today’s WSJ:
Mr. Obama might want to stick to a moderate approach. FDR’s war against business played to the crowd, but it hurt the economy. While monetary policies impeded recovery in the late 1930s, it was the administration’s assault on companies and capital that ensured the Depression’s duration. By 1935, FDR decided that firms, especially big firms, were impeding recovery. They must now redeem themselves and save the … [visit site to read more]

Forex Trading: EUR/USD’s Bullish Retracement Within Downtrend

Posted: 02 Feb 2010 08:01 PM PST

Price action on EUR/USD, a 4-hour chart of which is shown, has made yet another bullish retracement within the context of the new overall downtrend. The current leg of this new downtrend extends from the January 13th high, and has formed a valid bearish resistance trendline. Within the context of this downtrend resistance line, price has made several breakdowns of both short-term uptrend support lines and horizontal support levels.

As might be expected, these breakdowns have continued the … [visit site to read more]

Forex Trading: Geithner Comment Fails To Boost US Dollar

Posted: 02 Feb 2010 07:11 PM PST

The U.S. Dollar finished lower, pressured by increased appetite for risky assets, despite a call from Treasury Secretary Geithner for a stronger currency. Trading remained subdued today ahead of central bank meetings on February 4th and the U.S. Jobs Data Report on the 5th.
Technical factors helped draw selling pressure to the Dollar. At the start of the week, the Dollar Index, a trade-weighted basket of currencies, was at overbought levels based on the Relative Strength Index and the … [visit site to read more]

Paulson On Mark To Market Accounting

Posted: 02 Feb 2010 07:01 PM PST

During former Treasury Secretary Paulson’s interview with Larry Kudlow last night, Larry asked him about the role of mark to market accounting in the financial crisis. Secretary Paulson defended mark to market accounting.

However, his context and his examples came from his many years of investment banking at Goldman Sachs (GS) where assets are traded daily and, obviously, should be marked daily. Those of us who railed against the rigid application or mark to market accounting, or fair … [visit site to read more]

Video: The Day Ahead: ADP Employment Report

Posted: 02 Feb 2010 07:00 PM PST

The stories, data, and stocks that may have the greatest impact during the next trading session. … [visit site to read more]
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