Imminent action, it seems, wasn't so imminent after all.
The stock market recovered most of its Wednesday afternoon decline after the Federal Reserve hinted that it was close to taking more action to try to prop up the economy. But Thursday morning, those gains had all disappeared, after one top Fed official cautioned that more moves from the Fed were hardly a sure thing. Continue reading "Fed moves seem less like a sure thing"
Maybe Iran wants a bomb. Maybe not.
But blocking it out of the SWIFT system, in other words cutting it off from using the US dollar for its oil trades (among other things) because we suspect it does, simply meant that countries that still want to trade with Iran and which are not beholden to our political whim, have found ways of doing business without a dollar in sight.
That was a reckless decision at best. It opens the door to alternatives... alternatives that Russia, China and India – all major dollar holders – may just like better. Continue reading "Why the Dam is Finally Breaking on the US Dollar"
Greece needs more time to implement tough financial reforms and spending cuts, Prime Minister Antonis Samaras says as he starts the first of a series of top-level European meetings to discuss his debt-ridden country's international bailout.
Jean-Claude Juncker, head of the Eurogroup, the body representing the finance ministers of the 17 countries that use the euro, arrived in Athens Wednesday afternoon to meet with Samaras and his finance minister, Yannis Stournaras. The Greek premier then heads to Berlin later this week to meet with German Chancellor Angela Merkel and on to Paris to see French President Francois Hollande. Continue reading "Greece seeks more time; Juncker meets with Samaras"
U.S. futures traded modestly lower Wednesday, following the trend in worldwide markets.
Dow Jones industrial average futures dipped 0.2 percent to 13,170. Standard & Poor's 500 futures slid 0.3 percent to 1,408.60, and Nasdaq 100 futures gave up 0.2 percent to 2,768.75.
In a quiet week, there are a few key points traders are watching. Data on sales of previously occupied homes for July will be released at 10 a.m. Eastern time. Economists expect the report to show that sales edged higher by about 3 percent from June, which had the slowest sales pace since October. Continue reading "US market futures slip, following worldwide trend"
The Gold & Silver markets spent yet another quiet week languishing in the summer doldrums essentially going nowhere fast with prices tightly bound within tiny ranges and even weaker trading volumes.
Bulls and Bears alike seem content to wait things out to see just whether something of significance will come to pass 2 weeks from now at month’s end during the Jackson Hole Symposium and ECB Policy Meeting.
For now, “The Song Remains the Same” (Markets = Dead Calm) as both sides of the trade sit idly “Waiting On a Friend.” (Bernanke QE On/Off?) Or “Waiting For the Sun.”(ECB Bailouts) (Thank you to The Led Zeppelin, The Rolling Stones, and The Doors) Continue reading "The Gold & Silver Speculator"
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