Millions face higher taxes real soon without fix

Posted on by The INO.com Team

While much of Washington is consumed by the debate over tax increases scheduled to take effect next year, big tax hikes have already gone into effect for millions of families and businesses this year.

More than 70 tax breaks enjoyed by individuals and businesses expired at the end of 2011. If Congress doesn't extend them retroactively back to the beginning of this year, a typical middle-class family could face a $4,000 tax increase when it files its 2012 return in the spring, according to an analysis by H&R Block, the tax preparing giant.

At the same time, businesses could lose dozens of tax breaks they have enjoyed for years, including generous credits for investing in research and development, write-offs for restaurants and retail stores that expand or upgrade and tax breaks for financial companies with overseas subsidiaries.

Lawmakers in both political parties say they expect to address this year's tax increases as part of a deal to avoid the "fiscal cliff" of automatic tax hikes and spending cuts scheduled to take effect next year. But as talks drag on, they are reluctant to deal with the 2012 tax increases separately because that would reduce pressure to reach a broader budget agreement. Continue reading "Millions face higher taxes real soon without fix" →

Porter Stansberry: End the Ban on US Oil Exports

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The Energy Report: As a history enthusiast, Porter, to what extent do you believe technology has changed investing?

Porter Stansberry: The future will be unlike the past in every way related to technology, but it will be exactly like the past as it relates to people. Technology changes a great deal, but people don't. You can count on politicians to be scumbags and most people to be lazy. But as for investing, technology gives far more people access to information. Only one person in the world knew the actual price of a high-yield bond 25 years agoMichael Milkenand he made a fortune with that information advantage. Today, everybody has access to trading information. Everyone has access to price. In general, technology has made finance a smaller-margin business. It's led to enormous scale in our financial institutions, which is the only way they can really survive. But fear and greed are still the underlying forces that drive the markets, and investors are just as subject to irrational emotional decisions as they've ever been. I don't expect technology will ever change that.

TER: Getting specifically into energy, a few weeks ago the International Energy Agency World Energy Outlook (WEO) said the U.S. would become the world's largest oil producer, overtaking Russia and Saudi Arabia, before 2020. Then Goldman Sachs said it would happen by 2017.

PS: They stole my thunder. I've been saying 2017 for maybe a year now. If Goldman is saying 2017 and IEA is saying 2020 it will probably happen in 2016.

TER: How will the geopolitical and socioeconomic landscape change when the U.S. becomes the largest oil producer? Continue reading "Porter Stansberry: End the Ban on US Oil Exports" →

Fear vs. Fundamentals in the Platinum Market

Posted on by The INO.com Team

In October of last year, we published a platinum-market overview in the Casey International Speculator and concluded by saying: "We recommend avoiding South Africa, and in this context it means staying away from platinum producers located there. If the energy situation spins out of control, miners' strikes continue, and the local trouble puts an indefinite halt to a significant portion of platinum production, some speculative opportunities may appear in the physical-metal market or platinum-backed investment tools. If we see signs of that happening, we may speculate on the results."

Although some of the events that we expected did occur this year, the "indefinite halt" has not. The nationwide wildcat strikes that ended in mid-November suggested that that scenario was possible, but the bubbling pot simmered down. We were asked by our readers to share our view on the implications of those actions on the price of platinum.

So, what is the outlook for the platinum market now, and is it time to buy? Continue reading "Fear vs. Fundamentals in the Platinum Market" →

Weekly Futures Recap with Mike Seery

Posted on by The INO.com Team

We’ve asked Michael Seery of SEERYFUTURES.COM to give our INO readers a weekly recap of the Futures market. He has been Senior Analyst for close to 15 years and has extensive knowledge of all of the commodity and option markets.

Michael frequently appears on multiple business networks including Bloomberg news, Fox Business, CNBC Worldwide, CNN Business, and Bloomberg TV. He is also a guest on First Business, which is a national and internationally syndicated business show.

Currency Futures--- Currency futures had a very solid week against the U.S dollar with the Euro currency trading higher for the 5th consecutive trading session hitting an 8 month high trading far above its 20 and 100 day moving average with the next resistance at 134 currently trading at 1.3175 up another 87 point continuing its bullish momentum despite the problems in Europe people are feeling more confident about the fact that the European problems might be over at least in the short term. The Dollar Index has been lower 3 out of the last 4 trading sessions down this Friday afternoon by about 40 points trading far below 20 &100 day moving average which is always a bearish indicator in my opinion hitting an 8 week low with the next major support at 79.20 and then major support at the contract low which was hit on September 14th of this year at 78.95 on fears that the government is going to continue to print money here in the United States which is pressuring the dollar against all the foreign currencies in recent weeks. If you look at the Canadian dollar, Australian dollar, and the Mexican Peso they are all moving higher against the dollar while the Mexican Peso is actually making contract highs but the only currency that is not gaining on the U.S dollar is the Japanese Yen which continues to fall out of bed due to the fact that the Japanese government wants a lower Japanese yen although today finishing slightly higher but made new contract lows 5 straight trading sessions currently trading at 11995 and looking to continue its bearish momentum possibly down the 105 level in my opinion over the next couple of months. Continue reading "Weekly Futures Recap with Mike Seery" →

Chart to Watch - Orange Juice

Posted on by The INO.com Team

We've asked our friend Jim Robinson of profittrading.com to provide his expert analysis of charts to our readers. Each week he'll be be analyzing a different chart using the Trade Triangles and his experience.

Today he is going to take a look at the technical picture of Orange Juice (OJ.H13.E).

I hope you are having a GREAT week !

Orange Juice looks to be the big story right now in the commodity markets.

There is a citrus greening bacteria that is causing the Oranges to rot and this year is the worst year for that since 1969 - 1970.

Orange Juice looks to have made the breakout of a Cup with Handle pattern and all 3 MarketClub Trade Triangles, daily, weekly, and monthly were green as the price broke out of the pattern. Continue reading "Chart to Watch - Orange Juice" →