an educated man is unfit to be a slave
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Good buy, it needs to turn very sharply here, need some volume to kick in, a trigger of sorts in June is going to be tough, has to be inspired by the bankers themselves...
VIX is increasing, where's FAZ headed...
~~~~~~~COMPX 6/3/2009~~~~~~~
Previous Close 1836.80 +8.12
1791 FinancialAdvisor
1772 SSKILLZ1
Gold and silver have lead the market in the past, so let's see what happens the rest of the week.
Cough cough wedge, I won't say which way, but I'll see what happens!
Why would they delete a non-bankrupt component of the Dow 30, do they know something behind the scenes is about to be made public?
JPM is red, this is a potential red-flag as they are a partial owner of the Federal Reserve Bank, so if anyone knows more then GS, it would be JPM, even though GS seems to be seated in some high positions within the government!
Broke down today, not a good sign for SRS unless this is an abrupt trap and the market is going to sharply turn very soon...
I'm reading that the White House may have an important "news" announcement at 10PM Est?... embargoed until then, what is so important? If it's GM's bankruptcy, we already know this... or is it something else...
Futures are currently up into the announcement, keep an eye on them at 10PM though:
+34 DJIA
+4.70 S&P
+2.50 Nas
10:06 EDIT, looks like it was just the GM bankruptcy news, we already knew this though!
+30 DJIA
+4.10 S&P
+1.75 Nas
Once again excellent analysis, I think more or less, we are waiting for the signal for all the banks to start short-selling stocks down, that's where the majority of the sell volume is going to come from. The same folks who've been on an upgrading rampage the past few months.
U.S. Inflation to Approach Zimbabwe Level, Faber Says (Update2)
By Chen Shiyin and Bernard Lo
May 27 (Bloomberg) -- The U.S. economy will enter “hyperinflation” approaching the levels in Zimbabwe because the Federal Reserve will be reluctant to raise interest rates, investor Marc Faber said.
Prices may increase at rates “close to” Zimbabwe’s gains, Faber said in an interview with Bloomberg Television in Hong Kong. Zimbabwe’s inflation rate reached 231 million percent in July, the last annual rate published by the statistics office.
“I am 100 percent sure that the U.S. will go into hyperinflation,” Faber said. “The problem with government debt growing so much is that when the time will come and the Fed should increase interest rates, they will be very reluctant to do so and so inflation will start to accelerate.”
Federal Reserve Bank of Philadelphia President Charles Plosser said on May 21 inflation may rise to 2.5 percent in 2011. That exceeds the central bank officials’ long-run preferred range of 1.7 percent to 2 percent and contrasts with the concerns of some officials and economists that the economic slump may provoke a broad decline in prices.
“There are some concerns of a risk from inflation from all the liquidity injected into the banking system but it’s not an immediate threat right now given all the excess capacity in the U.S. economy,” said David Cohen, head of Asian economic forecasting at Action Economics in Singapore. “I have a little more confidence that the Fed has an exit strategy for draining all the liquidity at the appropriate time.”
Action Economics is predicting inflation of minus 0.4 percent in the U.S. this year, with prices increasing by 1.8 percent and 2 percent in 2010 and 2011, respectively, Cohen said.
Near Zero
The U.S.’s main interest rate may need to stay near zero for several years given the recession’s depth and forecasts that unemployment will reach 9 percent or higher, Glenn Rudebusch, associate director of research at the Federal Reserve Bank of San Francisco, said yesterday.
Members of the rate-setting Federal Open Market Committee have held the federal funds rate, the overnight lending rate between banks, in a range of zero to 0.25 percent since December to revive lending and end the worst recession in 50 years.
The global economy won’t return to the “prosperity” of 2006 and 2007 even as it rebounds from a recession, Faber said.
Equities in the U.S. won’t fall to new lows, helped by increased money supply, he said. Still, global stocks are “rather overbought” and are “not cheap,” Faber added.
Faber still favors Asian stocks relative to U.S. government bonds and said Japanese equities may outperform many other markets over a five-year period. “Of all the regions in the world, Asia is still the most attractive by far,” he said.
Gloom, Doom
Faber, the publisher of the Gloom, Boom & Doom report, said on April 7 stocks could fall as much as 10 percent before resuming gains. The Standard & Poor’s 500 Index has since climbed 9 percent.
