With the market very near critical support levels, critical earnings reports on the docket, and inflation and employment data set for release, it was more prudent last week to keep the powder dry. But the market surprised to the upside, as key companies reported better than expectations.
The dismal U.S. unemployment numbers have gotten more airtime recently than Jerry Springer. And why not? The numbers are mind-numbing.
Iran says OPEC could cut output again in March… Russia-Ukraine gas row not finally resolved…
China Exports and Import Decline; Rio Guts 14,000 Jobs; Wells Fargo CEO Sees Housing Bottom; Orascom Lands North Korea Telecom Deal; Office Depot Shutters 112 Stores; JA Solar Cuts 4Q Estimates
Job losses spiked in October according to two key employment reports released yesterday (Wednesday). The rate of unemployment has risen steadily over the past year but job losses expanded in both size and scope in October and will likely continue to accelerate well into 2009, further exacerbating an already potent economic downturn.
So a few weeks ago I wrote an article bashing the McCain gas-tax holiday plan. My conclusion was that the gas-tax did absolutely nothing to fix the reason that gas prices are higher. And in the end, all it would do is spur more demand for gasoline, meaning prices would go even higher.
Entering a dangerous and troublesome period in financial history…the battle between the forces of inflation and deflation wages on… The Liquidation War…the coming of the Greater Depression…Cattle is no longer such a hot commodity in Argentina…what will hobble agriculture in the future?…and more!
