Stocks move to new session highs an hour before the bell, perhaps soothed by the FOMC's Kocherlakota arguing the Fed isn't easy enough. It's the opposite of 24 hours ago when John Williams' hawkish words knocked the markets for a few points. (SPY +0.9%), (DIA +0.4%), (QQQ +0.8%). [View news story]
no doubt - the good cop bad cop routine has gotten old and predictable
The gold bear market/correction continues with the metal sliding to $1,537/oz., the lowest since last summer. Looking at a longer-term chart, gold has bounced off the low-mid $1,500 level a few times over the last 18 months. A drop below that would break what the technicians like to call "long-term support." The pattern in silver is similar. GLD -1.6%, SLV -2.2% premarket. [View news story]
this is an unprecedented orchestrated takedown via paper markets
In a speech titled "Too soon to relax," San Francisco Fed chief and member of the dovish wing of the FOMC John Williams nevertheless says he thinks we could see substantial improvement in the labor market by summer. "If that happens we could start tapering our purchases then ... we could end the purchase program sometime last this year." [View news story]
it's all about keeping everyone confused....one fed mouthpiece says no QE, only to be contradicted by another fed mouthpiece a few days later
Canadian lenders are set for a dramatic expansion in P/E multiples, says Scotiabank's Kevin Choquette, believing the slowdown in the country's real estate market is more than discounted in bank stock prices. His favorite pick is Imperial Bank (CM) as it's restructured to lessen its reliance on mortgage banking. [View news story]
"believing the slowdown in the country's real estate market is more than discounted in bank stock prices"
Given his soft outlook for employment and inflation, the Fed needs to be more accommodative, says Minneapolis Fed chief (and former hawk) Kocherlakota. He suggests lowering the unemployment threshold for tightening to 5.5% from 6.5% as his models tell him those magic 100 basis points will increase spending, and drive up employment and prices. [View news story]
a year ago this guy was vehemently arguing against additional QE
"The blind leading the blind," writes SocGen, reacting to Bernanke's speech yesterday where he said it was a challenge for central banks to understand the financial system. "We thought it just might only have been us that had trouble figuring out how the system worked." [View news story]
"Irrational exuberance" is the last term Alan Greenspan says he would use to describe today's market, but he believes stocks are "significantly undervalued" by historical standards. On banks and the concept of too big to fail, the former Fed head says it's the most important regulatory issue of the time; the problem is "getting worse, not better," but he does not favor a big-bank breakup. [View news story]
More from the G-20: Speaking now, IMF chief Lagarde calls the euro's strength a welcome policy development (welcome? EU exports to China are diving). Talk of currency wars is overblown, and she sees no major deviation from the fair value of major currencies. Gold isn't liking all of this feel-good talk, hitting a 6-month low of $1,626/oz. GLD -0.8% premarket. [View news story]
Notoriously poor market-timers, the central banks purchased 534.6 tons of gold in 2012, according to the World Gold Council. It's the largest amount the banks - last seen unloading their gold at less than $500/oz. - have bought since 1964. [View news story]
oh I dunno, timing seems just about right for siphoning all the wealth from western central bank vaults
Dealing a blow to precious metals, the Chicago Fed's Charles Evans - as dovish as they come - tells CNBC QE could end before unemployment sinks to 7%. As for the 6.5% unemployment rate that might trigger rate hikes, Evans doesn't see that happening until mid-2015. GLD -0.7%, SLV -1.5% premarket. The dollar gets a bid as well, UUP +0.4% premarket. [View news story]
An unemployment rate in the "low 7's" may be enough to let the Fed end QE, St. Louis Fed chief Jim Bullard tells Bloomberg. Now a voter on the FOMC, Bullard has carved out a spot as one who likes to put out a somewhat hawkish vibe, but it's hard to envision him breaking with the dovish majority. [View news story]
confusion and misdirection are the orders of the day......the most assured way to control the masses
Sterling rallies after what will be considered a coup for the Cameron government in nabbing Canada's Mark Carney as Bank of England Governor. Carney is also head of the global Financial Stability Board and was the target of a Jamie Dimon tirade over his insistence on tough bank capital rules. Carney's 5-year term is set to being on July 1. Lower earlier, cable is now flat at $1.6026. Canada's loonie weakens by about 15 pips. [View news story]
Now that he's loaded Canadians up with record levels of personal debt and helped in creating an epic housing bubble I guess he figured it was time to get out of dodge.
