The SPX futures added to the retracement by rising near 2085.00, but are coming back down as I write. The Premarket is up about 2 points, but seems to be losing ground.
Jobless claims went up today for the month of December. ZeroHedge reports that it is the highest monthly rise in jobless claims since the polar vortex last year. Chicago PMI is being reported at 9:45 and is not likely to be good. Today may not be a good day for stocks.
Michael E. Lewitt writes: Believe it or not, there are still a few U.S. companies that do not rely on debt, manipulative accounting, and massive stock buybacks to generate strong earnings and a high stock price in today’s overpriced stock market.
Some companies, like the one I’m about to show you, still make money the old-fashioned way: selling a well-made product, managing their balance sheet, and finding and keeping management talent for the long haul.
Making predictions for the New Year may feel as productive as peering into a crystal ball. But in the life sciences, hard science and long experience back prognostication. The biotech market enjoyed a stellar 2013 and withstood a solid check in early 2014 before rebounding, essentially following the upward trend that most experts forecast. What is in store for 2015? The Life Sciences Report turned to newsletter writer John McCamant and WBB Securities’ Steve Brozak for insight.
When the bail-in first ripped through Cyprus in the first part of 2013, I wrote a series of articles about the topic and examined some documents from the Bank for International Settlements, the FDIC and Bank of England regarding treatment of depositors and their funds. To sum it up as we begin the latest chapter in what will no doubt morph into the biggest swindle ever to impact humankind, let’s recap what exactly the bail-in is.
If Canadian-born astrophysicist Richard Conn Henry were in charge, New Year’s Eve would have been four days ago.
Under the intricately designed Hanke-Henry calendar (slogan, “It stays exactly the same, year after year!”), the day we’ve known for centuries as New Year’s Day would actually be Jan. 5.
Some economists such as Nobel Laureate Paul Krugman hold that during an economic slump it is the duty of the government to run large budget deficits in order to keep the economy going. On this score — given that from 2011 to 2014 the rate of growth of real gross domestic product (GDP) hovered at around 2 percent — many experts are of the view that the budget deficit, which stood at $483 billion in 2014, wasn’t large enough.
The SWIFT System is an integral part of a communication process that assists payment and clearing of financial transactions. The Corporate-to-Bank site defines it in the following manner and provides several examples of Payment, Clearing and Settlement Systems.
“The Society for Worldwide Interbank Financial Telecommunication, Societe Cooperative a Responsabilite Limitee (limited co-operative society) (“SWIFT”) is a member-owned co-operative. SWIFT provides a telecommunication platform for the exchange of standardized financial messages between financial institutions and corporations. SWIFT is neither a payment system nor a settlement system though the SWIFT messaging standard is used in many payment and settlement systems. SWIFT’s customers include banks, market infrastructures, broker-dealers, corporates, custodians, and investment managers. SWIFT is subject to oversight by the central banks of the Group of Ten countries.”
“Gold is money. Everything else is credit.”~ J.P. Morgan in 1912
Loyal readers of our Investor Alert and my blog Frank Talk are no doubt aware that the U.S. dollar’s rising strength has put pressure on commodities such as oil and gold. I wrote about this as recently as my roundup of the top commodities stories of 2014, which you can read here.
In this article we are going to look at compelling evidence that the Precious Metals sector is either at or very close to a major bottom, and see why the chances are high that the sector will rally strongly in the New Year.
You have all heard the old adages about “buying low and selling high” and how the time to buy is when there is “blood running in the streets”. Never have these adages been more applicable than they are now to the Precious Metals sector, where even the most diehard bulls have had enough and thrown in the towel.
Another week – another CFTC report – more of the same, namely the large speculative category, hedge funds and other reportable traders, continue their love affair with crude oil. This, in spite of the fact that the black goo has lost 50% of its price since June of this year.
I have said now for the last few weeks and will say it once more, I am completely mystified and baffled as to how the supposedly smartest and most informed traders on the planet could have gotten this market so wrong. Not only that, but that they continue to stay wrong!
Globetrotting Chris Berry, founder of House Mountain Partners, finds most retail and institutional investors sitting on the sidelines waiting to see where the energy sector is headed before jumping back into the game. Game-changing disruptive technologies or sustainable end-user agreements are what companies need to succeed and he shares some likely names in the cobalt, lithium, nickel, graphiteâ€”even uraniumâ€”spaces in this interview with The Mining Report.
The Mining Report: Chris, on your travels, what are you seeing in Europe and Asia regarding supply and demand in the commodity markets?
SPX has completed a small impulse down and has made a 29.3% correction so far. It may go as far as 2086.54 (50%) or to 2088.20 (61.8% retracement) before it is over. However, the institutional investors may be coming in and if they start selling, SPX may be on its way to Intermediate-term support at 2053.01 or even the 50-day Moving Average at 2028.51 by tomorrow. The odds favor adding an additional layer of short positions at this time.
There is no metal quite like gold as history shows that humans have a special attraction towards gold as this metal like a parasite has held power over humanity far beyond any rational importance as a resource, even to the extent that hundreds of thousands have been put to death in its pursuit, even whole civilisations extinguished so that GOLD could adorn the GOD temples of Europe and elsewhere. Today’s GOLD obsession manifests itself in the Gold bug army that relentlessly chants its second coming with never changing prophecies of Gold’s eventual rise to new highs. And as it was for 2013, so were the expectations for 2014 for the price of Gold to soar into the stratosphere bitcoin spike style with the 2011 high of $1901 merely acting as a stepping stone all the way to $5,000, then $10,000 and beyond.
In short: no speculative positions.
Looking back at Bitcoin in 2014, we see that this was not a kind year for the currency, at least not in terms of the price. Bitcoin has gone down some 50% (!) since the beginning of the year or some 70% (!) since December 2013. Not particularly encouraging results, and even Bitcoin-focused websites make mention of them. On CoinDesk, we read:
If the story of bitcoin in 2013 was its meteoric rise in price, which saw it hit a peak of over $1,100 in November, then the tale of bitcoin’s price this year is one of plummeting from those heights.
Matthew Carr writes: There are a number of misconceptions that are perpetually parroted as truth.
Albert Einstein did not fail mathematics… In fact, he mastered higher forms of calculus (which most of us don’t see until college) before he was 15.
You can’t see the Great Wall of China from space… It is barely visible from low Earth orbit. Even then, you need binoculars.
Counts are lining up for the next tradable top in the Dow near Dec 29. Let’s call it sometime this week. The forecast involves several of the models developed by George Lindsay but one easy-to-grasp reason is the chart below. In the past I’ve shown my own discovery of centering a middle section forecast on the high of the previous multiple cycle to forecast the high of the current multiple cycle. Previous forecasts this year using this model have all resulted in significant (tradable) corrections in the Dow.