Archive - Dec 16, 2010

On December 7, 2009, I sent out a warning from our Managing Director, JS Kim, to thousands of people via email about the deterioration of the global economy that he had discussed for years that the great majority of people were ignoring. Here is my latest interview with Mr. Kim that updates his views on his central thesis about a burgeoning economic disaster in the US.

RANsquawk European Morning Briefing - Stocks, Bonds, FX etc. – 16/12/10

O Lord, be merciful to me, a Keynesian fool...

Retail traders are notoriously wrong at picking market direction/tops and bottoms. Most retail traders very naturally seem to adopt a counter-trend stance and this offers very accurate signals for individuals looking to trade against this group. This daily report is designed to help traders focus their efforts on higher probability pairs.

The market continued to move sideways today as economic data was less relevant than Bernie Madoff's thoughts on the CAPM and fund managers...

The latest report from RealtyTrac indicates that, as expected, November foreclosure activity has fallen off a cliff. In November "default notices, scheduled auctions and bank repossessions were reported on 262,339 U.S. properties, a 21 percent decrease from the previous month and a 14 percent decrease from November 2009. One in every 492 U.S. housing units received a foreclosure filing during the month." This is the largest Y/Y and M/M drop in RealtyTrac's records. “Foreclosure activity decreased dramatically in November, with fewer than 300,000 properties receiving a foreclosure notice for the first time since February 2009,” said James J. Saccacio, chief executive officer at RealtyTrac. “While part of the decrease can be attributed to a seasonal drop of 7 to 10 percent that typically occurs in November, fallout from the foreclosure robo-signing controversy forced lenders and servicers to hit the pause button on many foreclosures while they scrambled to revamp their internal procedures and revise or resubmit questionable paperwork.” It's a good thing then that our very own, and very corrupt, attorneys general are about to announce a major settlement that will wipe the slate clean and allow the conveyor to crank out 1000 foreclosures a day once again... And all manner of thing shall be well.