Faber, who said he’s adding to his gold investments, advised buying the precious metal at the start of its eight-year rally, when it traded for less than $300 an ounce. The metal topped $1,000 last year and traded at $949.85 an ounce at 12:50 p.m. Hong Kong time. He also told investors to bail out of U.S. stocks a week before the so-called Black Monday crash in 1987, according to his Web site.
To contact the reporter on this story: Chen Shiyin in Singapore at schen37@bloomberg.net; Bernard Lo in Hong Kong at blo2@bloombeg.net
Last Updated: May 27, 2009 00:54 EDT
LINK: http://bloomberg.com/apps/news?pid=20601087&sid=aIeLg1djbBps&refer=home
Chart the RIFIN, symbol ^RIFIN at yahoo and $RIFIN at stockcharts, FAZ is not a buy and hold investment, it's a trade to hedge against a downtrend in financials. If you think RIFIN is going to trend lower for a couple of weeks, you buy FAZ, and sell it when it bottoms out.
I'm long right now, looking for RIFIN to retest as low as the 450's area, we may get a similar drop as we had back in January which allowed FAZ to more then double in a short period of time.
No matter where or when you buy, remember to keep a tight stop-loss on your position.
Quote from GDP article at Yahoo:
"All of those reductions -- as well cutbacks in government spending -- more than swamped a rebound in consumer spending. However, consumers weren't nearly as energetic as the government first estimated. They boosted spending at a 1.5 percent pace, according to the revised figures. That was less than the 2.2 percent growth rate estimated a month ago."
Remember consumers (not government) are 2/3 of the GDP (economy)!
***MARKET FUTURES UP HUGE AS DOLLAR COLLAPSES!***
DJIA INDEX +52.00
S&P 500 +6.50
NASDAQ 100 +10.25
USD Index -.76 to 79.70!
GDP 1Q numbers out at 8:30 AM Est, watch how yields perform today, they may need to rise significantly to add any kind of support to a struggling U.S. dollar.
GM Said to Plan June 1 Bankruptcy as Debt Plan Gains (Update2)
By Jeff Green and Mike Ramsey
May 28 (Bloomberg) -- General Motors Corp., the world’s largest automaker until its 77-year reign ended in 2008, plans to file for bankruptcy protection on June 1 and sell most of its assets to a new company, people familiar with the matter said.
GM’s path will be smoothed by an accord today giving some of its biggest bondholders an equity stake in the reorganized automaker. The U.S. Treasury is requiring that an unspecified percentage of debt holders accept the terms by 5 p.m. New York time on May 30, Detroit-based GM said in a regulatory filing.
“If bondholders agree to this up front, this would essentially be a prepackaged bankruptcy,” said Shelly Lombard, an analyst with New York-based bond-research firm Gimme Credit LLC. “GM could exit Chapter 11 faster.”
Battered by almost $88 billion in losses since 2004, GM fell short in a bid to cut debt by $44 billion under a U.S.-set June 1 deadline to restructure outside court. The 100-year-old automaker seeks to rebuild around assets such as the Cadillac and Chevrolet brands as it follows Chrysler LLC into bankruptcy.
The people familiar with GM’s plans didn’t specify where the automaker might make its Chapter 11 filing. They asked not to be identified because the details aren’t public.
Vice Chairman Bob Lutz, while not confirming GM’s intentions or a possible bankruptcy venue, said any court restructuring would be quick.
‘Pay It Back’
“We intend to get in and out very soon,” he said today at an Automotive Press Association luncheon in Detroit. “The U.S. government wants its money back, and our plan is to pay it back as quickly as possible. The U.S. government doesn’t want to own auto companies.”
The bankruptcy probably would last 60 to 90 days, said an Obama administration official who asked not to be identified because the talks are private. The Treasury will finance the trip through bankruptcy with about $50 billion, which includes $19.4 billion in current borrowing, GM said in a statement.
GM’s bankruptcy will be the third-biggest in U.S. history after Lehman Brothers Holdings Inc. and WorldCom Inc., based on GM’s reported global assets of $91 billion and total liabilities of $176.4 billion as of Dec. 31. Chrysler, which sought court protection on April 30, listed assets of $39 billion.
Going to court would end the suspense for GM, which said it expected to declare bankruptcy after failing to get enough support for a debt-for-equity exchange on $27.2 billion in unsecured bonds.
Sweetened Offer
Only 15 percent of bondholders approved the offer to trade their debt for a 10 percent stake in the new company, a person familiar with the matter said. GM sweetened the plan today to promise warrants good for buying 15 percent more of the new enterprise, which would have an improved balance sheet based on a U.S. plan to trade bailout loans for equity.
