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Monthly Archives: June 2012

Market Update

The markets remain firmly in negative territory…just off the lows. The NADAQ, Conglomerates, and Financials lead to the downside.

Hopium is fading fast for the EU Financial Summit in Brussels. Rumors earlier in the day helped to pare losses in Europe.

Healthcare is a winning sector as Obamacare passed in the supreme court today.

Oil is back below $80 per barrel while gold is near bear market territory down $25 for the day.

Market Update

[youtube://http://www.youtube.com/watch?v=UDApZhXTpH8 450 300]

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POLL: Americans Favor Obama to Defend Against Space Aliens

LoL…

Nearly two in three Americans think President Barack Obama is better suited than Republican rival Mitt Romney to deal with an alien invasion, according to a survey released Wednesday.

National Geographic Channel contacted 1,114 adults across the United States last month for its fanciful opinion poll ahead of its new cable television documentary series “Chasing UFOs.”

Thirty-six percent of respondents said they were certain that unidentified flying objects exist. Eleven percent were confident they had spotted a UFO, and 20 percent said they knew someone who claimed to have seen one.

With Obama facing re-election in November, 65 percent said Obama would be more adept than Romney to respond to an alien invasion, with women and younger Americans more likely than men and over-65s to agree with that prospect.

READ THE REST HERE AT  YAHOO/AP CANADA 

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Europe Manages to Pare Some Losses; Spain Goes Positive

Conflicting comments came out of Europe this morning keeping markets mostly to the downside. A rumor that Merkel will reverse her eurobond decision got the European boards to pare major losses.

Full look

 

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Retailers and Small Biz Complain About Today’s Health Care Ruling

“A Supreme Court decision to uphold the Patient Protection and Affordable Care Act will punish businesses of all sizes, the National Retail Federation (NRF) said Thursday.

The Supreme Court upheld the law, including its mandate requiring individuals to buy health insurance and employers with 50 employees or more to provide insurance to their workers.

“As the voice of retailers of all types and sizes, we’re disappointed by today’s ruling. The Court missed an opportunity to redress the many shortcomings of the law,” NRF President and CEO Matthew Shay said in a statement.”

Read more

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Pimco’s Gross: Decades Needed to Normalize From Too Much Debt

“Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., said economies and their financial markets take decades to return to normal after the havoc caused by too much debt.

An authentic debt crisis, which the world is experiencing, can only be ultimately cured by default or printing more money in order to inflate it away, Gross said in his monthly investment outlook posted on the Newport Beach, California-based company’s website.

The U.S. Treasury market is considered the cleanest “dirty shirt” for investors, Gross wrote.”

Source

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Gapping Up and Down This Morning

 

Gapping up

SURG +20.2%, FLOW +14.4%, USU +12.4%, LIVE +9.9%, OREX +2.8%, LNCR +2.7%,

WEN +2.7%, EGAS +1.4%, DRIV +1.9% , RVBD +1.9%,  XOMA +4%,  XOMA +4%,

WTW +1.4%,  ELLI +1.8%,  HMPR +18.4%,  CLGX +3.4%, GBX +2.7%,  PAYX +0.2%,

Gapping down 

SNTA -20%, PEIX -11.3%, BCS -10%, DB -4.9%, JPM -4.8%, ETP -4.1%, ING -3.6%,

HTCH -3.5%, ARNA -3.4%, HBC -2.6%, RIO -2.5%, STX -2.2%, MT -2%, CS -1.7%,

STO -1.7%, BAC -1.7%, WDC -1.6%, WFT -1.6%,

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U.S. Consumer and Exports Were Weaker Than Previously Thought to be in Q 1

“U.S. exports and consumer spending were weaker in the first three months of the year than previously thought, but business spending was higher, new data show.

Separately, the number of U.S. workers filing initial applications for unemployment benefits fell just slightly last week but remained high, signaling muted jobs growth.

The Commerce Department confirmed Thursday its previous estimate that the nation’s gross domestic product–the value of all goods and services produced in the U.S.–grew at an annual rate of 1.9% in the first quarter. That was down from a 3.0% rate in the fourth quarter of 2011.”

Full article

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