The market’s disappointment with the ECB unleashed pent-up corrective forces in the foreign exchange market. This leg up in the dollar began in mid-October. Through the day before the ECB, the euro was the weakest of the major currencies, losing 7.5% against the dollar. The yen and sterling shed a little less than half as much….
Podcast: Play in new window | Play in new window (Duration: 13:16 — 6.1MB) DOW + 369 = 17,847 SPX + 42 = 2091 NAS + 104 = 5142 10 YR YLD – .05 = 2.28% OIL – 1.01 = 40.07 GOLD + 25.30 = 1087.90 The economy added 211,000 jobs last month, beating estimates of about 200,000. The unemployment…
As I’ve warned repeatedly this year, IPOs have been having terrible performance, even if they are widely-anticipated, red-hot offerings. One recent example is the very famous Match.com (MTCH), which, as with so many IPOs, pretty much peaked near its initial launch. At this point, the IPO that came out the same day – – Square (SQ) – – is looking…
By Jocelynn Smith of The Sovereign Investor Collectibles have been hot this year, with new records being hit almost daily. Just this fall, an acoustic guitar owned by John Lennon of the Beatles sold for $2.41 million, crushing original estimates of $600,000 to $800,000. From The Wizard of Oz, Dorothy’s dress sold at auction for…
Enter the Draghi… sorry for my naivete.I was out most of the day and for the life of me could not figure out how that jobs report launched that expression of greed and momo. Answer? It didn’t. Draghi could not even wait through 2 days of negative market activity before he panicked. Yeah, this is…
Gold and silver had a nice rally today, that was fairly obviously the snapping shut of the jaws on a metals bear trap. There was intraday commentary about this here. There were no deliveries of gold at The Bucket Shop, and no movement of gold in their domestic warehouses. There was the usual chunk of bullion…
The BLS job situation headlines seems good. However, after opening the hood, the deceleration in the year-over-year growth rate continues. The rate of growth for employment dramatically decelerated this month (red line on graph below). Unadjusted Non-Farm Private Employment – Year-over-Year Change (blue bars – left axis) and Year-over-Year Growth Acceleration / Deceleration From Previous…
A good November employment report apparently set the stage for a rally in US equities, countering the dramatic selloffs in the Shanghai Composite (-1.67%) and Nikkei 225 (-2.18%) and modest declines in Europe (the Euro STOXX 50 at -0.38%). The S&P 500 soared at the open and rallied to its 2.16% intraday high near the…
Sssh!!!! Did Draghi just open the ‘vault’ and expose the reality that everything central bankers do is about the market!!?? The day started with jobs data… we’ve seen that pattern before… But it was Draghi’s comments that sparked the real idiocy in stocks. Futures provide a little more clarity on what happened today… From…