Another 20 percent of bondholders now support the swap, according to a statement from their ad hoc committee today.
Bondholders would lose some or all of the warrants and their 10 percent stake in the new GM entity unless the company wins sufficient support from those investors to satisfy the Treasury, GM said in the regulatory filing.
The government will make a “judgment call” on May 30 as to whether bondholder backing for the latest proposal is sufficient, the administration official said.
The accord with bondholders marks “another important step” in GM’s restructuring, another administration official said in Washington. President Barack Obama set the June 1 deadline after the government began propping up GM with emergency loans.
New Owners
The filing shows the U.S. Treasury owning 72.5 percent of equity in the new GM, a union health-care trust with 17.5 percent and 10 percent going to the old GM to hand to creditors in the bankruptcy process.
Creditors would have warrants to buy as much as 15 percent of the company through newly issued shares in two portions. The first 7.5 percent would become available when GM’s market value reaches $15 billion and the remainder at $30 billion, according to regulatory filings.
GM’s market capitalization last exceeded $30 billion in January 2004, according to Bloomberg data. The value at yesterday’s closing stock price was $702 million.
According to the filing, the debt at the new GM would consist of $8 billion in new Treasury loans, $2.5 billion owed to the United Auto Workers fund and $6.5 billion in dividend- paying preferred stock. The Treasury will get $2.5 billion in preferred shares that pay a 9 percent annual dividend, bringing the issuance to $9 billion in preferred stock.
Bonds, Shares
GM’s 8.375 percent bonds due in July 2033 rose 3.88 cents to 11 cents on the dollar as of 5:06 p.m. in New York, the highest closing price in seven weeks, according to Trace, the bond-pricing service of the Financial Industry Regulatory Authority. The yield was 96.8 percent.
The shares rose 15 cents, or 13 percent, to $1.30 at 4:09 p.m. in New York Stock Exchange composite trading. The stock has fallen 59 percent this year.
A portion of the debt financing for the new GM may be provided by the governments of Ontario and Canada, according to the filing. In that case, those governments would receive part of the preferred stock and common equity of the new company allocated for the Treasury.
GM wants to scrap the Pontiac line, sell its Hummer and Saturn units, and drop as many as 2,400 U.S. dealers by the end of 2010. Its Saab Automobile unit is in bankruptcy protection in Sweden, and the Opel division in Europe is up for sale.
Federal Recovery
The administration is optimistic about prospects for recovering taxpayer dollars being invested in GM’s restructuring, according to the official who discussed the timetable for the automaker’s stay in court.
The official didn’t know how much may be recovered and wasn’t certain about amounts invested during the George W. Bush administration. GM would be a private company for a time under the restructuring plan currently envisioned, the official said.
Chrysler may leave court protection as soon as next week under a plan to create a streamlined entity run by Italy’s Fiat SpA, based on the official’s prediction earlier this week that the automaker’s time in bankruptcy might be only about 30 days.
GM reached a tentative agreement with the UAW on May 21 to modify a 2007 labor contract and a day later arrived at a similar accord with the Canadian Auto Workers to keep alive operations in that country.
UAW members are voting this week on the contract changes and a plan to shrink GM’s obligation to a union-run trust fund for retirees’ medical expenses.
GM ceded the global auto sales crown last year to Toyota Motor Corp. and hasn’t posted an annual profit since 2004. GM’s U.S. sales have fell for 18 months in a row through April.
To contact the reporters on this story: Jeff Green in Southfield, Michigan, at jgreen16@bloomberg.net; Mike Ramsey in Southfield, Michigan, at mramsey6@bloomberg.net
Last Updated: May 28, 2009 18:19 EDT
LINK: http://www.bloomberg.com/apps/news?pid=20601087&sid=a26dHH0N6LvY&refer=home
GM Said to Plan June 1 Bankruptcy as Debt Plan Gains (Update2)
By Jeff Green and Mike Ramsey
May 28 (Bloomberg) -- General Motors Corp., the world’s largest automaker until its 77-year reign ended in 2008, plans to file for bankruptcy protection on June 1 and sell most of its assets to a new company, people familiar with the matter said.
GM’s path will be smoothed by an accord today giving some of its biggest bondholders an equity stake in the reorganized automaker. The U.S. Treasury is requiring that an unspecified percentage of debt holders accept the terms by 5 p.m. New York time on May 30, Detroit-based GM said in a regulatory filing.
