Wal-Mart Stores Inc. remained a bright spot. Sales at stores open at least a year climbed 2.4 percent, exceeding its forecast, after shoppers sought discounts on clothing and food.

http://www.bloomberg.com
Paintings Go Unsold

The artworks of Park Avenue widow Rita Hillman and property heiress Alice Lawrence fetched about half the low estimate at Christie’s International’s New York sale last night, as the top end of the art market continues to sag.

The auction tallied $47 million, against a presale estimate of $103 million to $150 million. Bidding was sparse as collectors resisted paying up for anything but a handful of top works. Paintings by Edouard Manet and Mark Rothko didn’t draw any bids, while many works sold for half presale estimates.

http://www.bloomberg.com

GM About to Collapse

General Motors Corp., hammered by the worst auto market in 25 years, needs U.S. aid because “time is very short” to stop its collapse, says Roger Altman, the former Treasury official advising GM in merger talks with Chrysler LLC.

With the government offering a $700 billion rescue for banks, it should have enough to assist GM, Chrysler and Ford Motor Co., Altman, 62, said in an interview. Altman, now chief executive officer of Evercore Partners Inc., helped with the 1979 Chrysler bailout plan as an assistant Treasury secretary.

http://www.bloomberg.com

Last 5 posts by Graham Summers

• We're Soooooooo Close! - October 9th, 2009
• Kiss the “New Bull Market” Theory Good-bye - October 8th, 2009
• The One Investment That Might Be About to Bottom - September 30th, 2009
• What the Fed Doesn’t Want You To Know About US Debt - September 30th, 2009
• How to Prepare For China’s Coming Derivative Default - September 13th, 2009

About Graham Summers (http://gainspainscapital.com) Graham is Senior Market Strategist at OmniSans Research. He, along with Brian, is co-editor of Gain, Pains, and Capital, OmniSans Research’s FREE daily e-letter covering the equity, commodity, currency, and real estate markets. Graham also writes Private Wealth Advisory, a weekly investment advisory focusing on the most lucrative investment opportunities the financial markets have to offer. Graham understands the big picture from both a macro-economic and capital in/outflow perspective. He translates his understanding into finding trends and undervalued investment opportunities months before the markets catch on: the Private Wealth Advisory portfolio has outperformed the S&P 500 three of the last five years, including a 7% return in 2008 vs. a 37% loss for the S&P 500. Previously, Graham worked as a Senior Financial Analyst covering global markets for several investment firms in the Mid-Atlantic region. He’s lived and worked in Europe, Asia, the Middle East, and the United States. Graham travels extensively in search of investment opportunities. He received his formal education from Oberlin College.