MarketBeat (WSJ Blog) – ‘Golden Cross’ May Not Be Bullish For Stocks, Technically Speaking For investors, the Dow Jones Industrial Average’s potential “golden cross” may not present such a shining opportunity. The Dow industrials are nearing what some consider a technically significant event, whereby the index’s 50-day moving average crosses above the 200-day moving average.… Continue reading Hurray! The Golden Cross Returns
The Financial Times – Lex: Investment banks: annus horribilis Since 2011 was characterised by the eurozone crisis, a slowing global economy and regulatory upheaval, bankers will not be too surprised. In some ways, this year’s numbers are encouraging. Total fee income across investment banking reached $73bn, according to Thomson Reuters. That is just 8 per… Continue reading Investment Banking
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Conference Call Presentation/Charts of the Week Audio Topics Covered This Week Include: Summary Is The Euro Debt Crisis Over? Is The Euro Debt Crisis Over? – 2 American vs. Europe Banks The 3-Year LTRO 3-Year LTRO – 2 Central Banks’ Swap Lines Federal Reserve Liquidity Swaps The Euro Is The China Slowdown Coming? The U.S.… Continue reading Conference Call Presentation/Charts of the Week
The Wall Street Journal – ECB Sees Record Refinancing Demand ECB President Mario Draghi reiterated Monday that he hopes the new liquidity measures will restore credit to households and firms. But he said banks can also use the cash to buy back their own bonds or buy government bonds. Still, analysts warned that banks’ appetite… Continue reading ECB’s LTRO
<Click on chart for larger image> Bloomberg Businessweek – No One Says Who Took $586 Billion in Fed Swaps Done in Anonymity For all the transparency forced on the Federal Reserve by Congress and the courts, one of the central bank’s emergency-lending programs remains so secretive that names of borrowers may be hidden from the… Continue reading Who Is The Federal Reserve Doing Liquidity Swaps With?
<Click on chart for larger image> Reuters.com – Jump in housing starts points to recovery Housing starts and building permits jumped to a 1-1/2 year high in November as demand for rental apartments rose, suggesting the housing market was entering a tentative recovery. Tuesday’s data, which also showed gains in groundbreaking for single-family homes, was… Continue reading Is Housing Starting To Recover?
The Wall Street Journal – Fed Details New Bank Rules The package of rules also sets stricter liquidity and leverage requirements on systemically important firms, and, analysts say, takes a very prescriptive approach to regulating covered companies. Firms must submit to annual stress tests supervised by the Fed, which will make at least some of… Continue reading Bank Regulation
Bloomberg Businessweek – Bernanke Tells Senators Fed Plans No Aid to European Banks Federal Reserve Chairman Ben S. Bernanke told Republican senators the Fed plans no additional aid to European banks amid the region’s sovereign debt crisis, according to two lawmakers who attended the meeting. Senator Bob Corker, a Republican from Tennessee, said Bernanke made… Continue reading The Federal Reserve Does Not Plan On Helping European Banks
Bloomberg Businessweek – Bernanke Money Policy Seen Successful as Savers Become Consumers Federal Reserve Chairman Ben S. Bernanke finally may be catching a break: His easy-money policies are showing signs of speeding up the economic rebound three years after he cut interest rates to zero. Housing may be nearing a bottom as record-low mortgage rates… Continue reading Has The Federal Reserve’s Monetary Policy Been Successful?
<Click on picture to view video> Comment The video above is Jim Bianco’s speech on crisis correlations at the Big Picture conference from October 11. The handout used in the speech is also shown below. [pageview class=”PDFViewer” url=”https://www.biancoresearch.com/bianco/wp-content/plugins/PDFViewer/plugin.php?id=50″]
<Click on chart for larger image> Bloomberg Businessweek – Tanker Bear Market Worst Since ’90s as Owners See Loss: Freight The biggest glut of crude tankers in a quarter century means at least another year of losses for Frontline Ltd. and Overseas Shipholding Group as the shipping market suffers its worst rout since the mid-1990s.… Continue reading Tankers Have A Terrible Year