“If bondholders agree to this up front, this would essentially be a prepackaged bankruptcy,” said Shelly Lombard, an analyst with New York-based bond-research firm Gimme Credit LLC. “GM could exit Chapter 11 faster.”
Battered by almost $88 billion in losses since 2004, GM fell short in a bid to cut debt by $44 billion under a U.S.-set June 1 deadline to restructure outside court. The 100-year-old automaker seeks to rebuild around assets such as the Cadillac and Chevrolet brands as it follows Chrysler LLC into bankruptcy.
The people familiar with GM’s plans didn’t specify where the automaker might make its Chapter 11 filing. They asked not to be identified because the details aren’t public.
Vice Chairman Bob Lutz, while not confirming GM’s intentions or a possible bankruptcy venue, said any court restructuring would be quick.
‘Pay It Back’
“We intend to get in and out very soon,” he said today at an Automotive Press Association luncheon in Detroit. “The U.S. government wants its money back, and our plan is to pay it back as quickly as possible. The U.S. government doesn’t want to own auto companies.”
The bankruptcy probably would last 60 to 90 days, said an Obama administration official who asked not to be identified because the talks are private. The Treasury will finance the trip through bankruptcy with about $50 billion, which includes $19.4 billion in current borrowing, GM said in a statement.
GM’s bankruptcy will be the third-biggest in U.S. history after Lehman Brothers Holdings Inc. and WorldCom Inc., based on GM’s reported global assets of $91 billion and total liabilities of $176.4 billion as of Dec. 31. Chrysler, which sought court protection on April 30, listed assets of $39 billion.
Going to court would end the suspense for GM, which said it expected to declare bankruptcy after failing to get enough support for a debt-for-equity exchange on $27.2 billion in unsecured bonds.
Sweetened Offer
Only 15 percent of bondholders approved the offer to trade their debt for a 10 percent stake in the new company, a person familiar with the matter said. GM sweetened the plan today to promise warrants good for buying 15 percent more of the new enterprise, which would have an improved balance sheet based on a U.S. plan to trade bailout loans for equity.
Another 20 percent of bondholders now support the swap, according to a statement from their ad hoc committee today.
Bondholders would lose some or all of the warrants and their 10 percent stake in the new GM entity unless the company wins sufficient support from those investors to satisfy the Treasury, GM said in the regulatory filing.
The government will make a “judgment call” on May 30 as to whether bondholder backing for the latest proposal is sufficient, the administration official said.
The accord with bondholders marks “another important step” in GM’s restructuring, another administration official said in Washington. President Barack Obama set the June 1 deadline after the government began propping up GM with emergency loans.
New Owners
The filing shows the U.S. Treasury owning 72.5 percent of equity in the new GM, a union health-care trust with 17.5 percent and 10 percent going to the old GM to hand to creditors in the bankruptcy process.
Creditors would have warrants to buy as much as 15 percent of the company through newly issued shares in two portions. The first 7.5 percent would become available when GM’s market value reaches $15 billion and the remainder at $30 billion, according to regulatory filings.
GM’s market capitalization last exceeded $30 billion in January 2004, according to Bloomberg data. The value at yesterday’s closing stock price was $702 million.
According to the filing, the debt at the new GM would consist of $8 billion in new Treasury loans, $2.5 billion owed to the United Auto Workers fund and $6.5 billion in dividend- paying preferred stock. The Treasury will get $2.5 billion in preferred shares that pay a 9 percent annual dividend, bringing the issuance to $9 billion in preferred stock.
Bonds, Shares
GM’s 8.375 percent bonds due in July 2033 rose 3.88 cents to 11 cents on the dollar as of 5:06 p.m. in New York, the highest closing price in seven weeks, according to Trace, the bond-pricing service of the Financial Industry Regulatory Authority. The yield was 96.8 percent.
The shares rose 15 cents, or 13 percent, to $1.30 at 4:09 p.m. in New York Stock Exchange composite trading. The stock has fallen 59 percent this year.
A portion of the debt financing for the new GM may be provided by the governments of Ontario and Canada, according to the filing. In that case, those governments would receive part of the preferred stock and common equity of the new company allocated for the Treasury.
GM wants to scrap the Pontiac line, sell its Hummer and Saturn units, and drop as many as 2,400 U.S. dealers by the end of 2010. Its Saab Automobile unit is in bankruptcy protection in Sweden, and the Opel division in Europe is up for sale.
