It’s all Greek to me

Wednesday the Fed will end its two-day meeting without a scheduled press conference to follow. Markets should not expect and movement in rates, since Fed chief Janet Yellen already tipped of the bond pits that no rate hike will happen after a meeting without a press conference. That’s why the September meeting is the one […]

China’s Potemkim economy

On Monday, the Chinese equity market imploded with Shanghai exchange falling 8.5% and other stock markets in Beijing and Hong Kong falling 5% or more. The China growth story is slowing if you believe the government numbers, which are highly suspect. The unsustainable economic growth in China is questionable from the standpoint of being both […]

Treasury bid-rigging suit filed

A New York law firm — Labaton Sucharow — files class-action suit alleging “insidious treasury auction manipulation.” The suit alleges a conspiracy by prominent financial institutions, including Goldman Sachs, Citigroup, Credit Suisse, Deutsche Bank, Merrill Lynch, and JPMorgan, among others, to manipulate auctions for US treasury bills, notes, and bonds. I have told you there […]

What happens when conspiracy theory become market fact?

French bank SocGen issued a report this week, which puts the lie to central banks not playing in the stock market. While some have written about the President’s Working Group on Financial Markets — commonly called the Plunge Protection Team — for its involvement in the equity markets, many have called them conspiracy theorists for […]

Wall St. can’t stand to watch Apple’s numbers

So Apple disappointed Wall Street with record quarterly revenues of $49.61 billion a 32.5 percent rise from a year earlier, beating Wall Street’s expectations of $49.43 billion. And yet investors shaved $60 billion off Apple’s market capitalization in early morning futures trading, which had the Dow down 70 points in pre-open. Apple sold a staggering […]

Biz ‘journalists’ glee over cratering gold prices

Gold is getting smacked around hard when priced in dollars. While Greece contagion (and it will come in the fall) has not bolstered the precious metal, it has strengthen the greenback, which clobbers all dollar-based commodities. This is the theory behind Janet Yellen’s September rate hike. Raise rates and weaken the dollar so our international […]