Posted on 04/22/2013 4:17:30 AM PDT by dennisw
Daily investment & finance thread (4-22-13 edition) ---- Freepers lets make some cash
Trying to focus on the markets for today and each day and the economic news
This is where you can impart some investment wisdom to your fellow freepers.
You can comlain about the big one that got away.
How Obama is out to wreck American capitalism.
If you see another FR economic thread you like and want to link to it here, please do
Post your favorite economic site links. Your favorite economic blogs and precious metals blogs and sites
Apmex.com is a solid place with good reputation to buy precious metals and has great presence on ebay for easy quick impulse buys such as a gift for a college boy's graduation. College Girls too! Even high school.
Kitco is the best site for gold and silver charts and other precious metals information
Ping list -- on or off let me know here or via freep-mail. If I missed you then Freep-mail me
I might ping you to other interesting economic threads a few times a week. One per day maybe
Sites that posters have recommended ------
hot stuff here Rush Limbaugh quotes them sometimes
http://www.zerohedge.com
Precious Metals
http://www.tfmetalsreport.com
http://www.Apmex.com
The Markets....
http://seekingalpha.com/
http://www.dailystocks.com/
http://www.gainerstoday.com/
http://www.gainerstoday.com/
http://www.realclearmarkets.com/
http://247wallst.com/
http://www.decisionmoose.com/
http://www.market-ticker.org/
Dividends...
http://dividendsvalue.com/
http://www.dividends4life.com/
http://www.dividendyieldhunter.com/
http://www.dividendstocksonline.com/
http://www.dividenddetective.com/
http://dividendstocks4income.com/
http://www.dividendgrowthinvestor.com/
“Drip-ing”...
http://dripinvesting.org/tools/tools.asp
CPA’s....
http://www.aicpa.org
Gold, Out of the Box Thinking etc...
http://www.davejanda.com/
https://www.everbank.com/
http://dailypfennig.com/
http://theeconomiccollapseblog.com/
http://globaleconomicanalysis.blogspot.com/
http://www.marketoracle.co.uk/
Oil and Gas Industry
http://fuelfix.com/
http://www.theoildrum.com/
http://www.petroleumnews.com/cgi-bin/start.cgi/homeauto.html
Treasury Basics..
http://www.treasurydirect.gov/BC/SBCPrice
ping
Bump for reference. Short DDM within 2 weeks. Economy can not take the shock of the Healthcare Act in 2014. Too much discretionary income is going to absorbed by the costs. The political/sociological turmoil which follows will destabilize the nation for several years afterwards. We’re Argentina.
Happy happy Monday morning to all, what great new adventures await us today!!!!
How long now until the dollar is no longer the world’s reserve currency?
Good morning y buena suerte! :)
There is lots of inertia in the world economic system so hopefully it takes a ,long time. Russia/China have an alliance to replace the US Dollar. China is especially interested in getting rid of US Dollar supremacy in Asia. China wants to control its part of Asia and kicking out the US Dollar which is currently used in bilateral trade is a Chinese goal. Australia and China just signed a 30 billion dollar direct trade pact where Australia Dollars will trade directly with Chinese Yuan when they sell stuff to each other. China buys lots of coal and other raw materials from Oz and Oz buys electronics etc from China. Previously they were using the US Dollar when they engaged in trade and maybe they still are for some of their trade.
This act raises the legitimacy of the Chinese Yuan and puts a dent in the US Dollar's prestige and perception of it. China wants to do the same with other Asian nations such as pressuring Taiwan to do the same that leftist ruled Australia just did
Others in cahoots with China are Russia, South Africa (black ruled and has gold mines), Brazil and others
NYSE Morning Update:
Ahead of the Bell: Dow futures are trading up 47 points and S&P futures are trading up 6 points following signs of political progress in Italy. President Giorgio Napolitano will be sworn in for a second seven-year term today and could begin consultations on a new government as early as tomorrow. According to reports Federal Reserve Chairman, Ben Bernanke sees no risk of inflation and he has an optimistic outlook for the US economy. The focus will be on first quarter earnings today, Dow component Caterpillar, reported quarter results that missed analysts’ expectations on inventory changes, due to lower demand.
