Posts Tagged ‘profits’

Non-Manufacturing ISM Plunges Below Prediction of All 73 Economists, New Orders Collapse, Prices Firm; Did Rosenberg Capitulate at the Top?

Courtesy of Mish

The April 2011 Non-Manufacturing ISM plunged 4.5 points to 52.8 from 57.3 The drop was below expected range of all 73 economists in a Bloomberg ISM Survey.

The range of economists’ forecasts in the Bloomberg survey was 54.5 to 59 with the median forecast up a tick to 57.4.

Tellingly, new orders collapsed by 11.4 points from 64.1 to 52.7. Employment, one of the weaker measures and up only 8 consecutive months fell to 51.9. One more reasonably bad month and services employment will contract.

Please consider the April 2011 Non-Manufacturing ISM Report On Business®

Economic activity in the non-manufacturing sector grew in April for the 17th consecutive month, say the nation’s purchasing and supply executives in the latest Non-Manufacturing ISM Report On Business®.

click on chart for sharper image

New Orders

The 12 industries reporting growth of new orders in April — listed in order — are: Management of Companies & Support Services; Arts, Entertainment & Recreation; Agriculture, Forestry, Fishing & Hunting; Mining; Real Estate, Rental & Leasing; Wholesale Trade; Information; Health Care & Social Assistance; Public Administration; Construction; Other Services; and Educational Services. The four industries reporting contraction of new orders in April are: Finance & Insurance; Retail Trade; Professional, Scientific & Technical Services; and Utilities.

Employment

Twelve industries reported increased employment, five industries reported decreased employment, and one industry reported unchanged employment compared to March.

The industries reporting an increase in employment in April — listed in order — are: Arts, Entertainment & Recreation; Mining; Agriculture, Forestry, Fishing & Hunting; Management of Companies & Support Services; Other Services; Information; Construction; Accommodation & Food Services; Finance & Insurance; Public Administration; Wholesale Trade; and Transportation & Warehousing. The industries reporting a reduction in employment in April are: Real Estate, Rental & Leasing; Educational Services; Health Care & Social Assistance; Professional, Scientific & Technical Services; and Utilities.

Prices

For the second consecutive month, all 18 non-manufacturing industries reported an increase in prices paid, in the following order: Agriculture, Forestry, Fishing & Hunting; Mining; Utilities; Arts, Entertainment & Recreation; Construction; Wholesale Trade; Accommodation & Food Services; Finance & Insurance; Transportation & Warehousing; Real Estate, Rental & Leasing; Management of Companies & Support Services; Educational Services; Professional, Scientific & Technical Services; Retail Trade; Public Administration; Information; Health Care & Social Assistance; and Other Services.

ISM Prices Firm, What About Profits?

This was a…
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WHAT TO EXPECT THIS EARNINGS SEASON

Courtesy of CULLEN ROCHE of The Pragmatic Capitalist 

Another earnings season is right around the bend and it’s shaping up to be very similar to the last 6 that we’ve seen.  In short, cost cuts have created very lean balance sheets and corporations are leveraging up these lean balance sheets to generate respectable and “better than expected” bottom line growth.  The result is an environment that continues to be unappreciated by the majority of investors.

The largest single cost input for most corporations is labor.  During this recession we’ve experienced a near unprecedented decline in unit labor costs.  As I mentioned yesterday, this massive cost cut is causing extraordinary pain on Main Street, but is actually helping to generate healthy margins for Wall Street.  Although the  cost cutting appears to have troughed in the last few quarters labor costs remain very low by historical standards.   Rising input costs have started to put pressure on balance sheets, however, on the whole we should see fairly stable margins as long as unit labor costs remain low.

Revenues have been unspectacular in recent quarters, but low single digit domestic growth combined with double digit growth from Asia is helping to drive S&P 500 revenues per share in the right direction.  So, we’re seeing continued cost cuts and relatively good revenue growth.

What does that mean?  It means nice fat margin expansion.  Although margins are still off their all-time highs they are fast approaching those levels. I would expect to see some stagnation in margins in the coming quarters as revenues continue to tick higher and costs continue to move north, however, with margins at record highs we can expect to see continued profit expansion.

What does it all add up to?  It likely means we’re in for another quarter of “better than expected” earnings. The deeply negative sentiment and solid bottom line growth has created an investment environment that is ripe for outperformance. This is best reflected in my Expectation Ratio which has now forecast very strong earnings trends since Q2 2009. Based on the recent reading of 1.45 we can be quite confident that the state of corporate America remains quite strong.


