Monday, July 20, 2009
Ever since I published my first articles on the countertrend rally, I've been consistent in stating that the window for the countertrend rally would be in the June-July period. Consistent with this long-held view, since mid-June, I've been expressing increasing caution regarding the market for reasons outlined in various buzzes and articles (see all articles and buzzes published since June 16).
Please consider First wave of jobless exhaust unemployment benefits. (more)
The United States Natural Gas Fund will suffer from record- high gas inventories and seasonal prices hitting the ETF harder than the fuel, said Teri Viswanath, the director of commodities research at Credit Suisse Securities USA in Houston. Investors piled into the fund this year, driving up its number of outstanding shares 11-fold. (more)
Events have already forced Premier Brian Cowen to carry out the harshest assault yet seen on the public services of a modern Western state. He has passed two emergency budgets to stop the deficit soaring to 15pc of GDP. They have not been enough. The expert An Bord Snip report said last week that Dublin must cut deeper, or risk a disastrous debt compound trap.
A further 17,000 state jobs must go (equal to 1.25m in the US), though unemployment is already 12pc and heading for 16pc next year. (more)
Let us contemplate the day in the near future when the consequences of financial chicanery finally outpace the ability of the governments, central banks and big media to cover up and obfuscate the truth. Many respected voices have now gone on record that September 30 or thereabouts will be that day. (more)