The Bear (Rug)

    Poor Russia. All those dreams of greatness, renewed world position, and (dare we say it) power. For awhile there they looked realistic. Putin was General Secretary of the Communist Party of the Soviet Union President of the Russian Federation Prime Minister for life. Russia had adroitly dominated energy reserves and carved itself into a capitalist […]

    / Jan 15, 2009 at 10:59 AM

    Dealbreaker Afterdark: Big Auto In Big Trouble

    The Senate compromise looks dead at the moment. CNN is reporting that bipartisan talks have collapsed and the Senate bill looks dead. The pressure actually falls back to Pelosi now, who played a bit of legislative brinkmanship with the Senate and has now lost (baring some miracle tomorrow). GM will likely be the first victim, […]

    / Dec 11, 2008 at 10:47 PM

    Opening Bell: 12.09.08

    Wall Street Is No More (Bloomberg) “”There’s no more Wall Street,” Greenberg, 81, said last night in an interview on Bloomberg’s “Money & Politics” television program. “That model just doesn’t work because it’s at the mercy of rumors.”” This is how cultures of fear are run: rumors are news because the worst is thought to […]

    / Dec 9, 2008 at 7:54 AM

    No One Likes A Know It All

    The days of lecturing China may be over for the moment. But, really, how perfectly did you want them to embrace capitalism just now? The head of China’s sovereign wealth fund says he’s lost the confidence to invest in U.S. banks, while China’s central bank governor Zhou Xiaochuan didn’t even stay in town. Instead, he […]

    / Dec 5, 2008 at 11:29 AM

    Opening Bell: 11.13.08

    Citi Considering New Chairman? (Reuters) The BOD, dissatisfied with the performance of the company, may be moving to seek new leadership. The majority of this article is blatant conjecture, so we’ll skip the thriving analysis and just jump to the point: replacing the chairman at this point would probably send a strong signal to shareholders. […]

    / Nov 13, 2008 at 8:33 AM

    Opening Bell: 11.10.08

    China Authorizes Massive Bailout (FT) The Chinese have authorized a bailout package of unprecedented size: $586B. In a statement regarding the bold move, “The government said the spending plan reflected a decision to adopt an “active” fiscal policy to deal with the global financial crisis, while monetary policy would be “moderately active”. The problem inherent […]

    / Nov 10, 2008 at 8:10 AM

    Opening Bell: 11.06.08

    European Markets All Out Of That Special European Flair, May Turn To Snorting Zoloft. (Reuters) Markets across Europe were down overnight on continued credit worries and fear that the incoming administration may not be able to move quickly enough. In an attempt to allay panic it looks as though the EU CB is going to […]

    / Nov 6, 2008 at 8:00 AM

    Opening Bell: 10.30.08

    “Analysts welcomed the move but said it had already been priced in and the outlook remains grim.” (Reuters) This has all the grace of a blind dog running head first, full speed, into a brick wall. Sure Bernanke, you say there’s a treat on the other side, but we both know there isn’t. We’re floating […]

    / Oct 30, 2008 at 7:53 AM

    Worst Pep Talk Ever?

    From: Lowenthal, Albert Sent: Oct 24, 2008 8:47 AM Subject: Today It has never been more difficult to come to work and face overnight market reports and the continuous cacophony from market pundits telling us how the world as we know it is coming to an end. This morning, we face markets that were down […]

    / Oct 24, 2008 at 9:27 AM
  • FOREX, Opening Bell

    Opening Bell: 10.24.08

    U.S. stock futures blasted after Asia plunge (Marketwatch) U.S. futures are getting smashed up this morning after a nightmare trading session in the Asian markets (see next article). Dow futures are off 546 points, while Nasdaq futures are falling 82.5 points; S&P futures are down 60 points, at 855.20. There’s a lot of technical analysis […]

    / Oct 24, 2008 at 7:34 AM
  • FOREX, Opening Bell

    Opening Bell: 10.23.08

    Futures fall as recession fears weigh (Reuters) There’s no end in sight to the bottom of this week’s selloff — but this morning there is perhaps the beginning of one. S&P futures are down 7.7 points, Dow Jones futures lower by 35 points, and Nasdaq futures are off around 12 points or so. Those numbers […]

    / Oct 23, 2008 at 7:40 AM

    Evita’s having a bad hairday

    Is Argentina’s government deliberately trying to fuck its consumers? Off the DJ wire: Very few bonds had traded yet, but the dollar-denominated Boden 2012 was down sharply to the peso equivalent ARS136 from its open at ARS149.90. On Tuesday, President Cristina Fernandez signed a bill that, if approved by the legislature, will end the country’s […]

    / Oct 22, 2008 at 11:43 AM
  • FOREX, Opening Bell

    Opening Bell: 10.22.08

    U.S. Futures Weighed Down by Gloomy Earnings Reports ( Despite good news from the Apple camp after the bell yesterday, an overnight selloff along with the likes of AT&T, Wachovia and Boeing reporting today is having a gloomy impact on futures trading. S&P futures are off between 19 – 31 points, at 939, while Nasdaq […]

    / Oct 22, 2008 at 7:31 AM

    When do we hit a bottom?

