Because when one thinks of Tim Sykes, “classy” instantly comes to mind…
Timothy Sykes, millionaire trader and investment teacher, has created a beauty pageant, Miss Penny Stock, to “inspire students” (or perhaps an excuse to peruse attractive women). “It’s going to be a classy competition,” Sykes insists.
Read the rest here.
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The gold standard has returned to mainstream U.S. politics for the first time in 30 years, with a “gold commission” set to become part of official Republican party policy.
Read the rest here.
Comments »The Clam will swallow him whole.
Markets are in the dive mode.
NOTE: Romney also said QE2 DID NOT WORK and he doesn’t support QE3. Go Tea Party, go!
Fuckers
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“This column originally appeared on Real Money Pro at 8:11 a.m. EDT on Aug 22.
NEW YORK (Real Money) — The thrust of yesterday’s lengthy missive was that the economic fundamentals and corporate profit outlook combined with political and geopolitical uncertainties suggest that the U.S. stock market might be in the process of making a meaningful top for the year.
In the face of a steady march of higher stock prices, investors seem to be (to a large degree) whistling past the graveyard and ignoring the weak foundations of growth domestically and abroad — as well as other potential market headwinds.”
Comments »European markets closed down on rumors and comments over decisions concerning Greece. No decisions will be made until September 12, so until then we may see some volatility and exacerbated speculation.
Comments »” The first official warning of food price increases due to the U.S. drought came last month, when the U.S. Department of Agriculture forecast an increase of 2.5% to 3.5% for food consumed at home in 2012, rising to an increase of 3%-4% in 2013. Beef and veal prices are expected to rise 4%-5% in 2013.”
Comments »“Matt Yglesias has a good piece on Slate about the Fed and inflation
. He asks if the Fed is really powerless to create inflation and mentions a point I have been saying since QE2 was implemented:
“The Fed could, on that view, simply buy all the outstanding debt in the country and then tear it all up. Wouldn’t that be a bonanza? “
So how could this work? First, the reason why QE has been failing to a large degree is because monetary policy is about setting prices. When the Fed sets the Fed Funds Rate target they name a price and essentially challenge the market to compete with them over that price. The Fed could do the exact same thing at the long end of the curve. They could come out and challenge the market to try to move the 30 year bond above 1% for instance. ”
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“Hedge funds are betting on a disaster hitting the financial markets within the next several quarters, with managers holding onto historic levels of cash.
That so-called dry powder gives them the cash they need to quickly jump in if markets sell off, according to numerous hedge fund managers and industry consultants.
“Most hedge funds I see are carrying lower market exposure than I’ve seen in some time,” said Brad Balter, founder of investment advisory firm Balter Capital Management. “This is not to say they are net short. They simply want to conserve their buying power and be ready for major opportunity sets that may arise.”
Comments »“The Federal Reserve’s recently released minutes of a policy meeting that pointed to growing support for monetary-stimulus measures are a bit “stale” because the U.S. economy has appeared to improve in the last month, said Federal Reserve Bank of St. Louis President James Bullard.
The Fed’s minutes from its latest monetary policy meeting cited a need to roll out a new round of stimulus, likely quantitative easing, if the economy doesn’t pick up the pace of its recovery.
Quantitative easing, under which the Fed buys bonds such as Treasury holdings and mortgage-backed securities from banks, softens the dollar with the aim of kick-starting recovery and sends stocks and higher-risk assets climbing.”
Comments »“SYDNEY—Australia’s flag carrier Qantas Airways Ltd. QAN.AU +2.56% reported its first annual loss in almost two decades Thursday and canceled orders for 35 Boeing Co.BA -0.65% fuel-efficient aircraft with a list price of $8.5 billion in a bid to save money.
The biggest ever 787 order cancellation is a further blow to the U.S. aircraft manufacturer, following lengthy delays bringing the Dreamliner, a twin-engine super-light model, up to standard. Boeing last year delivered the first 787 to Japan’sAll Nippon Airways Co., 9202.TO 0.00%more than three years behind the original delivery schedule.”
Comments »Gapping up
HAIN +10.6%, PSUN +9.2%, STI +3.2%, SNPS +2.7%, INFY +2.3%, DB +2.2%,
SLV +2.1%, AG +1.9%, KKD +1.9%, ZNGA +1.8%, MT +1.4%, PSEC +1.1%, DEO +1%,
ROSG +15.9%, LMNX +1.2% , LMNX +1.2% , AONE +10.7%, LOGI +7.6% , INFY +2.3% ,
KCG +1.8%, PAAS +3.6%, MCP +2.6%,
Gapping down
DLLR -9.6%, XOMA -6.5%, HPQ -5.2%, BIG -4.7%, KYAK -4.1%, WSR -4%,
SMTC -3.1%, IRF -1.3%, UPL -2.7% , ADTN -2.1%, NUE -0.6%, AKS -2%,
TOT -0.9%, DG -1.0%, DLTR -1.7%, FDO -0.7%, GES -15.9%, TLYS -2.3%,
GFI -1.8%, FRED -0.6%,
Comments »ADTN, AB, ANH, CRUS, CLWR, CS, XOM, GNC, HAIN, HTS, HPQ, HUM, LLL, NOC, RS, SWY, TXT, TFM, TA, VSI, WFM,
Comments »Australia’s resources minister, Martin Ferguson, has declared the nation’s mining boom “over” after BHP Billiton, the world’s biggest miner, delayed plans to build the largest open-pit mine in the world as the global economy slows.
“You’ve got to understand, the resources boom is over. We’ve done well – A$270bn (£179bn) in investment – the envy of the world,” Mr Ferguson told ABC radio.
“It has got tougher in the last six to 12 months. Look at Europe, the state of the European and global economy. Think about the difficulties in China. The commodity price boom is over and anyone with half a brain knows that.”
Comments »Continuing claims at 3.31 million
Comments »“China’s manufacturing may contract at a faster pace in August, a private survey showed, signaling more monetary and fiscal stimulus may be needed to secure a second-half rebound in economic growth.
The preliminary reading was 47.8 for a purchasing managers’ index released today by HSBC Holdings Plc and Markit Economics, after July’s final 49.3 figure. If confirmed, it would be the weakest level since November and extend to 10 months the longest run of readings below the expansion-contraction dividing line of 50 in the index’s eight-year history.”
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