Are We There Yet?
Saturday, July 31, 2010 5:11:36 PM ET
"... [this economic
condition] has been brought about by policies which the majority of economists
recommended and even urged governments to pursue. We have indeed at the moment
little cause for pride: as a profession we have made a mess of things." |
News and Events Digest
Tuesday, July 27, 2010 8:54:26 AM ET
The Dow Jones Industrial Average ended up 100.81 points, or 0.97%, to 10,525.43. The S&P500 finished up 12.35 points, or 1.12%, to 1,115.01. The Nasdaq Composite increased 26.96 points, or 1.19%, to 2,296.43. On the NYSE, advancers outnumbered declining issues by 4.2 to 1 where consolidated volume came to 4.62 billion shares compared with 5.19 billion shares traded Friday. All sectors rose and even healthcare no longer has negative short-term growth rates. |
Some Thoughts on Deflation
Saturday, July 24, 2010 6:38:40 PM ET
The debate over whether we are in for inflation
or deflation was alive and well at the Agora Symposium in Vancouver this this week.
It seems that not everyone is ready to join the deflation-first, then-inflation
camp I am currently resident in. So in this week's letter we look at some of
the causes of deflation, the elements of deflation, if you will, and see if
they are in ascendancy. For equity investors, this is an important question
because, historically, periods of deflation have not been kind to stock
markets. Let's come at this week's letter from the side, and see if we can
sneak up on some answers. |
News and Events Digest
Friday, July 23, 2010 8:57:36 AM ET
The Dow Jones Industrial Average ended up 201.77 points, or 1.99%, to 10,322.30. The S&P500 finished up 24.08 points, or 2.25%, to 1,093.67. The Nasdaq Composite increased 58.56 points, or 2.68%, to 2,245.89. On the NYSE, advancers outnumbered declining issues by 6.8 to 1 where consolidated volume came to 5.58 billion shares compared with 5.47 billion shares traded Wednesday. All sectors rose led by basic materials, industrials, and financials. Healthcare remains relatively weak as it has for much of 2010. |
News and Events Digest
Tuesday, July 20, 2010 8:55:05 AM ET
The Dow Jones Industrial Average ended up 56.53 points, or 0.56%, to 10,154.43. The S&P500 finished up 6.37 points, or 0.60%, to 1,071.25. The Nasdaq Composite increased 19.18 points, or 0.60%, to 2,198.23. On the NYSE, advancers outnumbered declining issues by 1.9 to 1 where consolidated volume came to 4.70 billion shares compared with 6.09 billion shares traded Friday. Only financials failed to gain. |
The Debt Supercycle
Saturday, July 17, 2010 9:28:04 PM ET
I have been writing about The End Game for some time now. And writing a book of the same title. Consequently, I have been thinking a lot about how the credit crisis evolved into the sovereign debt crisis, and how it all ends. Today we explore a few musings I have had of late, while we look at some very interesting research. What will a world look like as a variety of nations have to deal with the end of their Debt Supercycle. We'll jump right in with no "but first's" this week. |
News and Events Digest
Thursday, July 15, 2010 9:01:23 AM ET
The Dow Jones Industrial Average ended up 3.70 points, or 0.04%, to 10,366.72. The S&P500 finished down 0.17 points, or 0.02%, to 1,095.17. The Nasdaq Composite increased 7.81 points, or 0.35%, to 2,249.84. On the NYSE, declining issues outnumbered advancers by 1.2 to 1 where consolidated volume came to 4.68 billion shares compared with 5.37 billion shares traded Tuesday. Four of ten sectors posted a gain with technology the only standout. |
News and Events Digest
Wednesday, July 14, 2010 6:49:16 AM ET
The Dow Jones Industrial Average ended up 146.75 points, or 1.44%, to 10,363.02. The S&P500 finished up 16.59 points, or 1.54%, to 1,095.34. The Nasdaq Composite increased 43.67 points, or 1.99%, to 2,242.03. On the NYSE, advancers outnumbered declining issues by 6.8 to 1 where consolidated volume came to 5.37 billion shares compared with 3.97 billion shares traded Monday. All sectors gained. It was good to see consumer cyclicals show more strength but also outperforming were non-necessity, frivolous areas such as art and swimming pools. Financials became the top sector of the advance. |
News and Events Digest
Monday, July 12, 2010 8:55:31 AM ET
The Dow Jones Industrial Average ended up 59.04 points, or 0.58%, to 10,198.03. The S&P500 finished up 7.71 points, or 0.72%, to 1,077.96. The Nasdaq Composite increased 21.05 points, or 0.97%, to 2,196.45. On the NYSE, advancers outnumbered declining issues by 3.7 to 1 where consolidated volume came to 4.02 billion shares compared with 5.23 billion shares traded Thursday. Telecom was the only sector that failed to gain. |
It's More Than Just Birth-Death
Saturday, July 10, 2010 12:29:44 PM ET
Just how dynamic is the US job market? If I told
you we created over 4 million jobs in April, would you believe me? I had a long
conversation with Mohamed El-Erian of PIMCO yesterday. He is openly speculating
that employment may no longer be just a lagging indicator but may also be
predictive. It is an interesting insight, which we will explore as we take a
very deep look at US employment. And I answer a few questions about my thought
that there is a 60% chance for a recession in 2011, and why there is a 40%
chance we won't. What could change those numbers? We explore that and more,
while I suffer from the injustice that LeBron will play with Wade and Bosh.
