Thursday Outlook: Commodities, Emerging Markets 5 comments
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That about covers the world methinks. So I made up for yesterday's absence. But, it was a beautiful day here in the Andes and a little stroll to the colonial center was a pleasant break. Besides I wanted to wait for yesterday's energy inventory data since prices and trends are much on investors' minds.
The beat goes on for financials. This shouldn't surprise. Losses according to a wide variety of sources are now put at over $500 billion from mortgage-related securities. Many experts suggest losses will rise to $1 trillion with economist Noriel Roubini predicting $2 trillion. Those are mind numbing numbers, aren't they?
There are continuing rumors of another major financial firm about to collapse. I have no idea whether this is true.
From a trading and investing perspective I fear a trading range environment more than any other circumstance. Should that occur the only defense is a heavy cash balance. For most portfolio managers, maintaining large cash balances is an anathema. Not for us.
Today more inflation data arrives, and don't forget options expiry on Friday. Have a pleasant evening.
Disclaimer: Among other issues the ETF Digest maintains long or short positions in IWM, QQQQ, QLD, IGV, IGN, IBB, XLP, XLV, RXL, UUP, GLD, DZZ, DBC, DEE, USO and XLE.
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