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Comments »Monthly Archives: November 2012
Your Tax Dollars at Work
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Comments »FLASH: Oil Reverses as Egypt Announces a Potential Ceasefire in Gaza
Crude, Gasoline Inventories Decline Sharply
“The US Energy Information Administration (EIA) released its weekly petroleum status report this morning. US commercial crude inventories declined by 1.5 million barrels last week, bringing the total US commercial crude inventory to 374.5 million barrels, well above the upper limit of the five-year range for this time of the year.”
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Pimco’s El-Erian: Improving Economic Data Don’t Reflect Grim Reality
“Improving economic indicators merit applause but the economy isn’t picking up its pace along the road to recovery, said Mohamed El-Erian, CEO of fund giant Pimco.
Monthly jobs reports and housing data have come in stronger than expected.
However, Americans remain anxious over the fast-approaching fiscal cliff, a combination of tax hikes and deep spending cuts due to kick in at the same time at the end of this year.
The nonpartisan Congressional Budget Office has warned that failure on the part of lawmakers to deal with the cliff could send the economy contracting by 0.5 percent next year.
Fears that political brinkmanship may threaten progress on the cliff and elsewhere when it comes to longer-term fiscal reform can hamper the economy in a way that economic indicators fail to reflect.
U.S. consumer sentiment stalled at the end of November as uncertainty grew over federal tax and spending programs next year, a survey released on Wednesday showed.
“Americans are rattled by the reckless and previously unthinkable political behavior they have seen in Washington,” El-Erian wrote in a Foreign Policy OpEd. ”
Comments »Leading Economic Indicators Rises at Slower Pace as Businesses Curb Investment
“The index of U.S. leading economic indicators rose at a slower pace in October as businesses held back on investment in anticipation of domestic fiscal policy changes set to take effect in January.
The Conference Board’s gauge of the outlook for the next three to six months increased 0.2 percent after a revised 0.5 percent gain in September that was lower than initially reported, the New York-based group said Wednesday. Economists projected the October gauge would climb 0.1 percent, according to the median estimate in a Bloomberg survey.
The fiscal cliff of $607 billion in federal spending cuts and tax increases has been a hurdle for companies even as consumer sentiment has supported the household purchases that account for about 70 percent of the economy. Federal Reserve Chairman Ben Bernanke said Tuesday that a budget deal could help make the coming year “a very good one” for the economy.
“We’re moving in the right direction — it’s just I think ‘subdued’ is still an accurate assessment of how the economy’s performing,” Kevin Cummins, an economist at UBS Securities LLC in Stamford, Connecticut, said before the report. “We have to get past the fiscal cliff, and there are things like Europe still out there that potentially are headwinds to the economy.”
Fiscal Cliff”
Comments »Factset Releases Top Holdings by the Nation’s 50 Largest Hedge Funds
“On the whole, the 50 largest hedge funds increased their exposure to stocks by 3 percent, although 23 managers decreased their stock holdings in the third quarter.
AIG and Capital One were two stocks that received much love from hedge fund managers during the period. While Apple remained the most popular holding, hedge funds cut their exposure to the stock.
We ranked the stocks by their aggregate share in the top 50 hedge funds. And we start with #45…”
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Don’t Burn Your House Down Deep Frying That Turkey
“As amusing as it was to watch William Shatner’s dramatic tale of a fried turkey gone wrong for State Farm this month, we thought it might be useful to provide some grounded tips this Thanksgiving.
Deep-frying a turkey can yield incredible results: a glistening bird with golden-brown skin that’s cooked perfectly in minutes. But anyone who’s watched a YouTube video in which a deep-fried turkey goes up in flames should understand that the technique is no joke.
Done right, you could be filling your plate in an hour. Done wrong, you could be eating Jell-O at the ER. Here, Food & Wine’s deep-fried turkey tips (use at your own risk!) ”
Full article
How not to fry a turkey:
[youtube://http://www.youtube.com/watch?v=ETBD0EqQGoU 450 300] Comments »Market Update
The Turkey Gods have favored the bulls this week. Despite no settlement for Greece the Gods were kind enough to turn red into green in Europe while maintaining digestion after Monday’s MONSTER RALLY.
