The yen and dollar rose on Tuesday as fears of further U.S. bank failures overshadowed unexpectedly strong U.S. manufacturing data, boosting the two currencies’ safe-haven appeal.
Is the recession technically over? The strongest argument for recovery we’ve seen yet… Rob Parenteau shares his new macro economic forecast… “Told you so!” writes Byron King — “breaking news” he and The 5 scooped in March 2008… Plus, Chris Mayer’s latest contrarian play…
Just one day after my last “Sector Watch” column (March 9), the stock indexes had clearly had enough of being nags and decided to go the stallion route instead. In fact, the S&P 500 galloped 20% higher in just eight trading days before hitting its 50-day moving average late last week.
Dr. Scott Brown of Investment U says. “It seems we’ve been talking about bottoms and whether we reached it yet for quite some time.”
“Investors are taking losses of up to 90% in the $1.2 trillion market for collateralized debt obligations (CDOs) tied to corporate credit,” reports Bloomberg. Much of the losses have been triggered by the failure of Lehman Brothers and Icelandic bank.