Friday, July 10, 2009

Get Ready For Earnings!

Good Afternoon Folks!

A little housekeeping before I start. I am off to the shore for a few days for a little R&R so things will be a little quiet.

Stocks are lackluster once again today as the consumer confidence report came in below expectations. Things should get interesting next week when earnings season kicks into full gear. I don't expect too much heading into the close. Investor's are looking to close up shop and get home after a very frustrating week(if you are a bull that is).

I loved this video from Max. I still cannot understand why America isn't outraged at the extortion that took place last fall.

Goldman will be lining their pockets with taxpayer money via huge bonuses. Disgusting isn't it?




World Currency

There was a lot of talk about this today as Russia presented a sample coin of the new "world currency".

Here is a great video from two veteran currency traders today. They do a nice job explaining why this isn't going to happen anytime soon. In time, if things spiral out of control, anything could happen but a complete currency overhaul like this would require a gargantuan effort.

One of the traders seems to think that the dollar will drop significantly lower and as a result believes metals are an excellent hedge against owning US dollars. I thought this was a well done.



Enjoy the weekend!

3 comments:

Minton Mckarkquey said...

If this is correct (http://www.nytimes.com/2009/07/13/business/13goldman.html?hp), then something seriously doesn't add up.

And the only part I can work out is that it must be entirely due to the change in mark-to-market, being the only way a $13bn loss can be turned into a profit in two quarters...

Jeff said...

minton

Sitting on the beach as I type this on my blackberry. I will check it out tomorrow. Futures are down sharply. I will be back home with a post tomorrow

John Maynes said...

Meredith Whitney did the housekeeping for you. :-(