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Banking on a Rebound?

Banking on a Rebound?

Courtesy of Dr. Paul Price www.BeatingBuffett.com   

Bloomberg Businessweek showed an interesting chart today of the change in earnings of 10 large banks from the boom year 2006 versus the same company’s 2010 estimate.

Bank earnings 2006 - 2010.JPG

 

Here are their respective share price performances from YE 2005 right through September 20, 2010:

Company

12/31/2005

09/20/2010

Stock % Change

Profit % Change

JP Morgan

$39.69

$39.10

(1.48%)

+21%

Goldman Sachs

$127.71

$144.91

+13.47%

-6%

HSBC

$80.47

$51.75

(35.69%)

-18%

Credit Suisse

$50.95

$43.51

(14.60%)

-24%

Deutsche Bank

$96.87

$59.79

(38.28%)

-42%

Barclays

$42.08

$19.00

(54.85%)

-43%

Morgan Stanley

$56.74

$26.06

(54.07%)

-51%

UBS

$95.15

$17.39

(81.72%)

-62%

Bank of Amer.

$46.15

$13.17

(71.46%)

-68%

Citigroup

$50.95

$3.80

(92.54%)

-89%

 

As a group the shares behaved pretty rationally with the exception of the top three. JPM showed a 21% profit gain while dropping 1.48% in share price. GS saw a 6% decline in EPS while the shares rose 13.5%. HSBC’s share price dropped twice as much as their earnings over the full period.

Strictly based on the historical data it would seem that JPM and HSBC might offer good risk/reward propositions due to mispricing versus the actual results.

Dr. Paul Price

Disclosure: Author is long GS and MS shares and short GS and MS options.

 


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How Brazil Can Defend Against Financialization

How Brazil Can Defend Against Financialization

and Keep Its Economic Surplus for Itself

restorer works in the undergrounds of the Colosseum in Rome, Italy on June 2010. Rome's Colosseum, soon to open its arena, underground and highest level after extensive restoration. For the first time tourists will be able to visit the underground, where gladiators once prepared for fights and lions and tigers were caged before entertaining a bloodthirsty public. Restorers have been hard at work cleaning and restoring travertine columns and ancient bricks. Rome's Colosseum, the largest ever built in the Roman Empire was completed in 80 AD with a capacity of up to 75,000 spectators. It was mainly used as a venue for gladiatorial contests and public spectacles. Photo by Eric Vandeville/ABACAPRESS.COM Photo via Newscom

Courtesy of Michael Hudson

CDES Conference, Brasilia, September 17, 2010

I would like to place this seminar’s topic, ‘Global Governance,’in the context of global control, which is what ‘governance’ is mainly about. The word (from Latin gubernari, cognate to the Greek root kyber) means ‘steering’. The question is, toward what goal is the world economy steering?

That obviously depends on who is doing the steering. It almost always has been the most powerful nations that organize the world in ways that transfer income and property to themselves. From the Roman Empire through modern Europe such transfers took mainly the form of military seizure and tribute. The Norman conquerors endowed themselves as a landed aristocracy extracting rent from the populace, as did the Nordic conquerors of France and other countries. Europe later took resources by colonial conquest, increasingly via local client oligarchies.

The post-1945 mode of global integration has outlived its early promise. It has become exploitative rather than supportive of capital investment, public infrastructure and living standards.

In the sphere of trade, countries need to rebuild their self-sufficiency in food grains and other basic needs. In the financial sphere, the ability of banks to create credit (loans) at almost no cost on their computer keyboards has led North America and Europe to become debt ridden, and now seeks to move into Brazil and other BRIC countries by financing buyouts or lending against their natural resources, real estate, basic infrastructure and industry. Speculators, arbitrageurs and financial institutions using “free money” see these economies as easy pickings. But by obliging countries to defend themselves financially, their predatory credit creation is ending the era of free capital movements.

Does Brazil really need inflows of foreign credit for domestic spending when it can create this at home? Foreign lending ends up in its central bank, which invests its reserves in US Treasury and Euro bonds that yield low returns and whose international value is likely to decline against the BRIC currencies. So accepting credit and buyout “capital inflows” from the North provides a “free lunch” for key-currency issuers of dollars and Euros, but does not help local economies much.

The natural history of debt and financialization

Today, financial maneuvering and debt leverage play the role that military conquest did in times past. Its aim is still…
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Where Are The Jobs?

