Wednesday, December 22, 2010

DailyMarkets.com - Municipal Bond Market Crash 2011: Are Dozens Of State And Local Governments About To Default On Their Debts?

DailyMarkets.com - Municipal Bond Market Crash 2011: Are Dozens Of State And Local Governments About To Default On Their Debts?


Municipal Bond Market Crash 2011: Are Dozens Of State And Local Governments About To Default On Their Debts?

Posted: 22 Dec 2010 03:35 AM PST

In the United States, it is not just the federal government that has a horrific debt problem.  Today, state and local governments across America are collectively deeper in debt than they ever have been before.  In fact, state and local government debt is now sitting at an all-time high of 22 percent of U.S. GDP.  Once upon a time, municipal bonds (used to fund such things as roads, sewer systems and government buildings) were viewed as incredibly safe investments.  They were … [visit site to read more] or compare Best Credit Cards and Best CD Rates


Stocks To Watch On Wednesday: Adobe, Nike, Microsoft, Dell, Cintas, Rio Tinto, Nokia, Deutsche Bank, BBVA

Posted: 22 Dec 2010 03:13 AM PST

Rio Tinto (NYSE:RIO) – Co. is finalising a USD 3.8bln takeover bid for Africa-focused Riversdale, according to sources. (RTRS)

UK

BT – Ofcom has issued a statement of objections to co. arguing that the telco has infringed competition law in relation to the pricing of its Wholesale Calls product between July 2008 and April 2009. (Sources)

US

Stocks finished-off session highs after benefiting from an easing of tensions in the Korea Peninsula. Financials and basic materials lead … [visit site to read more] or compare Best Credit Cards and Best CD Rates


Forex – Dollar Broadly Lower Against Major Rivals As Treasury Yields Fall

Posted: 22 Dec 2010 02:04 AM PST

Forex Pros – The U.S. dollar was broadly lower against its major counterparts on Wednesday, as U.S. Treasury yields fell to a 1-week low after the Federal Reserve completed a fresh round of Treasury purchases.  

During European morning trade, the greenback was down against the euro, with EUR/USD jumping 0.48% to hit 1.3163.

Earlier in the day, data showed that German import prices rose more-than-expected in November, rising to a 26-month high.

But the greenback was up against the … [visit site to read more] or compare Best Credit Cards and Best CD Rates


Forex – NZD/USD Falls To Daily Low After Downbeat N.Z. Data

Posted: 22 Dec 2010 01:41 AM PST

Forex Pros – New Zealand's dollar fell for the first time in three days against its U.S. counterpart on Wednesday, falling to daily low, after official data showed that New Zealand's current account deficit widened in the third quarter.

NZD/USD hit 0.7408 during early European trade, a daily low; the pair subsequently consolidated at 0.7432, shedding 0.09%.

The pair was likely to find support at 0.7345, the low of December 20, and resistance at 0.7482, Tuesday's high.

Earlier in the … [visit site to read more] or compare Best Credit Cards and Best CD Rates


U.K. GDP Rises Less-than-expected

Posted: 22 Dec 2010 01:40 AM PST

U.K.'s gross domestic product rose less-than-expected in the last quarter, official data showed on Wednesday.

In a report, the U.K. Office for National Statistics said that GDP rose to 0.70%, from 1.20% in the preceding quarter.

Analysts had expected U.K.'s gross domestic product to rise 0.80% in the last … [visit site to read more] or compare Best Credit Cards and Best CD Rates


U.K. Current Account Balance Falls More-than-expected

Posted: 22 Dec 2010 01:35 AM PST

The U.K. current account balance fell more-than-expected last month, official data showed on Wednesday.

In a report, National Statistics said that U.K. current account balance fell to a seasonally adjusted -9.60B, from -5.20B in the preceding month whose figure was revised up from -7.40B.

Analysts had expected U.K. current account balance to fall -7.50B last … [visit site to read more] or compare Best Credit Cards and Best CD Rates


Forex – AUD/USD Re-approaches Parity In Thin Volatile Trade

Posted: 22 Dec 2010 01:21 AM PST

Forex Pros – The Australian dollar was slightly higher against its U.S. counterpart on Wednesday, moving closer to parity as trade remained choppy ahead of the holiday season.

