Last year (2022) was brutal for the major averages (not including dividends): Nasdaq -33.1%, Russell 2000 -21.6%, S&P 500 -19.4%, and the Dow Jones Industrial Average -8.8%. But not all investors hung around to see things through. And you know this song: Markets are back up this year. Let’s rewind. When the going gets tough, the capitulation begins. And in my observation, a breaking point is reached when a portfolio goes below a certain number. It has nothing to do with the major averages per se. It has everything to do with dollar signs. Will we have enough to live on? And the … [Read more...]
Archives for June 2023
Fear of More Rate Increases Push Oil Prices Lower
When Jerome Powell told Congress that more interest rate hikes are likely, the market, including oil futures, sold off. Charles Kennedy of OilPrice.com reports: Oil prices slumped by 2% early on Thursday after Fed Chair Jerome Powell told Congress that further interest rate hikes are coming in the second half of the year after a pause last week. As of 8:11 a.m. EDT on Thursday, ahead of EIA’s weekly inventory report, the U.S. benchmark, WTI Crude, was trading at $71.12, down by 1.92% on the day. The international benchmark, Brent Crude, was falling by 1.84% and traded at $75.67. On … [Read more...]
Markets Not Convinced by Turkey’s Attempt at a Reset
After winning reelection as Turkey's President, Recep Tayyip Erdogan replaced his central bank governor and finance minister with highly regarded personnel, aiming at a "reset" of sorts for his economic policy. The market so far has been unconvinced and has continued to punish Turkey's currency, the lira. Reuters reports: Turkey's lira weakened as much as 3.3% to a record low on Friday, extending losses a day after the central bank's large rate hike failed to assure markets that President Tayyip Erdogan was abandoning his long-held unorthodox policies. The lira touched a record low of … [Read more...]
Norway Prepares for Ocean Floor Mining
Norway, a powerhouse oil and gas producing country, has now outlined a plan to tap its undersea mineral resources. The government of Norway released a statement on its plan, explaining: The government proposes to open parts of the Norwegian continental shelf for commercial seabed mineral activities. In addition, the government presents a strategy demonstrating how Norway aims to be a global leader in a fact- and knowledge-based management of seabed mineral resources. Environmental considerations will be safeguarded throughout the value chain, and extraction will only be permitted if the … [Read more...]
Leading Index Falls for 14th Consecutive Month
In May, the Conference Board's Leading Economic Index fell for the fourteenth month in a row. Jeffry Bartash reports for MarketWatch: The numbers: The leading economic index dropped 0.7% in May and declined for the 14th month in a row, but there’s still little evidence the U.S. is headed toward recession. Economists polled by the Wall Street Journal had forecast a 0.7% drop. The leading economic index is a gauge of 10 indicators designed to show whether the economy is getting better or worse. The report is published by the nonprofit Conference Board. Key details: Six of the 10 … [Read more...]
HELP: Your Survival Guy is Under Immense Pressure
Your Survival Guy’s under immense pressure. (I thought you’d enjoy reading that). But it’s real. I can feel it. And I’m not talking about investing. I can handle that kind of pressure. No, I’m talking about planning for holiday weekends and special anniversaries. One evening this week, Your Survival Guy was in the kitchen sipping a glass of white, listening to music, and washing vegetables when Your Survival Gal asked, “Have you thought about our anniversary?” I looked up for a moment, staring into space, wondering how one might respond. “Yes,” I said, hoping someone might come in asking … [Read more...]
DeSantis Calls CBDC Central Authority an Obvious “Wolf”
In a recent interview with John Stossel, Gov. Ron DeSantis explained that some wolves come dressed in sheep's clothing, so you don't see them until it's too late. Others are obvious. DeSantis says the problems with the central authority granted by central bank digital currencies (CBDCs) are obvious. In his words, "This is a wolf coming as a wolf." Stossel reports: President Joe Biden and the media are excited about something new: a Central Bank Digital Currency, or CBDC. It's a currency like Bitcoin, except controlled by the federal government. Not everyone is a fan. "Sometimes … [Read more...]
Vast Majority of Retail Buyers Want to Reduce Reliance on China
According to Sourcing Journal, a survey performed by accounting firm PwC found that the "vast majority (70 percent) intend to reduce their reliance on China." Sourcing Journal reports: PwC recently surveyed 40 leaders in two industry sectors— retail and branded products, and industrial products and services—and found that almost 95 percent intend to prioritize a diverse sourcing base over the next three to five years to reduce transit costs (92 percent) and counter geopolitical uncertainty (90 percent). Meanwhile, 40 percent say they prefer not to move more than 25 percent of sourcing dollar … [Read more...]
GHOST TRADE: EU Plan Retaliation Against Countries Aiding Russia
Countries helping Russia circumvent European Union sanctions are being targeted by a new round of rules. Henry Foy reports in the Financial Times: The EU has agreed on an 11th package of economic sanctions aimed at punishing Russia for invading Ukraine, including unprecedented new powers to punish countries suspected of helping Moscow circumvent the existing restrictions. The new measures come as G7 states seek to tighten loopholes faster than Moscow can find new ways to evade them and crack down on routes that are supplying the Kremlin with goods and technologies used to manufacture … [Read more...]
Death of the City
Isn’t it ironic that the blue blob Covid overlords governing cities are the ones now dealing with the mess they created? Heather Gillers reports in The Wall Street Journal on the rising vacancies and falling confidence in America's cities. She writes: Wall Street is betting against America’s downtowns. Investors are paying less for bonds linked to New York subways and buses. Downtown-focused real-estate investment trusts trade at less than half their prepandemic levels. Bondholders are demanding extra interest to hold office-building debt. Downtowns have been a mother lode for American … [Read more...]
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