What Michael describes here is the framework for a real or imagined economic recovery. Add these seemingly insurmountable macro-economic problems to a backdrop of political corruption and no will to make changes, and it’s hard to see where the term recovery fits in "jobless recovery." – Ilene 

Where Are The Jobs?

Courtesy of Michael Snyder at Economic Collapse 

Most Americans don’t really care about the economic minutiae that many of us who study the U.S. economy love to pour over.  When it comes to the economy, the typical American citizen just wants to be able to get a good job, make a decent living and put bread on the table for the family.  For generations, this arrangement has worked out quite well.  The U.S. economy has provided large numbers of middle class jobs and the American people have worked hard and have helped this nation prosper like no other.  

But now people are starting to notice that something has shifted.  Millions of people are looking around and are realizing that the jobs that are supposed to be there are not there anymore.  The American people are still working hard (and in many cases harder than ever) but all of that hard work is producing fewer and fewer rewards.  Often politicians will placate voters by telling them that they are working harder and harder for less and less. That tends to ring true with voters because that is a very accurate description of what so many of them are actually experiencing, but what the politicians don’t tell us is that they are the ones to blame for the situation that we are in. 

As millions of jobs become obsolete because of technology and millions of other jobs are shipped overseas, our politicians tell us over and over that we can "compete" with anyone and that if we will just go out and get some more education we can make it happen.  But those of us who are extremely over-educated know what a fraud that line is.  The truth is that there are not nearly enough jobs for all of us…
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Big Pharma: Even Worse Than Used Cars as a Market for Lemons?

Big Pharma: Even Worse Than Used Cars as a Market for Lemons?

Courtesy of Yves Smith at Naked Capitalism 

Fruit at market

Some readers have wondered why this blog from time to time runs posts on the US health care system. Aside from the fact that it’s a major public policy problem in America, it is also a prime example of bad incentives, information asymmetry, and corporate predatory behavior. It thus makes for an important object lesson.

Reader Francois T pointed to an example, a commentary on a paper presented by Donald Light at the annual meeting of the American Sociological Association, “Pharmaceuticals: A Two-Tiered Market for Producing ‘Lemons’ and Serious Harm.” It still appears to be embargoed, but Howard Brody provides an extensive summary on his blog.

Light uses George Akerlof “market for lemons” as a point of departure. For those not familiar with the famed Akerlof paper, a “market for lemons” can occur when consumers are unable to distinguish product quality. The used car market is the paradigm, since the dealer has a much better idea than the buyer of whether a particular car is any good. Unscrupulous operators can stick a lot of hapless chump customers with overpriced clunkers. However, as crooked vendors become more common, buyers wise up a tad and are not longer to pay as much for cars they cannot evaluate. So while the prices buyers are now willing to pay are probably still too high for rattletraps, they are too low for decent cars. People with good merchandise start to look for other channels. Akerlof posits that the market eventually falls apart.

Note that used cars dealers did not set out to create lemons; the cars were bad deals by being overpriced (presumably, if they had been presented, warts and all, they still would have found purchasers, presumably people who thought they could repair them and those who wanted them for parts and scrap). Light contends, by contrast, that major pharmaceutical companies create bad products:

[T]he pharmaceutical market for ‘lemons,’ differs from other markets for lemons in that companies develop and produce the lemons. Evidence in this paper indicates that the production of lemon-drugs with hidden dangers is widespread and results from the systematic exploitation of monopoly rights and the production of partial, biased information about the efficacy and safety of new drugs…Companies will design and run their clinical


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Goldman Faces “Near Record Fine” In London

Goldman Faces "Near Record Fine" In London

Courtesy of JESSE’S CAFÉ AMÉRICAIN

Even this ‘near record fine’ is likely to be little more than a wrist slap, a manageable cost of doing business compared to the massive profits and bonuses obtained from such dealings.

It appears that financial regulations such as the Volcker rule are getting some traction with Goldman and their ilk, compelling them to spin off their proprietary trading desks to institutions that do not drink so directly from the subsidies of the Federal Reserve.

Still, regulation is not a set of rules, but a mindset to enforcement and investigation for the many, with no favoritism shown to the powerful few.

Financial fraud has been a major export from the US for the past ten years. As we have noted elsewhere, New York financial firms may find themselves persona non grata in many of the overseas markets, especially the sovereign financial asset markets, which they have abused repeatedly from their US and London centers.
 

Financial Times
Goldman now faces large fine in UK
By Megan Murphy and Brooke Masters in London
and Francesco Guerrera and Henny Sender in New York
September 8 2010 20:05

Goldman Sachs is facing a near-record fine from the UK’s financial regulator following a five-month investigation into the investment bank’s international business initiated in the wake of fraud charges against the company in the US.