• On the economic calendar today, existing home sales for March will be out after the opening bell, it is forecasted to be 5.030M compared with 4.98M for February.
• The dollar is up against the euro and British pound and down against the Japanese yen. Gold is trading at $1,422. Crude oil is currently trading at $88 a barrel.
• Last week, the equity markets sold off on weak economic data from the US and China, along with the IMF cutting its global growth forecast. Commodities also reiterated led by gold and crude oil, which traded near multi-month lows. For the week, both the Dow and S&P 500 fell 2.1%. The economic data for the week was mixed. The Labor Department reported weekly jobless claims was slightly above expectations, as the number of Americans filing for first time claims was little changed, signaling the labor market is stabilizing. Housing starts were higher than expected, led by multi-family homes, while CPI and industrial production declined. MBA applications were up due to increases in refinancing applications, while the Fed Beige Book indicated economic growth was modest. The Philadelphia Fed Index was below forecast, which showed expansion at a slower pace as companies cut back on hiring and inventories. First quarter earnings season continues, thus far about 104 or about 20% of the S&P 500 companies have reported first quarter results, and 72% have beaten estimates on revenues, while about 49% have beaten estimates on earning. The IMF trimmed its growth forecast for the world economy for 2013 and 2014, reflecting government spending cuts in the US, more monetary easing in Japan, and the latest struggles of debt ridden Europe. The surviving terrorist in the Boston Marathon bombing was captured late Friday night.
• The week ahead, will be all about first quarter earnings and growth prospects. According to Thompson Reuters, first quarter earnings is now estimated to be 2.2%, up from an April 1st forecast for growth of 1.5%, based on the 104 companies that have reported. This week about 1/3rd of S&P 500 companies are due to report earnings together with 1/3rd of Dow companies which are scheduled to open their books, including DuPont, United Technologies Travelers, Boeing, Proctor & Gamble, Exxon Mobile, and Chevron. On the economic calendar, investors will get reports on housing, manufacturing, and durable goods. Economists are looking for slight gains in both existing home sales and new home sales. This week the Labor Department will provide a first look at 1st quarter GDP. The economy is forecasted to have grown by 3% for the quarter, compared with a meager 0.4% for the final quarter of 2012. Thompson Reuters/University Michigan Survey of consumer sentiment is due out on Friday; expectations are it will be a bit higher than the month prior. The European debt crisis is expected to drag on and could last for years, as the weaker members of the region struggle to cope with higher debt loads. The slowing of the Chinese economy will also be on the minds of investors, it is impacting global growth.
• On CNBC today, Gregg Fleming, President of Morgan Staley Wealth Management Business, talked about the wealth management business and when will the Federal Reserve end its easy money policy. Fleming said the wealth management is doing well. He feels the economy is getting better slowly, but steadily. Investors are of two minds, cautions and optimistic, and still tempted to jump back into the market. He added investors are still shy because of what happened during the financial crisis, they remain cautious, particularly in this cycle. On the Federal Reserve’s policy, Fleming believes investors should take a medium term view. We have never seen such an unprecedented policy from the central bank for this long of a period. Investors are new to the easy monetary policy.
• Happy Monday and have a wonderful week!
Friday’s Close
DJIA up 10.37 pts/+0.07%/ 14,547.51
S&P up 13.64 pts/+0.88%/ 1,555.25
Nasdaq up 39.69 pts/+1.25%/ 3,206.06
Monday’s Futures
Dow Futures up 47.27 pts/+0.43%
S&P Futures up 6.50 pts/+0.42%
Nasdaq Futures up 13.25 pts/+0.50%
Overseas Markets
FTSE +0.67%
CAC 40 +0.65%
NIKKEI 225 +1.89%
HANG SENG +0.14%
Overseas: World stock markets are up today. European and Asian markets are trading higher after progress in Italy over its political situation and an optimistic outlook from Fed Chief Ben Bernanke.
Economic Reports: Existing Home Sales expected to be 5.030M at 10:00 a.m., later in the week PMI Manufacturing Index Flash, FHFA House Price Index, New Home Sales, Richmond Fed Manufacturing Index, Durable Goods Orders, Jobless Claims, Kansas City Fed Manufacturing Index, Fed Balance Sheet, GDP, and Consumer Sentiment.
