Market Montage
Stock Market, Economics, Equity Analysis
Jun26
We are now a full 3 months into this correction. The months of April and June have been very similar with whippy action in both directions and no memory from day to day: 2 days up, 3 days down, 1 day up, 1 day down, 4 days up, 3 days down and with intense volatility. May of course was more of the heavier one directional selling. …
Jun26
While technically not a sovereign bailout I am going to throw in Spain with the countries bailed out during the Euro crisis. Yesterday, Cyprus officially became the 5th country to ask for assistance, and obviously Italy has been in the crosshairs (somewhat unfairly as they run a fiscal surplus!) for a long time. [Ironically some news reports out today that Berlusconi wants to run again, this time with his campaign centered around bringing back the lira.] But France has been an unusual case for a long time, receiving a "free pass" if you will – as if they were Germany. …
Jun25
In essentially 2.5 sessions half of the June rally has been wiped out; showing how quickly these gains can disappear when the market is not stable. We are the 50% retrace (obviously) of the 1266 to 1363 move. Any break of the 61.8% retrace (1303) would be a quite poor sign. …
Jun25
Despite the "everyone is at the Hampton's, let's melt this market up" Friday, the action the prior day remains very worrisome. Healthy markets should not be this volatile, and that applies just the same to UP moves as it does to DOWN moves. The helter skelter 1.5% up, 2% down, 1% up, 1% down is not a sign of health, and these comments remind me of the environment of April which was similar to what we are seeing the past few days. …
Jun22
You Thought State and Cities Have Some Outrageous Pension Issues? Check Out University of California
I've posted many stories on the pension issues facing cities and states before it became fashionable [Dec 16, 2007: California in a State of Fiscal Emergency - Coming to a Theater Near You] [May 8, 2008: It Pays to be a Firefighter in Vallejo][Apr 25, 2008: Shoes Beginning to Fall in the States] [Apr 5, 2009: AP: $1 Trillion Hit to Pension Funds Could cost Taxpayers, Workers] [Oct 24, 2009: WSJ - Pensions Funds Taking Serious Hits] [Aug 11, 2009: LA Times - Amid Cost Cutting, Los Angeles City Pensions Continue to Soar] Dec 4, 2009: Public Workers Continue to Live the Good Life in New Jersey] + many many more, but even I was quite taken aback by the scope of the liability in this ONE university system. Perhaps not contributing for 19 years was a "minor" issue. …
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