13 July 2010

From Annaly Capital Management There has been a lot of discussion recently about corporate cash levels, both in newspapers and blogs. Back in June, the Fed published the 1Q 2010 Flow of Funds report that shows corporations are sitting on…

A graph today from David Rosenberg, Chief Economist for Gluskin Sheff (Toronto), shows one of the severe headwinds the recovery is battling.  C&I (commercial and industrial) lending remains at historically depressed levels. …

Highlights US dollar was weaker vs. the majors, as the euro recovered to end the day higher after it fell to its lowest level vs. the dollar since July 6.  Moody’s downgraded Portugal to A1 from Aa2, but this was offset by strong…

In a post via John Mauldin, Van Hoisington and Lacy Hunt echo some themes CW presented in January regarding why the NBER has waited to declare an end to recession. See "Is the recession dating committee preparing for a double…

Spain's Finance Minister Salgado says the downgrade of Portugal earlier today does not put pressure on Spain. It is true as far as it goes, but of course Spain's problem transcends Portugal. The ruling Socialists in Spain are seven seats…

Anticipating An iPhone 4 Recall  Time for an iPhone 4 recall? | Molly Rants - CNET News Consumer Reports Slams The iPhone 4 Over Antenna Issue - Tech Crunch The Usual Fare Double-Dippers Are All Wet Ignoring Yield Curve:…

Frederick Sheehan is the author of Panderer to Power: The Untold Story of How Alan Greenspan Enriched Wall Street and Left a Legacy of Recession  (McGraw-Hill, 2009). There is no end of economists, analysts, and reporters filling the…

Highlights The US dollar is broadly mixed as the news stream buffets the foreign exchange market.  A better than expected reception to  the Greek T-bill auction helped mitigate the reaction to Moody’s decision to cut Portugal’s…

The credit rating agency Moody's has cut the credit rating of Portugal two notches to A1 from Aa2. While the move is not entirely unexpected, it is having a negative effect on the euro. Expect Marc Chandler to say something about this in…

John Hussman is out with another good piece this week in which he deconstructs all of the short-termism and technical analysis dominating the talk of market followers in the US. He opens saying: Perhaps the best way to begin this week's…