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Daily Futures Commentary FINANCIALS March 16, 2009
Monday, March 16, 2009
OVERVIEW
Global equity markets are up again overnight on optimism that we may have seen the bottom of the recession. Asset allocation plays are the theme as money is moving around between the U.S. Dollar, Gold, U.S. Treasuries and Equities.
On the television show 60-Minutes, Fed Chairman Bernanke said the recession could end in 2009 with a recovery to begin in 2010. This comment is inline with his testimony before Congress earlier in the month, but nonetheless potentially bullish.
The G-20 meeting ended this week-end with no real new developments. They had no immediate solutions to…
16Mar2009 | Brewer Investment Group | 0 comments | ContinuedBernanke’s Stimulus Support Sends U.S. Stocks Soaring
U.S. markets soared yesterday (Monday) after U.S. Federal Reserve Chairman Ben S. Bernanke endorsed another domestic stimulus package, sending the Dow Jones Industrial Average to its first close above 9,000 in four consecutive trading sessions.
At the close in New York, the blue-chip Dow had gained 413.21 points (4.67%) to close at 9,265.43. The tech-laden Nasdaq Composite Index jumped 58.74 points (3.43%) to close at 1,770.03. And the broader-based S&P 500 Index racked up a 44.85-point (4.77%) gain to close at 985.40.
In testimony before the House Budget Committee yesterday, Bernanke said that due to the poor economic outlook, additional government assistance could be…
21Oct2008 | Money Morning | Comments Off | ContinuedBear bet that netted £141m throws fresh suspicion on collapse
It seems that Wall St. are trying to blame the straw for breaking the camel’s back. As The Independent report today:
Suspicion over the collapse of Bear Stearns is centring on a massive options trade, less than two weeks before the historic investment bank went under in March, by which a single investor made a profit of more than $270m (£141m) on a bet against the company’s share price.
In a “whodunnit†that has gripped Wall Street for months, many traders and senior executives at Bear Stearns have become convinced the firm was brought down by a conspiracy of rivals and hedge…
13Aug2008 | The Gold Blog | Comments Off | ContinuedFinancial Correction Center
“Fed keeps short-term interest rate at 2%”, says today’s big financial headline. Stock market investors loved it. They bid up the Dow 331 points. “The correction is over,” they seemed to say.
The Bernanke team knew it would be damned for sending the U.S. into recession if it raised rates. It knew too that it would be damned for allowing inflation out of its cage if it cut them. So it decided to do nothing.
“Although downside risks to growth remain,” said a Fed spokesman, “the upside risks to inflation are also of significant concern to the committee.”
Here at The Daily Reckoning…
7Aug2008 | Daily Reckoning | Comments Off | ContinuedIf You’re Prospecting for Gold, Tell Them Ben Bernanke Sent You
U.S. Federal Reserve Chairman Ben S. Bernanke is caught between a rock and a hard place right now.
Sure, he would prefer that you focus on “core inflation,” since it excludes sharply rising food and oil prices. But we all have to eat and we all consume energy. It’s just a matter of time before core inflation starts rising alongside corn, wheat, beef and prices at the pump.
Ordinarily, the Fed would start raising rates to stave off higher prices.
But Bernanke really doesn’t want to be an inflation hawk right now. Raising rates would only make the already weakening economy…
18Jul2008 | Money Morning | Comments Off | ContinuedThe Limited Shelf Life of Dollar Fruit
Today, we’ll keep it short and sweet.
The Dow managed only a piddling 32-point rise yesterday; still no recovery from last week’s big losses.
Oil rose another $1.30 – to close over $141. Gold jumped $16; it will now cost you $944 to buy an ounce.
“Caught between a fragile economy and banking system and rising inflation,” writes James Saft, “Bernanke and other Fed policy makers seem to have arrived on a strategy of jawboning the dollar higher and inflation lower.
“But talk is only effective if your audience judges that you have the means and willingness to follow through.”
Based on the last few…
3Jul2008 | Daily Reckoning | Comments Off | ContinuedBernanke Defends Fed’s Liquidity Measures
The U.S. Federal Reserve will make sure the global financial markets have sufficient liquidity to operate effectively and will increase the size of its government bond auctions if additional capital is needed, central bank Chairman Ben S. Bernanke said today (Tuesday).
Speaking via satellite at the Atlanta Financial Markets Conference in Sea Island, Georgia, the Fed chairman said he sees some signs of improvement in the financial markets, but noted that “at this stage conditions in financial markets are still far from normal.”
In his speech, Bernanke outlined the steps the central bank has taken to help mitigate a credit crunch that…
13May2008 | Money Morning | Comments Off | Continued
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