Positive Rumors About Psivida Corp. Circulate (PSDV)
by Insider Scoop - May 31st, 2011 3:48 pm
Courtesy of Benzinga
Unconfirmed positive rumors circulating at Psivida Corp. (Nasdaq: PSDV).
Hearing their new drug application accepted by the FDA.
This article may include mentions of rumors, chatter, or unconfirmed information. Readers should beware that while unconfirmed information may be correlated with increased volatility in securities, price movements based on unofficial information may change quickly based on increased speculation, clarification, or release of official news.
© 2011 Benzinga.com. All rights reserved. This material may not be published in its entirety or redistributed without the approval of Benzinga.
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DiggLNKD Now Below Break Price
by Zero Hedge - May 31st, 2011 3:48 pm
Courtesy of Tyler Durden
Well, that took all of 8 days. To all who bought the shares from the bankers and primary allocators who wasted exactly 10 milliseconds to flip this flaming dog turd to the greatest momo fools out there with an E-trade account and $10k in discretionary cash (now well less), our condolences.
Super Rich Indians Abandon Super Cars En Masse To Avoid Arrest In Massive Smuggling And Tax Fraud Crack Down
by Zero Hedge - May 31st, 2011 3:36 pm
Courtesy of Tyler Durden
One of the benefits of living in a developing country is discovering that pretty much nothing is ever as it seems. The latest news out of the Telegraph confirms that, by reporting on a crack down in a massive stolen-car scam which has seen the country’s millionaires abandon their supercars, among them Bentleys and Aston Martins, literally on the streets of New Delhi in droves: up to 400 cars are suspected of being part of the tax-scam and theft ring. It turns out that these same cars, which were sold to top Bollywood film stars, and a couple of Indian international cricket players, were stolen from around the world, then resold by the top car dealer as second hand and falsely claimed the cars were being supplied tax-free to diplomats in order to avoid India’s double taxation of luxury vehicles. “More than 40 cars are now impounded in a government car park. Models parked in the lot include Porsche Panameras, sold in India for £250,000, a Bentley Continental Supersport, costing £350,000, several Aston Martin Rapides, with a price tag of £290,000 and a Maserati, costing £170,000.” But while the dealers were merely providing an unmet, if illegal, service, the ultimate enabler of this behavior is naturally the Indian Central Bank, which despite attempts to cool inflation, has created massive pockets of wealth in a society that only compares to China (and the US of course), in the schism between the few uberwealthy, and the masses of less than privileged lower classes.
From the Telegraph:
According to officials from India’s Directorate of Revenue Intelligence, the alleged scheme to cheat its tax authority out of millions of pounds centres on a British-Indian car dealer in Britain who is accused of arranging shipments to India where demand for luxury cars is insatiable. In some Indian cities businessmen have formed groups to bulk buy Mercedes cars direct from the manufacturer because they are too far from an official dealer.
Detectives are now seeking permission to take their investigation to London where a number of Britons are suspected of involvement. They are also preparing to approach North Korea and Vietnam to uncover more information about the roles played by their diplomats in New Delhi.
Investigators believe they were lured into the scheme by dealers to exploit diplomatic tax concessions.
…
Is Sugar a “Sweet Indictor” update…
by Chart School - May 31st, 2011 3:29 pm
Courtesy of Chris Kimble
Almost a month ago I shared the chart below, reflecting that “Sugar” has been a good indicator per the future direction of interest rates. (see post here)
CLICK ON CHART TO ENLARGE
Below is an update on the Sugar/30-year yield chart.
CLICK ON CHART TO ENLARGE
Sugar and the yield on the 30-year bond have both declined a good deal of late. Now Sugar ETF (SGG) has broken above its falling channel as the yield on the 30-year bond has created a bullish falling wedge pattern.
Keep a close eye on Sugar going forward, due to its potential impact on bond holdings and a potential ripple effect on the stock market!
The Headlines Say It All (Or, Alternatively, “All You F%$^ing People Are Insane”)
by ilene - May 31st, 2011 3:26 pm
Courtesy of Jr. Deputy Accountant
When I saw an alert come through this morning that said "Stocks rise in early trade on optimism over Greece," I thought to myself (pre-coffee so who knows if I was of my right mind when I thought this) "are markets really that stupid?"
I already know the answer to that and even my pre-coffee head knew the answer. Here we’ve both been waiting anxiously for the jig to be up, for the music to stop, for the fat lady to bust out a chorus, for the other shoe to drop 90 feet to its death… you get the point. Despite all reasonable expectations otherwise, the debt machine can has somehow been successfully kicked down the street for over two years and still hasn’t fallen to pieces. Sure, it’s battered and bruised but this baby is still roaring.
Stocks traded higher on Wall Street Tuesday as the euro rose against the dollar and commodity prices jumped on optimism that new aid for Greece from the European Union was on the horizon.
Europe stepped up efforts to draft a second bailout package for Greece, with private sector participation still an option to help relieve the country of its huge debt burden.