AUD/USD hit 0.9988 during early European trade, a daily high; the pair subsequently consolidated at 0.9981, edging up 0.02%.

The pair was likely to find support at 0.9914, Tuesday's low, and resistance at 1.0027, the high of December 14.

Earlier in the day, the Westpac-Melbourne Institute leading index for … [visit site to read more] or compare Best Credit Cards and Best CD Rates


Forex – GBP/USD Trades In Tight Range As U.K. Economic Data Eyed

Posted: 22 Dec 2010 12:14 AM PST

Forex Pros – The pound fluctuated between gains and losses against the U.S. dollar on Wednesday as trade remained volatile in the run up to the year end, while investors awaited the release of key U.K. economic data.   

GBP/USD hit 1.5494 during late Asian trade, a daily high; the pair subsequently consolidated at 1.5475, easing up 0.02%.

The pair was likely to find support at 1.5435, Tuesday's low and the pair's lowest since September 14, and resistance at 1.5567, … [visit site to read more] or compare Best Credit Cards and Best CD Rates


Asian Markets Mixed At Close; Nikkei Down 0.23%

Posted: 21 Dec 2010 11:45 PM PST

Forex Pros – Asian stocks were mixed after the closing bell on Wednesday.

At the close of Asian trade, Japan's Nikkei 225 index fell 0.23%, Australia's S&P/ASX 200 index gained 0.14%, while Hong Kong's Hang Seng Index was trading 0.15% up.

Meanwhile, the outlook for U.S. equity markets was mixed. Dow Jones Industrial Average futures indicated a loss of 0.01%, S&P 500 futures pointed to an increase of 0.08% and Nasdaq 100 futures indicated a fall of … [visit site to read more] or compare Best Credit Cards and Best CD Rates


Forex – EUR/USD Hits Daily High As U.S. Treasury Yields Retreat

Posted: 21 Dec 2010 11:41 PM PST

Forex Pros – The euro rebounded from a 3-week low against the U.S. dollar on Wednesday in thin pre-holiday trade, as U.S. Treasury yields fell to a 1-week low after the Federal Reserve completed a fresh round of Treasury purchases.  

EUR/USD hit 1.3149 during late Asian trade, a daily high; the pair subsequently consolidated at 1.3135, jumping 0.26%.

The pair was likely to find support at 1.3059, the low of December 2, and resistance at 1.3358, the high of December 17.

On … [visit site to read more] or compare Best Credit Cards and Best CD Rates


Forex Trading: Concerns Of Another Credit Cut Weakens The Euro Vs. The Dollar

Posted: 21 Dec 2010 11:20 PM PST

Concerns Of Another Credit Cut Weakens The Euro Vs. The Dollar
The euro fell once again yesterday, following concerns that Portugal and Greece might face a credit downgrade within the near future. This also had a positive impact on commodities, especially crude oil, which is now trading near $90 a barrel.
Economic News
USD – Dollar Continues To Strengthen On All Fronts
The U.S. dollar strengthened yesterday against most of the major currencies. The dollar gained about 100 pips against the … [visit site to read more] or compare Best Credit Cards and Best CD Rates


Growth & Income Stock: Joy Global Inc.

Posted: 21 Dec 2010 11:05 PM PST

Joy Global Inc. (NASDAQ:JOYG) recently delivered its 9th consecutive positive earnings surprise on strong overseas sales growth.
The stock has been surging since late August, but estimates have been surging too, leading to reasonable valuations. It is a Zacks #1 Rank (Strong Buy) stock.
Fourth Quarter Results
Joy Global reported fourth quarter 2010 results on December 15. Earnings per share came in at $1.39, 23 cents ahead of the Zacks Consensus Estimate. It marked the company’s 9th consecutive … [visit site to read more] or compare Best Credit Cards and Best CD Rates


Momentum Stock: Dollar Tree, Inc.