The fine, which could be announced by the Financial Services Authority as early as Thursday morning, will deal a blow to Goldman’s efforts to put the high-profile fraud case behind it following the bank’s settlement with the US Securities and Exchange Commission probe in July for $550m.

The largest fine handed down by the UK regulator came three months ago, when JPMorgan paid a £33.3m for failing to keep client money in separate accounts.

Goldman, the world’s best-known investment bank, has seen its reputation tarnished in recent months as questions continue to swirl over whether it favoured the interests of some clients at the expense of others during the financial crisis.

The bank’s business model is also under pressure amid volatile markets and regulatory reforms that have forced it to shut some of its highly profitable “proprietary” trading operations.

On Wednesday it emerged that KKR, the private equity firm, is in early talks with individuals in Goldman


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The Big Things That Matter

The Big Things That Matter

Courtesy of PAUL CRAIG ROBERTS writing at CounterPunch

I write about major problems:  the collapsing US economy, wars based on lies and deception, the police state based on “the war on terror” and other fabrications such as those orchestrated by corrupt police and prosecutors, who boost their performance reports by convicting the innocent, and so on.  America is a very distressing place. The fact that so many Americans are taken in by the lies told by “their” government makes America all the more depressing.

Often, however, it is small annoyances that waste Americans’ time and drive up blood pressures. One of the worst things that ever happened to Americans was the breakup of the AT&T telephone monopoly. As Assistant Secretary of the US Treasury in 1981, if 150 per cent of my time and energy had not been required to cure stagflation in the face of opposition from Wall Street and Fed Chairman Paul Volcker, I might have been able to prevent the destruction of the best communications service in the world, and one that was very inexpensive to customers.

The assistant attorney general in charge of the “anti-trust case” against AT&T called me to ask if Treasury had an interest in how the case was resolved.  I went to Treasury Secretary Don Regan and told him that although my conservative and libertarian friends thought that the breakup of At&T was a great idea, their opinion was based entirely in ideology and that the practical effect would not be good for widows and orphans who had a blue chip stock to see them through life or for communications customers as deregulated communications would give the multiple communications corporations different interests than those of the customers. Under the regulated regime, AT&T was allowed a reasonable rate of return on its investment, and to stay out of trouble with regulators AT&T provided excellent and inexpensive service.

Secretary Regan reminded me of my memo to him detailing that Treasury was going to have a hard time getting President Reagan’s economic program, directed at curing the stagflation that had wrecked President Carter’s presidency, out of the Reagan administration.  The budget director, David Stockman, and his chief economist, Larry Kudlow, had lined up against it following the wishes of Wall Street, and the White House Chief of Staff James Baker and his deputy Richard Darman were representatives of VP…
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Goldman: New Reform Law Can Kiss Our Ass

Here’s an article in Rolling Stone by Matt Taibbi about Goldman Sachs and Financial Reform. Not surprisingly, it’s questionable whether the new financial reform bill will harm GS’s reign of financial terror in any significant way. – Ilene 

Goldman: New Reform Law Can Kiss Our Ass

Just a quick note about a very interesting story that appeared in the LA Times.

It seems that Goldman executives have been advising analysts from other companies that they don’t expect the new financial regulations to cut into their profits in any meaningful way. A key passage in the story:
More recently, however, top Goldman executives privately advised analysts that the bank did not expect the reform measure to cost it any revenue.
 
"The statement was perhaps surprising in its level of conviction," Bank of America Merrill Lynch analyst Guy Moszkowski wrote in a note to clients, "but we’ve learned to take such judgments from GS very seriously."
The story is a bit confusing because it also quotes some sources as saying that banks like Goldman are seriously preparing for some major changes, the biggest of those being the reshuffling of personnel that would take those people engaged in proprietary trading (i.e. trading for the bank’s own account) and put them in other departments, most likely trading on behalf of clients.
 
The new rules will bar banks like Goldman from engaging in prop trading – the concept of this rule is that federally-insured depository institutions shouldn’t also be engaging in high-risk speculation – but there are a number of loopholes/exceptions to the rule that will allow the bank to continue gambling as before. Among other things the banks will be allowed to put aside a certain amount of money to sponsor hedge funds and will also be allowed to engage in some prop trading in separately-capitalized subsidiaries.
 
The LAT story suggests that banks like Goldman have either figured out how to compensate for their lost prop trading revenue, or else they’ve figured out a way to keep doing what they have been doing, only in some other form.