…
“The news out of Europe is propelling the market higher in pretrading, following the rest of the global markets. News regarding a Greece bailout is basically fueling the optimism,” said Peter Cardillo, chief market economist at Avalon Partners in New York.
“It is causing the dollar to go back down, strengthening the euro, so that is inviting risk back into the marketplace.”
If I wasn’t before, I am now thoroughly convinced you people are out of your minds.
UPDATE: Supreme Industries will Pay Armored Group $1.1M, 700,000 Shares -Bloomberg
by Insider Scoop - May 31st, 2011 3:23 pm
Courtesy of Benzinga
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Supreme Industries and Armored Group Sign Civil Settlement -Bloomberg
by Insider Scoop - May 31st, 2011 3:22 pm
Courtesy of Benzinga
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Retail Sales Plunge in Italy, Dip Elsewhere in Euro-Zone
by ilene - May 31st, 2011 3:20 pm
Courtesy of Mish
Things are about to get very interesting in Italy where consumers have gone a sudden spending hiatus. Bloomberg reports European Retail Sales Contract to 7-Month Low
European retail sales contracted in May to the lowest level since October 2010, driven by a “sharp drop” in Italy, Markit Economics said.
A gauge of euro-area retail sales fell to 48.8 from 52.2 in April, London-based Markit Economics said today in a statement. The index is based on a survey of more than 1,000 executives and a reading above 50 indicates month-on-month expansion.
Italian retail sales declined at the fastest pace in 11 months in May, while monthly increases in Germany and France, the euro area’s largest economies, were the weakest in seven and three months, respectively, Markit said.
Eurozone retail sales fell in May
Please consider Eurozone retail sales fell in May
Retail sales in the Eurozone fell for the first time in three months in May, according to Markit’s latest PMI (Purchasing Managers’ Index) survey. Moreover, sales were only marginally higher than one year earlier, and retailers cut both staff levels and purchasing during the month. Of the three largest euro economies covered, Italy remained the main source of weakness, while France and Germany both registered slower growth.
Across the Eurozone as a whole, retail sales were up only slightly on a year earlier in May. This was in contrast to the trend seen in April, when retail sales grew at the fastest annual pace in nearly three years (although this partly reflected the timing of Easter in 2011 compared to 2010).
In line with the pattern for month-on-month sales trends, Germany and France registered slower annual growth of retail sales in May while Italy posted a steep fall.
In a further sign that the retail sector was contracting, the value of goods purchased by retailers fell during the month. This was the first drop in purchasing activity for seven months.
Moreover, it occurred despite a further sharp rise in average wholesale prices, suggesting a steep fall in the volume of new items bought for resale. Purchase price inflation eased slightly since April, but remained relatively sharp.
Reflecting intense cost pressures and declining sales values, retailers suffered the worst drop in gross margins for a year in May. This contributed to a decline in headcounts in the sector, the first since last November.
Retail Sales…
UPDATE: Sprint Formally Requests FCC to Deny AT&T’s Takeover of T-Mobile
by Insider Scoop - May 31st, 2011 3:14 pm
Courtesy of Benzinga
Sprint (NYSE: S) announced today it has formally requested the Federal Communications Commission to block AT&T’s (NYSE: T) proposed $39 billion takeover of T-Mobile USA, noting the Commission’s responsibility to protect consumers and the industry against precisely the kind of anti-competitive market control that will result from this transaction. Sprint made the request in a “Petition to Deny” filed at the FCC this afternoon.
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Graham Summers’ Free Weekly Market Forecast (Greek Bailout Round Two Edition)
by Zero Hedge - May 31st, 2011 3:12 pm
Courtesy of Phoenix Capital Research
As I write this, Germany is rumored to have agreed to a second bailout for Greece (there rumor has since been quashed). The Euro and stocks are rallying hard on the announcement. Silver and Treasuries are down, while Gold is roughly breakeven.
The big picture here concerns the US Dollar which had already fallen to test its 50-DMA. If the US Dollar breaks below this line and fails to reclaim it then the US Dollar rally is over.
The technical pattern here is a falling wedge pattern. As the below chart shows we hit right up against upper descending trendline. We’re likely to test the lower trendline now which is around 72 or so:
If we do this, it will mean a test of the all-time low originally formed in July 2008. If we take this line out, we’re into uncharted territory.
This situation needs to be watched closely as it could very well herald the next wave of inflation in the US. I’ve stated before I thought this latest US Dollar rally was a dead cat bounce. That’s now looking to be case.
On that note, if you’ve yet to take steps to prepare your portfolio for the coming inflationary disaster, our FREE Special Report, The Inflationary Disaster explains not only why inflation is here now, why the Fed is powerless to stop it, and three investments that absolutely EXPLODE as a result of this.
All in all its 14 pages contain a literal treasure trove of information on how to take steps to prepare AND profit from what’s to come. And it’s all 100% FREE.
To pick up your copy today, go to http://www.gainspainscapital.com and click on FREE REPORTS.
Good Investing!
Graham Summers.
PS. We also offer a…
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Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...
Ilene is editor and affiliate program
coordinator for PSW. She manages the Favorites backup site
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