Market CommentaryMore Market Commentary
It was a game of chicken, and neither side blinked. Argentina and its holdout creditors failed to reach an agreement, and as a result Argentina defaulted Wednesday night, the second time it has done so in 13 years.
On Thursday, the Global X FTSE Argentina ETF was sharply lower, down over 4%, but I wouldn’t classify the action as “panic.” This correction merely took Argentine stock prices back to the levels of late June.
So, what is the story here? Shouldn’t Argentina be melting down?
I get it now. I did not see it yesterday, but I do now. The market is in official “freak-out” mode and yesterday was the beginning. Now that it has begun, the summer-time market will follow through, I suspect. All it needed was the Chicago PMI collapsing in July.
- The index dove to a reading of 52.6, which was well below the consensus expectations for a reading of 63.0, as well as last month’s reading of 62.6.
As well, perhaps less significantly, the small rise in weekly unemployment claims p...Read More
October lean hog futures a selling opportunity on more price weakness.
See on the daily bar chart for October lean hog futures that prices are in a steep four-week-old downtrend and have just hit a three-month low. The bears have good downside near-term technical momentum to suggest prices will continue to trend sideways to lower in the near term. A move below solid chart support at $104.00 would become a selling opportunity. The downside price objective would be $96.00 or below. Technical ...Read More
On Wednesday the Federal Open Market Committee announced that they would continue to trim back their stimulus program. Mortgage-backed securities purchases will be scaled down to $10 billion per month , and Treasury security purchases will drop by $5 billion per month to $15 billion. A surprise to no one was the Fed’s decision to leave interest rates at the current level and remain low for “a considerable time” after the conclusion of the taper.
The committee reminded us that the labor marke...Read More
Doesn't the market always rally in the summer?
Many are used to seeing that summer rally start around Memorial Day and finish up around Labor Day. Appears that is not the case this year , or was it just early, or will it be late? Second quarter earnings season is in high gear now, by and large it's been positive. Coming off a very rough Q1 which saw GDP negative for the first time since Q4 2012 it appears businesses have shaken off the weather and are growing again, continuing the solid...Read More
Featured StoriesMore Featured Stories
Before the calendar flips to August, we wanted to take a quick look back at our top stories from July. In case you missed them the first time, these are a valuable read or as the case may be —a valuable reread. Let's take a look.
The other half of the globe may be burning, but the S&P 500 shrugs it off and reaches for the sky. How come?
Markets React To Plane Crash, Russian Stocks Cheap by Charles Sizemore
The biggest reas...Read More
Last Sunday morning at 8:45 the U.S. State Department announced via Twitter that it had satellite images proving artillery was being fired from Russia into the Ukraine. And apart from the U.S. media, the world almost fell down laughing.
The 'proof' was a series of blurry photos taken by a commercial – not government – satellite. They show vague marks and dark spots labelled blast marks and shell craters from Russian rockets.
To the reporters covering the State Department, the pictures showed...Read More
The end of quantitative easing in the next few months, could lead to a drop in asset prices followed by yet another QE round, more debt and a further devaluation of paper currencies.
The QE economy —which started in 2009 and has continued through 2014 — saw the banks buying stocks, bonds, and real estate, while loaning money to Wall Street, which sparked an asset bubble. That economy is coming to a halt.
The crisis in Ukraine, pro-Russian rebels in Ukraine shooting down a passenger airliner a...
The S&P 500 is on pace to triple its March 2009 low of 676.53 in 2014, leaving many wondering what is driving such an unprecedented bull market. Indeed, a widely respected figure at a major financial news network said to me earlier this month, “Even in the media, we’re left scratching our heads by a lot of what we’re witnessing right now.”
On Thursday the SPX touched an intraday peak of 1991.39 to close at yet another new all-time high of 1987.98. The 10-year Treasury yield had closed th...Read More
The following is a list of my top 10 favorite free resources on the web for investors and traders. None of these websites involve any cost, though some do offer the possibility to upgrade to a pay service. We did not include TraderPlanet, since you are already here.
1.www.TopStepTrader.com If you are intraday trader that is tempted to have CNBC on during your trading day here is an entertaining alternative. "Eddie the Broadcaster" will keep you informed with a solid mix of market news, specia...