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This Quarter's Sentiment:
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From the Blogosphere
Business Week. Retail sales data.
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Monday
Economic Wholesale Inventories (.6%)
Earnings Blackstone (BX), Hi-Tech Pharma (HITK), Spartech (SEH), China Surveillance (CSR), Foot Locker (FL), Hovnanian (HOV), Jones Soda (JSDA), Sykes (SYKE)
Events EMEA Agrochemicals Conference, Telecom / Networking Conference (3-Day)
Tuesday
Economic Trade Balance (-$59.5B)
Earnings Dick’s (DKS), GigaMedia (GIGM), Global Sources (GSOL), Boston Beer (SAM), Diamond Foods (DMND), DivX (DIVX), J. Crew (JCG), Metabolix (MBLX), Take-Two (TTWO), Pep Boys (PBY)
Wednesday
Economic Treasury Budget (-$140.0B), Weekly Crude
Earnings AES (AES), American Eagle (AEO)...
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A Day Late and a Dollar Short - Does the Buck Stop Here?
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The U.S. Dollar Index is trading at its lowest level since the index's inception in 1967," Economy.com on Wednesday Feb 27 08. Well, the slide certainly ain't over, but it sure has several reasons to slow down in the coming weeks - note the least of which is that Fed rate cuts WILL HAVE TO SLOW DOWN.
The inflation rate basis the Core CPI 12 month annualized is 2.5%. The next 50 bps of rate cuts to 2.50% will put the fed funds rate very close to negative real rates. The Fed can go into negative real rates, but their appetite to slash and burn the fed funds rate will be curbed.
As monetary poli...
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Market Pulls Back After Big Rally On Monday
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The market is under light selling pressure in early trading, despite some positive earnings reports from retailers.
Macy's (M) and Target (TGT) both reported better than expected earnings, and their stocks are getting a boost. Seperately, consumer confidence fell to 75.0 (vs. 82.0 consensus) as the negativity bubble continues.
PPI inflation data came in higher than expected, but the market reaction is fairly muted, probably since the CPI data that came out last week already prepared investors for this. If the market were worried, bond yields would likely be higher today. But the 10-year yi...
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Weekly Wrap
Here is a copy of Briefing.com's Weekly Recap:
With Monday being a holiday for market participants, it can be said that the week began on a good note. Thanks to a late rally on Friday, it ended on one too.
Throughout the week an assortment of economic concerns - or perhaps we should say economic terms - kept many buyers away from the action.
The market appeared to be unsettled by inflation concerns at certain times, by recession concerns at others, and by the specter of stagflation still at others. No matter the worry, or the term, none of it had an attractive ring to it.
Rising commodity pr...
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More Pressure On Financial Stocks
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The market is under some selling pressure in early trading led by weakness in the financial sector.
Merrill Lynch (MER) downgraded Fannie (FNM) and Freddie (FRE) to Sell, citing weak credit trends. Also, a popular analyst said that another dividend cut is likely at Citi (C). This has the financials down over -1.0% so far.
There were some favorable revisions to the recent PPI inflation figures, which is a good sign after the elevated CPI readings. The 10-year yield is down to 3.75%. What we really need is for mortgage rates to come down to take some pressure of the housing market, which is...
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