Where's a nonproliferation treaty when you need it? |
News and Events Digest
Friday, July 09, 2010 6:56:49 AM ET
The Dow Jones Industrial Average ended up 120.71 points, or 1.20%, to 10,138.99. The S&P500 finished up 9.98 points, or 0.94%, to 1,070.25. The Nasdaq Composite increased 15.93 points, or 0.74%, to 2,175.40. On the NYSE, advancers outnumbered declining issues by 3.4 to 1 where consolidated volume came to 5.23 billion shares compared with 5.87 billion shares traded Wednesday. All sectors rose. The S&P's move from 1020 late Tuesday to 1070 early Thursday ushered in some consolidation before a strong finish. Thursday's finish was interesting as locals got caught short and the squeeze by the institutional traders continued after the cash close. |
News and Events Digest
Wednesday, June 30, 2010 8:29:21 AM ET
The Dow Jones Industrial Average ended down 268.22 points, or 2.65%, to 9,870.30. The S&P500 finished down 33.33 points, or 3.10%, to 1,041.24. The Nasdaq Composite decreased 85.47points, or 3.85%, to 2,135.18. On the NYSE, declining issues outnumbered advancers by 10.9 to 1 where consolidated volume came to 7.26 billion shares compared with 4.54 billion shares traded Monday. All sectors declined. Those Dow 10,000 hats have been more useful than anyone expected. |
News and Events Digest
Tuesday, June 29, 2010 8:54:39 AM ET
The Dow Jones Industrial Average ended down 5.29 points, or 0.05%, to 10,138.52. The S&P500 finished down 2.19 points, or 0.20%, to 1,074.57. The Nasdaq Composite decreased 2.83 points, or 0.13%, to 2,220.65. On the NYSE, declining issues outnumbered advancers by 1.14 to 1 where consolidated volume came to 4.54 billion shares compared with 5.3 billion shares traded Friday. Six of ten sectors declined and that included consumer cyclicals yet again. |
News and Events Digest
Monday, June 28, 2010 8:47:03 AM ET
The Dow Jones Industrial Average ended down 8.99 points, or 0.09%, to 10,143.81. The S&P500 finished up 3.07 points, or 0.29%, to 1,076.76. The Nasdaq Composite increased 6.06 points, or 0.27%, to 2,223.48. On the NYSE, advancers outnumbered declining issues by 2.7 to 1 where consolidated volume came to 5.3 billion shares compared with 5.1 billion shares traded Thursday. Six of ten sectors rose led by basic materials and financials. Technology declined all days of the week and consumer cyclical has had a pretty miserable eight sessions in a row. |
News and Events Digest
Friday, June 25, 2010 8:54:46 AM ET
The Dow Jones Industrial Average dropped 145.64 points, or 1.4%, to 10,152.80. The S&P500 finished down 18.35 points, or 1.7%, to 1,073.69. The Nasdaq Composite decreased 38.61 points, or 1.6%, to 2,217.42. About 8.65 billion shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq, well below last year's estimated daily average of 9.65 billion. Declining stocks outnumbered advancing ones on both the NYSE and Nasdaq by a ratio of more than 3 to 1. |
News and Events Digest
Wednesday, June 23, 2010 8:46:04 AM ET
The Dow Jones Industrial Average ended down 148.89 points, or 1.43%, to 10,293.52. The S&P500 finished down 17.89 points, or 1.61%, to 1,095.31. The Nasdaq Composite decreased 27.29 points, or 1.19%, to 2,261.80. On the NYSE, declining issues outnumbered advancers by 4 to 1 where consolidated volume came to 5.26 billion shares compared with 5.19 billion shares traded Monday. All sectors declined led by consumer cyclicals which dropped for a fifth day. |
News and Events Digest
Tuesday, June 22, 2010 8:47:06 AM ET
The Dow Jones Industrial Average ended down 8.23 points, or 0.08%, to 10,442.41. The S&P500 finished down 4.31 points, or 0.39%, to 1,113.20. The Nasdaq Composite decreased 20.71 points, or 0.90%, to 2,289.09. On the NYSE, declining issues outnumbered advancers by 1.4 to 1 where consolidated volume came to 5.19 billion shares compared with 5.45 billion shares traded Friday. Basic materials and industrials are the only sectors to gain. Short-term growth rates show only utilities stronger than basic materials and energy. |