Gold slides 1.1% amidst the World Gold Council reporting an 11% Y/Y decline in Q3 demand to 1.1K metric tons. Central banks remained steady buyers, but investment demand - ETPs, bars, coins - was off 16% Y/Y. The WGC notes 2011 Q3 is a tough comparison, and demand remains well above the 5-year average of 984.7 metric tons. [View news story]
a select few hedge funds have concentrated short positions in the mining shares which has caused the recent downward behaviour....all intended to shake weak hands.....don't let them fool you
Stocks move to new session highs an hour before the bell, perhaps soothed by the FOMC's Kocherlakota arguing the Fed isn't easy enough. It's the opposite of 24 hours ago when John Williams' hawkish words knocked the markets for a few points. (SPY +0.9%), (DIA +0.4%), (QQQ +0.8%). [View news story]
The gold bear market/correction continues with the metal sliding to $1,537/oz., the lowest since last summer. Looking at a longer-term chart, gold has bounced off the low-mid $1,500 level a few times over the last 18 months. A drop below that would break what the technicians like to call "long-term support." The pattern in silver is similar. GLD -1.6%, SLV -2.2% premarket. [View news story]
clouds overhead
In a speech titled "Too soon to relax," San Francisco Fed chief and member of the dovish wing of the FOMC John Williams nevertheless says he thinks we could see substantial improvement in the labor market by summer. "If that happens we could start tapering our purchases then ... we could end the purchase program sometime last this year." [View news story]
make no mistake, they can never stop now
Canadian lenders are set for a dramatic expansion in P/E multiples, says Scotiabank's Kevin Choquette, believing the slowdown in the country's real estate market is more than discounted in bank stock prices. His favorite pick is Imperial Bank (CM) as it's restructured to lessen its reliance on mortgage banking. [View news story]
ahahaha good one Kev
Given his soft outlook for employment and inflation, the Fed needs to be more accommodative, says Minneapolis Fed chief (and former hawk) Kocherlakota. He suggests lowering the unemployment threshold for tightening to 5.5% from 6.5% as his models tell him those magic 100 basis points will increase spending, and drive up employment and prices. [View news story]
they are literally making it up as they go
"The blind leading the blind," writes SocGen, reacting to Bernanke's speech yesterday where he said it was a challenge for central banks to understand the financial system. "We thought it just might only have been us that had trouble figuring out how the system worked." [View news story]
here ya go
http://bit.ly/v83EJp
"Irrational exuberance" is the last term Alan Greenspan says he would use to describe today's market, but he believes stocks are "significantly undervalued" by historical standards. On banks and the concept of too big to fail, the former Fed head says it's the most important regulatory issue of the time; the problem is "getting worse, not better," but he does not favor a big-bank breakup. [View news story]
More from the G-20: Speaking now, IMF chief Lagarde calls the euro's strength a welcome policy development (welcome? EU exports to China are diving). Talk of currency wars is overblown, and she sees no major deviation from the fair value of major currencies. Gold isn't liking all of this feel-good talk, hitting a 6-month low of $1,626/oz. GLD -0.8% premarket. [View news story]
Notoriously poor market-timers, the central banks purchased 534.6 tons of gold in 2012, according to the World Gold Council. It's the largest amount the banks - last seen unloading their gold at less than $500/oz. - have bought since 1964. [View news story]
Dealing a blow to precious metals, the Chicago Fed's Charles Evans - as dovish as they come - tells CNBC QE could end before unemployment sinks to 7%. As for the 6.5% unemployment rate that might trigger rate hikes, Evans doesn't see that happening until mid-2015. GLD -0.7%, SLV -1.5% premarket. The dollar gets a bid as well, UUP +0.4% premarket. [View news story]
just another buying opportunity for the physical
An unemployment rate in the "low 7's" may be enough to let the Fed end QE, St. Louis Fed chief Jim Bullard tells Bloomberg. Now a voter on the FOMC, Bullard has carved out a spot as one who likes to put out a somewhat hawkish vibe, but it's hard to envision him breaking with the dovish majority. [View news story]
Dow Theory Update For Dec 20: Gold And Silver In A Primary Bear Market [View instapost]
A Legendary Hedge Fund Manager Owns 1.9 Million Shares Of This Gold Stock [View article]
Sterling rallies after what will be considered a coup for the Cameron government in nabbing Canada's Mark Carney as Bank of England Governor. Carney is also head of the global Financial Stability Board and was the target of a Jamie Dimon tirade over his insistence on tough bank capital rules. Carney's 5-year term is set to being on July 1. Lower earlier, cable is now flat at $1.6026. Canada's loonie weakens by about 15 pips. [View news story]
Goldman's global domination is nearly complete
Gold slides 1.1% amidst the World Gold Council reporting an 11% Y/Y decline in Q3 demand to 1.1K metric tons. Central banks remained steady buyers, but investment demand - ETPs, bars, coins - was off 16% Y/Y. The WGC notes 2011 Q3 is a tough comparison, and demand remains well above the 5-year average of 984.7 metric tons. [View news story]