Corporate Revenues Miss, a False Breakout in the S&P 500, and Europe's Canary in the Coalmine is Out ColdSubmitted by Phoenix Capital Research on 04/17/2013 09:45 -0500
Investors take note, the markets are sending multiple signals that things are not going well in the world. Stocks are always the last asset class to realize this.
Work in the mortgage market? Never read about Kamala Harris or the CA "Home Owner Bill of Rights?" Read on....
Presenting Dave Collum's now ubiquitous and all-encompassing annual review of markets and much, much more. From Baptists, Bankers, and Bootleggers to Capitalism, Corporate Debt, Government Corruption, and the Constitution, Dave provides a one-stop-shop summary of everything relevant this year (and how it will affect next year and beyond).
Why does the Big Media other than WSJ refuse to report on the TAG subsidy grab by the largest banks?
Reports that the housing sector is recovering has generated more than a little irrational exuberance among investors regarding financials.
George Soros more than doubled his shares in the SPDR gold trust ETF. He increased his position in SPDR Gold to $137.3 million in the second quarter from $52 million previously. SEC filing for the second quarter showed Soros Fund Management more than doubled its investment in the SPDR Gold Trust from 319,550 shares to 884,400 shares at the end of June. In September 2010 (see chart), Soros called gold "the ultimate bubble" and largely dumped his stake in the ETF before gold recorded annual gains in 2010 and 2011 and rose to a nominal high of $1,920.30 per ounce in September. There was speculation at the time that he may have sold the SPDR trust in order to own far safer allocated gold bars. Another billionaire investor respected for his financial acumen is John Paulson and Paulson & Co increased its holdings by 26% by purchasing an additional 4.53 million shares of the SPDR Gold Trust to bring entire holding to 21.8 million shares. It was the first time Paulson & Co had increased its position in the SPDR Gold Trust since the first quarter of 2009, when the investment firm initially acquired 31.5 million shares. It means that Paulson's $21 billion hedge fund now has more than 44% of the company's assets allocated to gold.
Nobody on the Buy Side wants to sue JPM, Goldman Sachs, Morgan Stanley et al for securities fraud on the more problematic deals of the past decade.
And the real lesson, dear friends, is that the good old USA is a subprime nation
On Friday the FDIC reminded us that the banking crisis continues, closing and selling several institutions in arranged transactions. This may seem gloomy news, but please note that the shareholders of the acquiring institutions just made a lot of money.