    So … suddenly, the market turned up 4% or so. Unfortunately, this is less likely anything to do with equity valuations being at bargain prices, and more to do with index option expirations, many of which take place Friday. This should by all accounts be somewhat expected: there are usually spikes in the market at […]

    / Oct 16, 2008 at 4:32 PM
  • FOREX, Opening Bell

    Opening Bell: 10.10.08

    U.S. stock futures pointing to further losses (Marketwatch) It’s getting easier and easier to make an accurate call on the market these days: all you have to do is say, “major indices will be down between 5% and 10%.” With seven straight downward sessions, we’re still in the death spiral this morning. Futures for the […]

    / Oct 10, 2008 at 7:14 AM

    Japan To Crisis: “Been There, Done That”

    Maybe it is because we are in “the biz,” but lately it seems that we’ve been hearing a lot of analogies thrown around comparing the credit crunch with Japan’s banking (and general) crisis. There almost is an undertone of smug amusement to the entire thing. Trust the New York Times to press that angle not […]

    / Oct 2, 2008 at 10:54 AM

    I Know Nuh-zing. NUH-ZING.

    To explain the resentment executives in the rest of the modern world feel on occasion when forced to look at the United States on the map hanging in the conference room of their “European Headquarters Building,” you have to look no farther than the story in yesterday’s New York Times describing the absolute schooling a […]

    / Sep 19, 2008 at 1:30 PM
  • FOREX, Opening Bell

    Opening Bell: 8.15.08

    Sterling loses more ground against the dollar (AP) The dollar is un-stop-a-bull! Another day, another gain against a major world currency. Not that this is only a good thing. Like, wasn’t the cheap dollar going to help make the US a low-cost manufacturing nation again? Oh, and doesn’t it inflate the earnings of basically every […]

    / Aug 15, 2008 at 7:58 AM

    RBS Proud Of Important Learning, Character Building Experience
    Reports Losing Shit-Ton Of Money

    The Royal Bank of Scotland reported losses of 761 million pounds today, due to a 5.9 billion pound writedown on risky assets. Chief executive officer Fred Goodwin described the bad news as “a chastening experience” that every bank should go through at least once. Soon to be laid off employees? Shareholders? What’s your take on […]

    / Aug 8, 2008 at 9:32 AM
  • FOREX, Opening Bell

    Opening Bell: 6.6.08

    Wal-Mart growth plan eyes installation services (MarketWatch) Wal-Mart’s on a high horse right now, as its stock trades near fresh highs, and either its customers aren’t slowing down their purchases, or the lower-middle class is growing (some will certainly say that). Anyway, among the company’s new growth products: electronics services (a la BestBuy’s GeekSquad), more […]

    / Jun 6, 2008 at 7:22 AM
  • FOREX, mortgages, Texas Pacific Group

    TPG Buys Stake of British Mortgage Company

    It’s not just the Lone Star Funds going long mortgage companies. This morning Bradford & Bingley announced plans to raise 400 million pounds by selling a stake to buyout firm Texas Pacific Group. It’s part of the now familiar dance for finance companies, where they reveal craptacular earnings and attempt to soften the blow by […]

    / Jun 2, 2008 at 9:21 AM

    Opening Bell: 5.8.08

    Consumer borrowing unexpectedly surges in March (AP) Some interesting info on the consumer front, as Americans dipped aggressively into their credit card borrowing lines in March — at a faster rate than expected. It’s a double-edged sword though. On the one hand, sure, it’s a little troubling that shoppers had to put so much on […]

    / May 8, 2008 at 6:15 AM

    Opening Bell: 4.22.08

    RBS Takes Further Write-Downs, Plans $23.78 Billion Rights Issue (WSJ) That’s some coinage right there. First RBS said is lot over $11 billion for all the usual reasons. And now RBS has asked shareholders to approve a nearly $24 billion raise. It needs the cash, having suffered double through all this nonsense after its $10 […]

    / Apr 22, 2008 at 6:47 AM

    Opening Bell: 4.3.08

    Euro Falls Against Dollar, Yen on Surprise Retail Sales Decline (Bloomberg) Pack the bags honey… we’re going to Paris to buy luxury goods. Ok, not quite, but the Euro did drop slightly against the dollar over night, so it’s a start. Another two years of moves like this and it’ll be safe to venture on […]

    / Apr 3, 2008 at 6:57 AM

    Opening Bell: 3.17.08

    Nikkei Down More Than 3 Percent (AP) So the foreign markets did their whole dance last night, taking the brunt of our woes, just as they have been for days and days now. And interestingly, despite early optimism that “everyone but Bear” would have a good day today, that wouldn’t appear to be so. Index […]

    / Mar 17, 2008 at 6:53 AM

    Opening Bell: 3.14.08

    Chrysler tells all employees to rest in July (Detroit Free Press) We mentioned yesterday that Chrysler’s latest executive add was an ex-Toyota guy. But we’re wondering what he thinks out of the latest news: the company is shutting down for two weeks this coming July in order to save money. The news was announced in […]

    / Mar 14, 2008 at 8:10 AM

    Opening Bell: 3.13.08

    Dollar Plummets Against Yen (WSJ) Dollar below 100 Yen: This is sort of like the Dollar dipping below parity with the Loonie, but it’s not quite as painful, since it’s not our obnoxious neighbors to the north. Like, you don’t often hear Japanese citizens going on and on and on about their healthcare system and […]

    / Mar 13, 2008 at 7:34 AM

    Opening Bell: 1.2.08

    Chinese Yuan Advances to Strongest Since End of Dollar Link (Bloomberg) The Yuan doesn’t operate on a purely free market, but then again, there aren’t many currencies that do. Mainly it’s that China is more direct about its goals. You don’t have a situation whereby every politician claims to be committed to a ‘weak Yuan’ […]

    / Jan 2, 2008 at 7:34 AM

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