Federal Recovery
The administration is optimistic about prospects for recovering taxpayer dollars being invested in GM’s restructuring, according to the official who discussed the timetable for the automaker’s stay in court.
The official didn’t know how much may be recovered and wasn’t certain about amounts invested during the George W. Bush administration. GM would be a private company for a time under the restructuring plan currently envisioned, the official said.
Chrysler may leave court protection as soon as next week under a plan to create a streamlined entity run by Italy’s Fiat SpA, based on the official’s prediction earlier this week that the automaker’s time in bankruptcy might be only about 30 days.
GM reached a tentative agreement with the UAW on May 21 to modify a 2007 labor contract and a day later arrived at a similar accord with the Canadian Auto Workers to keep alive operations in that country.
UAW members are voting this week on the contract changes and a plan to shrink GM’s obligation to a union-run trust fund for retirees’ medical expenses.
GM ceded the global auto sales crown last year to Toyota Motor Corp. and hasn’t posted an annual profit since 2004. GM’s U.S. sales have fell for 18 months in a row through April.
To contact the reporters on this story: Jeff Green in Southfield, Michigan, at jgreen16@bloomberg.net; Mike Ramsey in Southfield, Michigan, at mramsey6@bloomberg.net
Last Updated: May 28, 2009 18:19 EDT
LINK: http://www.bloomberg.com/apps/news?pid=20601087&sid=a26dHH0N6LvY&refer=home
Also long overdue, what happens when you try to print yourself out of a recession with artificially low interest rates!!!
Yes, more and more people finding out about it, not trusting their 401(k) to the so-called professionals, doing a bit of do-it-yourself investing, buying silver and gold and sitting on it!
Latvian Hookers Signal No Recovery for Economy: Matthew Lynn
Commentary by Matthew Lynn
May 27 (Bloomberg) -- When the economy starts to lift itself out of this recession, what will be the leading indicator that tells us we have turned the corner?
Some people track the price of shipping to gauge the health of global trade. Others look at the supply of freshly minted money pouring out of central banks. A few will say that signs of life in the housing markets are evidence of a recovery.
Forget them all. The one lesson we can draw from the global credit crisis is that all the traditional ways of measuring the state of the economy are about as useful as a bottle of suntan lotion in a snowstorm.
So here are two benchmarks we should all be monitoring more closely: extramarital affairs and the price of Latvian hookers. Both are telling us that there is still plenty of trouble ahead.
These two measures were proposed recently as reliable economic barometers, and they warrant consideration. Economists often say “animal spirits” play a role in keeping the wheels of the business cycle turning. They have given little advice on how we should measure those spirits. Now we may have the answer.
In the U.K., a Web site called www.illicitencounters.co.uk allows married people who are planning to play a few matches away from home to meet up with each other. It has at least 300,000 members, indicating that the British have more on their minds than just the work expenses of politicians and the threat of unemployment.
Bull-Market Affairs
The Web site crunched its traffic and membership numbers and found that there was a big increase in both when there was a turning point in the FTSE-100 index, which measures the leading companies listed in London. When the market collapses, people plot affairs. And when the bulls rage, the same thing happens. When it is trading sideways, they stick with their partners.
“It has to do with people’s confidence levels,” says Rosie Freeman-Jones, a spokeswoman for the site. “When the markets are up, they think they can have an affair because they feel they can get away with anything. When the market hits the bottom, they are looking for a way to relieve the pressure.”
In a similar vein, John Hempton, who runs the financial blog Bronte Capital, has monitored the health of the Baltic economies based on the price of Latvian sex workers -- currently about 30 lati ($60) for the standard service.
“The contractual terms of prostitution are short (an hour, a night) and entry to the industry is unconstrained,” he says. “That means that the prices are very flexible.”
Price Collapse
True enough. His argument is that since the prices have collapsed by about two-thirds in a year, Latvia and the other Baltic states are still in big trouble with deflation lurking.
This benchmark may well be a valid way to get a snapshot of the economy. If prostitution was legal in all countries, it would probably make a good index for central banks to track. There could be few better ways of checking when we will flip from inflation to deflation and vice versa.
Of course, it is possible to detect some attention-seeking here. Illicit Encounters is trying to drum up some customers with an eye-catching press release. In the calm and reasoned space that is the blogosphere, it isn’t unheard of for people to try and cause a stir just to become well-known. You have to shout to get yourself heard on the Internet.