The other part of the new law that was supposedly going to hurt the banks was a new requirement that all derivatives be traded and cleared on open exchanges. Up until now banks like Goldman had a massive advantage in the derivatives market because they…
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Money Illusion

Money Illusion

Courtesy of Tim at The Psy-Fi Blog 

Sleep Soundly

Top hat with money and wand

Money illusion is just about the most venerable of all of the behavioural biases that afflict people’s financial good sense. It was recognised back in the early part of the twentieth century, was an integral part of financial theories from thereon and spawned a range of measures that are more or usually less useful to us in everyday life.

Then economists decided that money illusion was … illusory. Which led to various predictable, albeit unpleasant, consequences such as believing “you can’t go wrong with property” or that storing cash in your mattress equates to sensible financial planning. Being poor is one thing, but not being able to get a good night’s sleep is entirely another …

Vanishing Trick

Money illusion is the trait that causes people to focus on the amount of money they possess rather than it’s worth to them. A hundred dollars a hundred years ago is obviously worth much more than a hundred dollars now: prices have inflated and the value of the hundred dollars is far less than it used to be. Measuring this exactly isn’t possible: what price would a businessman have paid for instant communication across the world a century ago compared to the peanuts we pay for the internet today?

In deciding to ignore the idea of money illusion economics was, for once, joining the mainstream, where most people happily ignore the fact that the value of the dollar in their pocket isn’t what it once was. This leads neatly to a world where there are more unemployed people than there should be, where central banks run around like puppy dogs chasing their tails trying to avoid the dreaded d-word and lots of people end up much, much poorer than they ought to be. As ever in monetary matters the world is stranger than we can possibly want to imagine.

Fisher’s Indexes

Despite the practical impossibility of real comparisons we know perfectly well that the value of a dollar or a pound, shekel, rouble or euro isn’t what it used to be. In fact, in the case of the euro it almost certainly isn’t what it was when you started reading this. This fact, however, doesn’t stop us from almost exclusively focussing on how much money we have today rather than what it can purchase for us:…
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Phil's Favorites

Goldman Sachs Refuses to Say If It Was Placing Trades for Dallas Fed President Kaplan as Materially False Statement Released by Board on Kaplan's Relationship with Goldman Sachs

Courtesy of Pam Martens

Federal Reserve Building in Washington, D.C.

The biggest trading scandal in the Federal Reserve’s 108-year history took down two Federal Reserve Bank Presidents yesterday. Boston Fed President Eric Rosengren, who traded in and out of REITs last year in amounts of $1,000 to $50,000, will leave this Thursday; Dallas Fed President Robert Kaplan, whose trading made Rosengren look like a Boy Scout, will step down from his post at the e...



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Zero Hedge

Blain: The Threat Board Is Looking Busy

Courtesy of ZeroHedge View original post here.

Authored by Bill Blain via MorningPorridge.com,

“Many people have speculated that if we knew exactly why the bowl of petunias had thought that we would know a lot more about the nature of the Universe than we do now.”

Markets are never as bad as you fear, but never as good as you hope. The Threat Board has seldom looked so complex: we can try to predict outcomes, but its notoriously difficult. The list of potential ignition points seems to be expanding ex...



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Biotech/COVID-19

New Johnson & Johnson data shows second shot boosts antibodies and protection against COVID-19 - but one dose is still strong against delta variant

 

New Johnson & Johnson data shows second shot boosts antibodies and protection against COVID-19 – but one dose is still strong against delta variant

Public health officials have been waiting for good data before making any decisions about booster shots for people who received Johnson & Johnson’s Janssen COVID-19 vaccine. AP Photo/Mary Altaffer

Courtesy of Maureen Ferran, Rochester Institute of Technology ...



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Chart School

Silver during periods of Industrial Inflation

Courtesy of Read the Ticker

When industrial inflation is hotter than consumer inflation silver does well.

Previous Post: Silver, after the FED said taper talk is a long way off

In the chart below we see the relationship between silver and the yield curve and the Producer Price Inflation. 

The yield curve is the US 30 yr interest rate less the Fed Funds interest rate (blue line). When the blue line is high a steep yield curve is present, and when it is low a flat yield curve is present. A steep yield curve is when longer term rates are higher than short term rates vica versa for a flat yi...

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Digital Currencies

China Declares All Virtual Currency Transactions "Illegal", Sending Crypto Prices Tumbling

Courtesy of ZeroHedge

China expanded its escalating crackdown on cryptocurrencies on Friday when its central bank declared that all activities related to digital coins are “illegal” and must be banned.

