Archive for category: Market Commentary

Rally into the Summit

Rally into the Summit

Friends This morning we received a better than expected Durable Goods Orders number and for the 3rd day in a row we got good news on housing, with pending sales of existing homes looking better than expected. These reports combined with a quiet Europe, made for a good day...

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Merkel Talks Tough

Merkel Talks Tough

Friends German Chancellor Angela Merkel said today that there will be no “shared liability” for as long as she lives. I wonder if she was referring to her political life? Anyway, it is difficult for anyone with even a smidge of common sense to disagree with Germans who believe...

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Just Another Manic Monday

Just Another Manic Monday

Friends The week got off to a very rocky start, as market participants shrugged off Friday’s attempt to calm things, and instead focused on continued deterioration in the Eurozone. With the EU summit scheduled to start later in the week, traders are becoming more and more convinced that Europe...

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Week Ends Quietly

Week Ends Quietly

Friends It was a rather quiet day of trading after yesterday’s drubbing of stocks, as traders did a little bargain hunting, but were not too interested in making a lot of new commitments before the weekend. I think more time was spent complaining about a little heat on the...

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Bad News Overwhelms Stocks

Bad News Overwhelms Stocks

Friends, The day started with a lousy weekly unemployment claims number, then a rough Philly Fed number, and got worse as the news of the “not unexpected” downgrade of the credit ratings of 5 major U. S. banks by Moody’s (which will affect borrowing cost and possibly reserve requirements)...

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Muted Response to the Fed

Muted Response to the Fed

Friends There was really nothing the Fed could do or Dr. Bernanke could say that would please all market participants. Some wanted more QE, some wanted less QE -there was just no winning today. They basically straddled the middle, the best that they could, and announced the continuation of...

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