Top Headlines:
• Boeing Co. (BA) began installing reinforced lithium ion batteries on five grounded 787 jetliners owned by All Nippon Airways in hopes of making the first commercial flight since the aircraft was grounded several months ago for a faulty battery condition.
• Power-One Inc. (PWER), a producer of renewable energy is being acquired by Automation Technology Group ABB for about $1 billion.
• CECO Environmental (CECE), announced it is being acquired by Met-Pro Corporation (MPR) in a cash and stock transaction valued at a total of approximately $210 million, or $13.75 per share.
• General Motors (GM) plans to add five new plants in
the next three years in China to bring its production capacity to 5 million vehicles a year.
• Reports indicate SEC Chairman, Mary Jo White is expected to appoint one of her longtime lieutenants, Andrew Ceresney as her enforcement chief.
Commodities/Currency:
Gold: up $26.70 to $1,422.50
Oil: up 0.60 to $88.54
EUR/USD 1.3042 -0.0001
USD/JPY 99.7765 +1.5425
GBP/USD 1.5229 -0.0054
Volatility Index (VIX): As of the close of business Friday, April 19, the VIX is down 2.59 at 14.97
Companies Reporting Quarterly Earnings:
Caterpillar reports Q1 EPS $1.31, vs. Est $1.40 and Q1 revenue $13.21B, vs. Est $13.72B.
Halliburton reports Q1 EPS 67c ex-items, vs. Est 57c and Q1 revenue $6.97B, vs. Est $6.88B.
Today’s Opening and Closing Bells:
Brookfield Property Partners, BPY Celebrates its Listing on the NYSE Chief Executive Officer Rick Clark will ring the opening bell.
Quanex Celebrates 5 Years of Trading on the NYSE President and Chief Executive Officer David D. Petratis will ring the closing bell.
Longer than many believe.
A newly wealthy Russian, Indian or Chinese is far more likely to trust the US dollar than its alternatives, none of which have a very long history of stability or even existence. Also one of the reasons they’re buying gold.
“Longer than many believe.”
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Then I wonder why China has recently signed agreements with Germany, Brazil, Russia, Australia, Japan, Chile, the United Arab Emirates, India and South Africa to bypass the dollar in their financial workings?
China is already doing this with South Korea.
Why has the IMF recently issued a report on the possible replacement of the dollar as the reserve currency?
Why are corporations like McDonald’s and Caterpillar started to introduce “dim-sum bonds”” to raise money in currencies other than the dollar?
Seems to be moving rather quickly in the direction of a new standard to me....
They’ve been TRYING to do this for 40 or more years. It’s always “just around the corner”.
How long did it take the US dollar to replace the pound as the worlds reserve currency ?
It took about 40 years and 2 world wars.
So given things move much faster today than before, you would say about 4 years. But given that there has not been any world wars, I think you can extend that out to about 20 years.
Nobody else wants to paint a target on their back. Even gold has been cowering in the shadows.
Oh yeah. I certainly believe it will happen, but instead of SHTF collapse it will be like the UK; a gradual sink to Third World status.
China just wants East Asia under its control for now. From North Korea down to Malaysia and Australia. It will try to get rid of the US Dollar being used in Asia for trade and as a reserve currency. China will be pressuring Asian nations to use the Yuan for trade and as a reserve currency option.
Yuan replacing USD in East Asia is the Chinese immediate goal. Chinese prestige and power goes up in Asia and American prestige and power goes down. Pushing the “white devils” out of the ChinaSphere
Do the Chinese really call us and Europeans white devils??
“They’ve been TRYING to do this for 40 or more years. It’s always “just around the corner”.”
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Yes....but it’s only been recently that we’ve been PRINTING MONEY like crazy. People with other currencies are beginning to wake up to that fact.
Nobody else wants to paint a target on their back.
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They don’t have to. The IMF has already proposed replacing the dollar with SDRs (created in 1969) which can be converted into any currency based on a weighted basket of international currencies.
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