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Hmmm…. this isn’t so good: Nonfarm business sector labor productivity decreased at a 1.8 percent annual rate during the second quarter of 2010, the U.S. Bureau of Labor Statistics reported today as hours increased 3.5 percent and output increased 1.6 percent. Is this an indication that the market is getting "more healthy" or is it the market . . . → Read More: The Market Ticker – Labor Productivity, Costs, and Claims Things in Europe this morning have a decidedly deja vu May feel. The EUR has plunged against all majors, touching a one month low against the dollar as John Taylor is proven correct for the nth time, having top ticked the EURUSD inflection point literally to the day. Further validating the return of European concerns fo . . . → Read More: EUR Plunges Against Majors, Drops To Month Low Vs Dollar On ECB Comments, Rumors SNB Unwinding Euro Positions One of the classic comedy themes of the year has been Goldman’s series of failed recommendations on the EURUSD, where the hedge fund has had about a 1 out of 10 “success” rating (for its clients). Today, the Markets Strategist Mark Tan recaps the firm’s 3, 6 and 12 month forecast on the EURUSD, which are, . . . → Read More: Goldman’s EURUSD Forecast Is Now Most Erratic Ever The attached slide deck from Morgan Stanley provides a convenient 5 minute summary of the current state of the global financial and economic picture. Discussing everything from fund flows (nearly $300 billion in domestic equity outflows since the beginning of 2007: strong like bull), to equity hedge fund outflows in Q2 (and fixed income and macro . . . → Read More: Charting The Unprecedented Decline In U.S. Manufacturing, And Other Economic Tidbits From Morgan Stanley Just because being the most corrupt organization in the world was not enough, the SEC decided, courtesy of Donk (aka Frankendodd), that it is beyond accountability to anyone, even the constitution, after it was recently made public that the world’s most incompetent and bribed regulators will continue watching kiddie porn, instead of regulatoring, only do so . . . → Read More: Ron Paul Goes After The SEC’s FOIA Exclusivity, Introduces SEC Transparency Act As expected, the tight correlation between European interbank funding rates and the EURUSD FX rate continues: today, we have seen the first inflection point in both 3M Euribor and 3M EUR Libor, as both have dropped marginally lower, the first from 0.899 to 0.896, the second from 0.83344% to 0.8325%: this is the first decline since . . . → Read More: Drop In Euribor And EUR Libor Causes Sharp Drop In Euro As Funding-FX Correlation Persists Rosie’s market commentary from today is quite colorful, taking on both Barton Biggs (why bother) and Richard Russell as inflection point contrarians (we fully expect Barton Biggs who has now generated enough commissions for his broker to kill his entire P&L for the decade, to go bearish in about two weeks in keeping with his latest . . . → Read More: Rosenberg: Fade The Volumeless Rally As "The Market Is Completely Unprepared For 500K Claims And Sub 50 ISM" Very nice upside market internals today but total volume was crappy (at least for futures). And this is exactly what we would expect for the final bullish phases of this market. The volume should be a worry for bulls. The upside internals have been flipped so many times lately in lemming moves by the algo-driven market that every 90% up day that . . . → Read More: Elliott Wave Update ~ 22 July Submitted by Michael Krieger of KAM LP A Major Inflection Point is Upon Us
Great things are done when men and mountains meet. This is not done by jostling in the street. Always be ready to speak your mind, and a base man will avoid you. As a man is, so he sees. As the eye is formed, such are . . . → Read More: Guest Post: A Major Inflection Point Is Upon Us In June, 20 states posted a (seasonally adjusted) unemployment rate greater than the US average. At 14.2% Nevada was once again the state with most idle hands (excluding Puerto Rico, which since the earthquake nobody cares about anyway). Michigan is second at 13.2% as those unemployed for 20 years or longer (the vast majority of the . . . → Read More: Unemployment Rate Declines in 40 States Even As Economy Double Dips, Nevada Worst State Again |
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