News and Events Digest
Monday, June 21, 2010 8:57:38 AM ET
The Dow Jones Industrial Average ended up 16.47 points, or 0.16%, to 10,450.64. The S&P500 finished up 1.47 points, or 0.13%, to 1,117.51. The Nasdaq Composite increased 2.64 points, or 0.11%, to 2,309.80. On the NYSE, advancers outnumbered declining issues by 1.3 to 1 where consolidated volume came to 5.45 billion shares compared with 5.25 billion shares traded Thursday. Six of ten sectors rose. Consumer cyclicals slipped for a third day. Short-term growth rates are strongest for utilities and energy which may seem like an odd combination but they were the weakness of the Feb/March rally, so following with strength isn't unusual. |
News and Events Digest
Friday, June 18, 2010 8:44:39 AM ET
The Dow Jones Industrial Average ended up 24.71 points, or 0.24%, to 10,434.17. The S&P500 finished up 1.43 points, or 0.13%, to 1,116.04. The Nasdaq Composite increased 1.23 points, or 0.05%, to 2,307.16. On the NYSE, declining issues outnumbered advancers by 1.01 to 1 where consolidated volume came to 5.25 billion shares compared with 5.66 billion shares traded Wednesday. Six out of ten sectors managed to gain. Thursday was interesting in that even though oil prices were weaker, the energy sector was sticking to the S&P like white on rice. We just couldn't shake it. Then the speculitive issues started getting bid up in the afternoon and the whole thing just became a bit uncomfortable. |
News and Events Digest
Friday, June 11, 2010 8:59:54 AM ET
The Dow Jones Industrial Average ended up 273.28 points, or 2.76%, to 10,172.53. The S&P500 finished up 31.15 points, or 2.95%, to 1,086.84. The Nasdaq Composite increased 59.86 points, or 2.77%, to 2,218.71. On the NYSE, advancers outnumbered declining issues by 7.1 to 1 where consolidated volume came to 6.04 billion shares compared with 7.18 billion shares traded Wednesday. All sectors rose. |
News and Events Digest
Thursday, June 10, 2010 8:59:47 AM ET
The Dow Jones Industrial Average ended down 40.73 points, or 0.41%, to 9,899.25. The S&P500 finished down 6.31 points, or 0.59%, to 1,055.69. The Nasdaq Composite decreased 11.72 points, or 0.54%, to 2,158.85. On the NYSE, advancers outnumbered declining issues by 1.1 to 1 where consolidated volume came to 7.18 billion shares compared with 7.34 billion shares traded Tuesday. Half the sectors managed a gain. Short-term growth rates show utilities and telecom holding up the best. |
News and Events Digest
Wednesday, June 09, 2010 9:07:06 AM ET
The Dow Jones Industrial Average ended up 123.49 points, or 1.26%, to 9,939.98. The S&P500 finished up 11.53 points, or 1.10%, to 1,062.00. The Nasdaq Composite decreased 3.33 points, or 0.15%, to 2,170.57. On the NYSE, advancers outnumbered declining issues by 1.5 to 1 where consolidated volume came to 7.34 billion shares compared with 6.39 billion shares traded Monday. Gains were mostly focused on the more cyclical areas of basic materials, financials, and industrials which have been the weakest recently. |
News and Events Digest
Tuesday, June 08, 2010 9:03:55 AM ET
The Dow Jones Industrial Average ended down 115.48 points, or 1.16%, to 9,816.49. The S&P500 finished down 14.41 points, or 1.35%, to 1,050.47. The Nasdaq Composite decreased 45.27 points, or 2.04%, to 2,173.90. The Russell 2000 fell 5%. On the NYSE, declining issues outnumbered advancers by 2.7 to 1 where consolidated volume came to 6.39 billion shares compared with 7.34 billion shares traded Friday. |
News and Events Digest
Monday, June 07, 2010 8:45:50 AM ET
The Dow Jones Industrial Average ended down 323.31 points, or 3.15%, to 9,931.97. The S&P500 finished down 37.95 points, or 3.44%, to 1,064.88. The Nasdaq Composite decreased 83.86 points, or 3.64%, to 2,21917. The Russell 2000 fell 5%. On the NYSE, declining issues outnumbered advancers by 9 to 1 where consolidated volume came to 7.34 billion shares compared with 5.71 billion shares traded Thursday. All sectors declined. |
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