Currently U.S. equities are up between 0.5-.24%. Much better than what it could be considering the huge wall of worry.
Gapping Up and Down This Morning
Gapping up
MEMS +92.5%, NLP +36.4%, ANFI +7.3%, XOMA +6.3%, CRUS +5.3%,
MIPS +5.1%, EFII +4%, THQI +4%, BANR +3.9%, NOK +2.4%, PSTI +2.2%,
CMG +2.1%, CRM +1.6%, THLD +3.7% , ARC +20%, XOMA +6.3%, DDD +0.6%,
Gapping down
SCHL -18.7%, TLYS -16.3%, ZLC -12.6%, CHTR -1.8%, STV -1.5%, GOLD -1.3%, DISH -0.9,
HTWR -2.3%, STJ -2%, IRM -0.9%, SI -1% , EBR -7.6%, BAK -4.3%, BSBR -2.3%, VIV -2.2%,
CBD -2%, VALE -1.4%, PBR -1.1%, EWZ -1%,
Comments »Upgrades and Downgrades This Morning
In Play and On the Wires
Initial Claims: Prior 439k, Market Expects 423k, Actual 410k
Last weeks 439k was revised to 451k…..
Comments »$DE Posts a Minor Jump in Net Income, Missing Estimates
“Deere & Co. says it earned $687.6 million for the quarter, or $1.75 per share. Revenue rose 14 percent to $9.79 billion.
Analysts surveyed by FactSet had been expecting earnings of $1.88 per share on revenue of almost $8.9 billion.”
Comments »Black Gold Rises Over a Bus Explosion in Tel Aviv Israel
“Oil rose amid concern a blast on a bus in Israel will worsen conflict in the Middle East. The euro pared losses against the dollar after the region’s finance ministers failed to agree on a Greek debt-reduction package.
West Texas Intermediate crude futures climbed as much as 1 percent to $87.57 a barrel. The euro declined 0.1 percent to $1.2809 at 11:55 a.m. in London, after earlier weakening as much as 0.6 percent. The Stoxx Europe 600 Index (SXXP) and futures on the Standard & Poor’s 500 Index were little changed. The dollar appreciated to more than 82 yen for the first time since April after Japan’s exports fell more than forecast.
Comments »The Aussie, N.Z. Dollar, and the Euro Turn in Weaker Performance Overnight
“The Australia and New Zealand currencies dropped after European finance ministers failed to agree on a debt-reduction plan for Greece, damping demand for higher-yielding assets.
The so-called Aussie and kiwi dollars slid after a decline in Japanese imports dimmed the outlook for the South Pacific nations’ shipments. New Zealand’s currency dropped versus most major peers after Auckland-based Fonterra Cooperative Group Ltd. said whole-milk powder prices fell to a seven-week low.”
“The euro fell against the dollar, snapping a two-day gain, after European finance ministers failed to agree on a debt-reduction package for Greece during more than 11 hours of talks in Brussels.
The shared currency declined versus 13 of its 16 major counterparts after Luxembourg’s Finance Minister Luc Frieden said euro-area finance ministers will resume discussions next week. The yen weakened beyond 82 per dollar for the first time since April after Japan’s exports dropped for a fifth month. New Zealand’s dollar depreciated after whole-milk powder prices slid, cutting revenue from a key export.”
Comments »Japanese Exports Hit a Three Year Low
The Nikkei celebrated this poor data with vigor as many anticipate the Yen will drop in the coming months. During the trading session the Nikkei faded the Euphoria and is desperately trying to claw its way back to silly full retard trade.
“Shipments totaled 53.5 trillion yen ($653 billion) for January through October, down 2.3 percent from the same period in 2011, according to data compiled by Bloomberg from Finance Ministry figures released in Tokyo today. The trade deficit for 2012 so far is a record 5.3 trillion yen.”
Comments »Europe Can Not Pass Go Over Greek Debt Deal
Did you expect more than this; folly, corporate charters, and too many chiefs have soured the sauce….
Comments »Global Markets Trade Mixed, U.S. Futures Pare Losses
Drinking Brings Clarity to Bob
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