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Global Investing Roundups
GMAC Files to Become a Bank; Unemployment Nears 26-Year High; Mogul Signals Interest in Circuit City; Banco do Brasil Buying Out Rival; Crude Continues Slide; JPMorgan Cuts 3,000 jobs; Stock Market Craters;
- Detroit-based finance company GMAC has filed to become a bank, a shot at getting a slice of the $700 billion Troubled Asset Relief Program bailout. Private equity firm Cerberus Capital Management LP owns 51% of GMAC. General Motors Corp. (GM) owns the other 49%, Reuters reported.
- Initial jobless claims climbed to 542,000 in the week ended Nov. 15, close to a 26-year high. “The economic contraction appears to be worsening,” Sal…
Global Markets Nosedive as Credit Crisis Washes Over Europe
Major indices around the world plunged yesterday (Monday), as the credit crisis picked up momentum in Europe and markets in Asia began bracing for a deep recessionary environment in the West.
The Dow Jones Industrial Average careened below 10,000 points for the first time since 2004 yesterday, after plummeting 500 points in the first hour of trading. The Dow closed down 369.88 points, or 3.6%, on the day at 9,955.50, after earlier surrendering as much as 800 points.
The Standard & Poor’s 500 Index shed 42.38 points, or 3.95%, to 1,056.85 and the Nasdaq Composite Index tumbled 137.52, or 7%, to close at 1,809.
The Dow…
7Oct2008 | Money Morning | Comments Off | ContinuedConfessions of a Market Convert
Let’s start with a little disclosure.
I have a confession to make, and it’s a bit embarrassing, because any time you change a long held opinion, friends, relatives, associates and acquaintances are sure to take issue. So be it. In the interest of everyone being in the know, here it is:
I am now a bull. For the first time since I began participating professionally in the markets nearly 15 years ago, I am now a full fledged stock market bull. I have been at various times a committed, rip-snorting bear, and at times a less aggressive, cute, Koala-like, friendly bear, but…
22Sep2008 | Oxbury Research | Comments Off | ContinuedDow Transports Say: The Bull Market Lives!
Matt McAbby
Quantitative Analyst, Oxbury Research
Dow Theory, developed originally by Charles Dow, the founder and editor of The Wall Street Journal, is one of the oldest and most reliable methods of market analysis available to investors. Without getting into all the particulars, one of the key tenets of Dow Theory is that both the Dow Transport Average and the Dow Industrial Average must confirm one another when bull and bear markets begin. Below we examine exactly how this works.
But first, let’s take a brief look at the relationship that binds the Transports to the Industrials.
There are two aspects to traditional industrial…
3Sep2008 | Oxbury Research | Comments Off | ContinuedInflation In Spades
The Fed loses control of inflation…
The world is in danger of a “global stock and credit crash,” says the Royal Bank of Scotland.
A “very nasty period,” may be coming, it goes on, as “the chickens come home to roost.”
Morgan Stanley also warns that a ‘catastrophic event’ may be coming, caused by the collision between Europe’s tight monetary policy and America’s loose one.
Surging inflation all over the world is putting pressure on the Fed to raise rates. But raising rates in an economy with rising employment and falling house prices could be disastrous.
On the other hand, not raising rates could provoke…
24Jun2008 | Daily Reckoning | Comments Off | ContinuedHold the Phone: Dow Jones not off the hook yet!
The Dow Jones Industrial Average avoided a major catastrophe the other day when shares rallied back above the key 12,000 level. What may turn out to be a bullish double bottom off major support could still roll over and decline further. It’s a fragile egg that the Fed doesn’t want anyone to mess with.
The reason I’m still skeptical of the DJIA’s bounce is due to the fact the S&P100 Index (OEX) made a new low. Since the S&P could be considered a leading market indicator, we should keep our guard up, especially if the recent rally turns out to…
12Mar2008 | S. Oakes | Comments Off | ContinuedThe Recession Answer: Trickle down or trickle up
After more than eighteen months of doomsday predictions, the nation is just now getting around to planning for a recession. Some say it is too late. Others believe there are still hopes of eliminating a debilitating downward spiral.
On Thursday, our nation’s elected officials conducted a conference call and gathered around a virtual table to discuss the options. When it comes to keeping a multi-trillion dollar economy out of the hopper, the choices are often painful and limited.
Fed Chief Bernanke wants immediate relief. He wants cash in the hands of American consumers fast. An economy filled with cash-heavy consumers is…
18Jan2008 | Anonymous | Comments Off | Continued
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