Even so, there are two interesting points to be made about the use of sex as a measuring stick for the economy and markets.
New Methods
First, the world is going through a traumatic time. All the conventional tools for predicting the course of the economy have been pretty useless. Certainly none of the standard models was telling us two years ago that we were heading into the greatest crisis since the Great Depression. So it isn’t surprising that some people are turning to alternative methods instead.
Next, the one thing we discovered in the last year is that a modern global economy can turn faster than a Formula One driver going into a tight corner. We slipped into a serious recession in the blink of an eye. We are going to need indicators that move just as fast if we are to have any chance of keeping up. What better than these two?
Right now, they are telling us we aren’t over the worst yet. Affairs increase when the market turns. Traffic soared in November as the markets collapsed, but it hasn’t surged again. The message: The jump in share prices of the past two months is a bear-market rally, not the start of a genuine recovery.
As for the Latvian hookers, there is no sign of prices recovering yet. The message: The International Monetary Fund should remain on high alert. And so should most of Europe’s banking system.
Infidelity Web sites and Latvian escorts can say a lot about where the economy is heading. Just be discreet if you decide to follow these two benchmarks.
(Matthew Lynn is a Bloomberg News columnist. The opinions expressed are his own.)
To contact the writer of this column: Matthew Lynn in London at matthewlynn@bloomberg.net.
Last Updated: May 26, 2009 19:00 EDT
LINK: http://www.bloomberg.com/apps/news?pid=20601039&sid=aSRh7Cf2DTrU&refer=home
It looks good, but it also is showing signs of being tired here, weekly chart shows a doji:
~~~~~~~COMPX 5/29/2009~~~~~~~
Previous Close 1751.79 +20.71
1731 SSKILLZ1
1710 FinancialAdvisor
Moods tend to flare and markets tend to gain volatility at both bottoms and tops, pay close attention... GM bankruptcy could kick off a collateral debt tsunami!
Ok, at least I don't delete my own posts on the FAZ board! Yields just turned GREEN by the way!!!
GM will file BK and it will affect the market, look for interest rates to continue to rise as more bad debt comes to the surface.
See chart below, bankruptcy is imminent, they are milking this pig day in and day out with daily pumps to create volatility and suck in daytraders, but anyone holding it long is asking to get burned.
Chart is the chance that bankruptcy will happen to GM and right now it's trading over 95%:
here's the link since for some reason the chart isn't appearing: http://data.intrade.com/graphing/jsp/closingPricesForm.jsp?tradeURL=https://www.intrade.com&contractId=670735
Not to mention, GM 95% likely to announce bankruptcy, I can't imagine how the market can survive tomorrow going into the weekend.
Yields taking a break today, wait until they start to rally again:
FAZ green-shoots, breaking out of the W today perhaps!?!?!?
Company is now profitable though, right? If that's the case, the only dilution should occur when folks convert preferred into common... of course they could go out again and make a very dilutive acquisition, who knows...
BAC now at 2-week lows really getting beat up here... -.27 to 10.64 (-2.47%) - Markets still somehow up +.81% (Dow)
What happened to waiting for the summer to pass? ;-D
June 390 put closed at 5.50 - could be worth the bet to hedge your profits thus far my friend!
Cool, they finally split this, where's all the people who called me a basher when I said it was coming... ;-D
It'll be a much better trader now. The next step would be consistent profits and growth...
I also added the link to the bottom of the ibox to those charts as I found them very helpful as well
They've been in a bull market since 2001. Right now though, I wouldn't be surprised to see them take a breather, $1,000 has and will be a tough nut to crack on gold. $850 looks to be support, I wouldn't be surprised to see range-bound trading at least through the summer.
It's turning, P&F says 36 and I believe it... should be the #2 percentage gainer next to FAZ during the market tankage we might've started today... massive resistance at 49, so if it got back there, I wouldn't expect it to go much more...
FAZ => W-stock >>>
***JPM, GS, and BAC all closed at the low of the day today!***
As Yields took off, the ten year closed at 3.70% (up over .20), it could easily fly to 5% from here...
Yields are SHOOTING up much higher today... why the market is tanking now.
I think it's FINALLY here, what the FAZ longs have waited for!
~~~~~~~COMPX 5/27/2009~~~~~~~
Previous Close 1750.43 +58.42
1702 SSKILLZ1
1681 FinancialAdvisor