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Friday October 30, 2009

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Too big to fail, is still heavy in the derivative market, and primed for a gigantic collapse.

Congress needs a chimney sweep to clean the soot from the smoke they’ve been blowing. Our do nothing congress; well we can’t really say do nothing, they did bail out the banks, and they have raised more money for themselves this session from Insurance, health care and bank lobbyists than in any other one year period, and the year isn’t even over. Now they are spreading the word, the gospel of Obama, it’s time to

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Cornelius Luca has joined INO TV Free. Since I gave Cornelius many kudos in my article Cornelius Luca: Free Forex Market Analysis and Commentary, I thought I should write up a quick bio on him.

Cornelius Luca began trading foreign currencies, including major and exotic currencies since 1983. While active in the spot market, he was also involved in trading FX futures, cross-currencies, forwards and options. Currently Mr. Luca is the head of a 12 billion dollar ivnestment fund, FX Concepts, as well as a 20 year instructor at the New York Insitute of Finance.

As all prominent traders, Cornelius has been quoted by the Wall Street Journal, The New York Times, Reuters and AP-Dow Jones. Mr. Lucas is a well known expert in technical analysis of the foregin exchange markets, and his seminars and publications combine to create and accurate, realistic and up-to-date presentation on the ever-changing environment of

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There is a new video on INO TV Free from Cornelius Luca. Luca is not a new analyst, but the newest to the INO TV Free service.

Luca obtained his M.B.A in International Business & Finance from the New York University Stern Graduate School of Business and his B.A. in International Marketing from Bernard Baruch College. Since then he has been an author, an advisor for multiple Fortune 500 companies, Vice President & Head Advisor for FX Concepts, and an instructor at the New York Institute of Finance. Luca specializes in foreign exchange and technical analysis and has traded major crosses as well as exotic currencies.

Luca is currently the President of Luca Global Research and has given a few mintues of his time to about some various topics for our INO TV Free visitors.

*If you HAVE been to INO TV Free

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The two “Dr Dooms” - Marc Faber, editor of the Gloom, Boom and Doom Report, and Nouriel Roubini, professor of economics at the Stern School of Business, New York University and chairman of RGE Monitor - discuss the outlook for the economy and financial markets.

As always with these two commentators, they provide a stimulating discussion that is well worth watching.

Source: CNBC (via YouTube.com), August 12, 2009.

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During the summer, I had the good fortune to attend two excellent conferences focused on new findings in exchange rate economics (yes, not all economic research is focused on the financial crisis and recession). The first was a Bank of Canada-European Central Bank conference Exchange rates: The global perspective, and the second was the NBER International Finance and Macroeconomics Summer Institute session "Exchange Rates and Relative Prices".

Figure 1: Log nominal value of US dollar (blue) and real value of US dollar (red), against currencies of major trading partners. NBER defined recession dates shaded gray, assuming the recession has not ended by July 2009. Source: Federal Reserve Board.

The Bank of Canada-ECB conference papers are here. All the papers, as well as powerpoint files of the presenters and discussants, are available from the conference website; I've reproduced some of the abstracts below.

Order flows and

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Are we done with this recession? I missed this discussion of a few days ago, featuring an economist, Nouriel Roubini of New York University, an historian, Niall Fergusson of Harvard, and a billionaire, real estate investor Mort Zuckerman, debating what is to come. Rather late than never, as the clip makes for good viewing material.

Embedded video from CNN Video

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Dot VN, Inc., a provider of Internet and telecommunication services and the exclusive online global domain name registrar for the country of Vietnam, recently announced that the company has hired Louisa T. Huynh as the director of communications and business development. In this role, Ms. Huynh manages public relations, develops marketing strategies and directs all corporate communications, including all internal and external Vietnamese communications

Ms. Huynh began her career as a journalist in the VTVNews department of Vietnam Television’s International Channel, where she hosted the first English language talk show ever to be aired on Vietnamese television. Ms. Huynh also served as a consultant for the Vietnam Chamber of Commerce and Industry and has accumulated an expansive portfolio of emcee work. Ms. Huynh graduated with a degree in Journalism from New York University.

Thomas Johnson, chief executive officer of Dot VN, Inc., stated, “Ms. Huynh is a highly respected and recognized journalist

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I am experiencing Internet problems and have difficulty accessing my data sources. This week’s video compilation is therefore posted without the usual introductory paragraphs. But I’m sure the interesting clips will speak for themselves.

Wall St Cheat Sheet: AIG - writing stories about people who play “it” safe “Evidently, AIG is a company that plays ‘it’ safe (whatever the hell that means) and knows how to manage risk better than anyone else in the known universe. Don’t believe me? Take their word for it. We let corporations falsely advertise all the time, and here is a perfect example of the cost.”

Source: Damien Hoffman, Wall St Cheat Sheet, July 15, 2009.

Bloomberg: Shiller, Roubini discuss “anemic” economic recovery “Nouriel Roubini, professor at New York University’s Stern School of Business, and Robert Shiller, chief economist and co-founder

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US markets shot higher for the fourth consecutive day on Thursday as JP Morgan’s robust numbers fed hopes that the worst of the economic troubles had passed.  Although trade remained choppy throughout the session, markets succeeded in getting a foothold towards the end as traders picked up technology and financial stocks.  Technology-heavy NASDAQ ended at its highest level since October.   

The Dow Jones industrial average gained 94 points, or 1.1% and the S&P 500 index increased 8 points, or 0.9%. The NASDAQ index jumped 24 points, or 1.3%.  Volume remained moderate with only 1.2 billion shares exchanging hands on the New York Stock Exchange and advancing shares outpacing declining issues by a seven-to-three margin.  Stocks have rallied this week as better-than-expected earnings from Goldman Sachs (NYSE:GS) and Intel’s (NASDAQ:INTC) robust third quarter outlook have lifted sentiments on the Street.

Helping the sentiment further were reports that said New York

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Risk Aversion returns…  Money Multiplier dampens stimulus effects…  TIC flows show concern of foreign investors… China back on growth track… And Now… Today’s Pfennig!

Good day… Chuck got an early start on a two week hiatus from the desk, so you will be stuck with me writing the Pfennig for the next two weeks. But don’t worry, you will still get a small dose of Chuck over the next week as he typically emails me his thoughts while on the road (I call it Pfennig Pfodder). Risk aversion dominated the currency markets overnight, as terrorists set off two separate explosions in Jakarta and investors moved money back into the ’safe havens’ of the US$ and Japanese yen.

Chuck wrote about this move yesterday, believing the bad news regarding CIT would probably cause a risk reversal. But the US stock market shook off the CIT news and rallied higher after a big earnings report by JP Morgan

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