In a statement dated Sept. 15 but was only posted onto the central bank’s website at 5 p.m. local time on Friday, the People’s Bank of China said the latest notice was to further prevent the risks surrounding crypto trading and to maintain national security and social stability.

Naming bitcoin, ether and tether as examples, the centra...



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Politics

'What Betrayal Looks Like': UN Report Says World on Track for 2.7°C of Warming by 2100

 

Image by Gerd Altmann from Pixabay

'What Betrayal Looks Like': UN Report Says World on Track for 2.7°C of Warming by 2100

"Whatever our so-called 'leaders' are doing," said Swedish climate activist Greta Thunberg, "they are doing it wrong."

By Jake Johnson, Common Dreams

The United Nations warned Friday t...



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Promotions

Phil's Interview on Options Trading with TD Bank

TD Bank's host Bryan Rogers interviewed Phil on June 10 as part of TD's Options Education Month. If you missed the program, be sure to watch the video below. It should be required viewing for anyone trading or thinking about trading using options. 

Watch here:

TD's webinar with Phil (link) or right here at PSW

Screenshots of TD's slides illustrating Phil's examples:

 

 

&n...



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Kimble Charting Solutions

Crude Oil Cleared For Blast Off On This Dual Breakout?

Courtesy of Chris Kimble

Is Crude Oil about to blast off and hit much higher prices? It might be worth being aware of what could be taking place this month in this important commodity!

Crude Oil has created lower highs over the past 13-years, since peaking back in 2008, along line (1).

It created a “Double Top at (2), then it proceeded to decline more than 60% in four months.

The countertrend rally in Crude Oil has it attempting to break above its 13-year falling resistance as well as its double top at (3).

A successful breakout at (3) would suggest Crude Oil is about to mo...



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ValueWalk

Managing Investments As A Charity Or Nonprofit

By Anna Peel. Originally published at ValueWalk.

Maintaining financial viability is a constant challenge for charities and nonprofit organizations.

Q4 2020 hedge fund letters, conferences and more

The past year has underscored that challenge. The pandemic has not just affected investment returns – it’s also had serious implications for charitable activities and the ability to fundraise. For some organizations, it’s even raised doubts about whether they can continue to operate.

Finding ways to generate long-term, sustainable returns for ...



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Mapping The Market

Suez Canal: Critical Waterway Comes to a Halt

 

Suez Canal: Critical Waterway Comes to a Halt

Courtesy of Marcus Lu, Visual Capitalist

The Suez Canal: A Critical Waterway Comes to a Halt

On March 23, 2021, a massive ship named Ever Given became lodged in the Suez Canal, completely blocking traffic in both directions. According to the Suez Canal Authority, the 1,312 foot long (400 m) container ship ran aground during a sandstorm that caused low visibility, impacting the ship’s navigation. The vessel is owned by Taiwanese shipping firm, Evergreen Marine.

With over 2...



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The Technical Traders

Adaptive Fibonacci Price Modeling System Suggests Market Peak May Be Near

Courtesy of Technical Traders

Our Adaptive Fibonacci Price Modeling system is suggesting a moderate price peak may be already setting up in the NASDAQ while the Dow Jones, S&P500, and Transportation Index continue to rally beyond the projected Fibonacci Price Expansion Levels.  This indicates that capital may be shifting away from the already lofty Technology sector and into Basic Materials, Financials, Energy, Consumer Staples, Utilities, as well as other sectors.

This type of a structural market shift indicates a move away from speculation and towards Blue Chip returns. It suggests traders and investors are expecting the US consumer to come back strong (or at least hold up the market at...



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Lee's Free Thinking

Texas, Florida, Arizona, Georgia - The Branch COVIDIANS Are Still Burning Down the House

 

Texas, Florida, Arizona, Georgia – The Branch COVIDIANS Are Still Burning Down the House

Courtesy of Lee Adler, WallStreetExaminer 

The numbers of new cases in some of the hardest hit COVID19 states have started to plateau, or even decline, over the past few days. A few pundits have noted it and concluded that it was a hopeful sign. 

Is it real or is something else going on? Like a restriction in the numbers of tests, or simply the inability to test enough, or are some people simply giving up on getting tested? Because as we all know from our dear leader, the less testing, the less...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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About Phil:

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...

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Ilene is editor and affiliate program coordinator for PSW. Contact Ilene to learn about our affiliate and content sharing programs.