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Written by Carley Garner
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January 5th, 2009 Cautious Monday trade. Equities suffered from some back and filling trade following last week's impressive New Year rally but buying stepped in. Aside from construction spending data that was reported to be slightly better than expected, the news story of the day was the December sales numbers for Ford, GM and Toyota. Ford Motor Company reported a drop in sales to the tune of 32%. Even worse, Toyota sales plunged about 37%. Massive discounting and incentive packages have yet to entice consumers to open their wallets for large item purchases. Although, some sources note that the problem isn't necessarily with a lack of demand for automobiles but rather a lack of available financing. The truth is probably somewhere in between. |
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Written by Carley Garner
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January 5th, 2009 When it rains it pours. Yields have skyrocketed in recent trading sessions as the flight to quality demand for ultra low return Treasuries has finally dissipated. The Treasury "bubble" has been a perfect example of a market's tendency to overshoot fundamentals. The economic and monetary policy today is nearly identical (or maybe even slightly more bond friendly) than it was on December 30th before the massive slide. To put the move into perspective, we have witnessed a nearly 10-handle plummet in the previous three trading sessions. so far the fall from grace has been even steeper than the one-way rally. |
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Equities soar despite ISM. |
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Written by Carley Garner
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January 2nd, 2009 Equities soar despite ISM. On the heels of the weakest consumer confidence data in history, stocks enjoy an optimistic start to 2009. However, the question in the back of everybody's mind is whether or not a rally sustained on light volume will be enough to return confidence to the equity markets. |
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What goes up must come down. |
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Written by Carley Garner
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January 2nd, 2009 What goes up must come down. The flight to safety looks to now be a flight from safety as investors seek higher returns in riskier assets. Higher stocks and more details surrounding the government bailout programs put pressure on interest rate products despite an incredibly weak reading on the ISM manufacturing index. Keep in mind that volumes have been, and were today, ridiculously light. The lack of participation looked to be a major catalyst in the stock rally and Treasury decline. |
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Boring trading leaves indices range bound |
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Written by Carley Garner
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December 29th, 2008 Happy Holidays from DeCarley Trading! Boring trade leaves indices range bound. It was another quiet day on Wall Street in terms of market participation. Those trading futures on the CME in Chicago were likely just as bored as insiders note a lack of retail order flow and highly reduced levels of institutional trade. Stock index futures caught a moderate bid following an announcement from Washington that vowed to provide $5 billion in financing to General Motors Corporation's financing arm GMAC. The money was said to be an allocation from TARP and is intended to make it easier for consumers to receive credit when purchasing an automobile. Jack Ablin, chief investment officer at Harris Private Bank, commented; "This is trying to slow down the economic train wreck." He added, "Investors are taking a step back, and realizing that this will enable auto buyers to finance their cars and add liquidity to the market." |
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