Posted: 21 Dec 2010 11:05 PM PST

Dollar Tree, Inc. (NASDAQ:DLTR) continues to trade near its multi-year high at $57.06 on the heels of a solid Q3 earnings surprise of 18%. With consumers still flocking to discount retailers in the shaky economic recovery, this Zacks #1 rank stock has momentum to spare.
Company Description
Dollar Tree, Inc. operates discount variety stores in the US with most merchandise priced for $1. The company was founded in 1986 and has a market cap of $7.04 billion.
Discount retailers have been strong for the … [visit site to read more] or compare Best Credit Cards and Best CD Rates


Bear Of The Day: FTI Consulting (FCN)

Posted: 21 Dec 2010 11:05 PM PST

FTI Consulting’s (NYSE:FCN) third quarter 2010 earnings were below the Zacks Consensus Estimate. The company’s corporate/restructuring segment remains a drag on its growth due to softer trend in restructuring activities and a slowdown in new cases.
The company is also experiencing a tepid pace of recovery in the Merger & Acquisition markets. Overall, the near-term visibility remains unclear, as demand environment for practices remains uncertain given the current market volatility and clients … [visit site to read more] or compare Best Credit Cards and Best CD Rates


Bull Of The Day: The Cooper Companies (COO)

Posted: 21 Dec 2010 11:05 PM PST

We maintain our Outperform rating on eye-care and surgical products maker The Cooper Companies (NYSE:COO). The company’s fourth-quarter and fiscal 2010 revenues and earnings both beat the Zacks Consensus Estimates, boosted by healthy growth across the board.
Cooper proves to be a turnaround story based on rationalization of plants, successful product launches and better execution. Also, the industry outlook has improved with an expectation of lower drop-out rates and a higher proportion of sales … [visit site to read more] or compare Best Credit Cards and Best CD Rates


Aggressive Growth Stock: Spreadtrum Communications

Posted: 21 Dec 2010 11:05 PM PST

Spreadtrum Communications (NASDAQ:SPRD) keeps setting multi-year highs thanks to continuously rising earnings estimates.
But, it is not too late to get into this Zacks #1 Rank (Strong Buy) thanks to valuations that are still showing a good value on those growth rates.
Company Description
Spreadtrum Communications is a fabless semiconductor company that makes products for the wireless communication markets. Fabless means that the company does not actually fabricate the products, but designs and sells … [visit site to read more] or compare Best Credit Cards and Best CD Rates


InvestingThesis Gift Guide 2010

Posted: 21 Dec 2010 11:02 PM PST

Merry Christmas & a Wonderful New Years from InvestingThesis.com

Happy Holidays Everyone.
While a tad late, a gift is a gift, regardless of when one receives them. So we've gone ahead and compiled a list of items (not necessarily finance related) that we already love and ones that we would hope to love while trusting that some of you share our tastes. The way we see it, if you like visiting and reading the content on Investing Thesis, odds are that you'll like our taste in … [visit site to read more] or compare Best Credit Cards and Best CD Rates


DMCI: Calm Before Another Bullish Storm?

Posted: 21 Dec 2010 10:52 PM PST

Shareholders of the DMCI Holdings, Inc. or DMC in the Philippine Stock Exchange must have been partying all season long because of the unbelievable performance of the stock. Imagine, DMC only started trading at below PHP 10.00 in January 2010. And before you know it, DMC shares already reached a high of PHP 41.00 last November. Incredible! Anyway, after reaching the said high, DMC appears to have lost its upward momentum and has been trading flat ever since. Are shareholders just cashing their … [visit site to read more] or compare Best Credit Cards and Best CD Rates


Australian Dollar: Bullish Bias Above 9825

Posted: 21 Dec 2010 10:21 PM PST

Update on supports and resistances. … [visit site to read more] or compare Best Credit Cards and Best CD Rates


Canadian Dollar: Rebound In Sight

Posted: 21 Dec 2010 10:21 PM PST

Update on supports and resistances. … [visit site to read more] or compare Best Credit Cards and Best CD Rates


Forex – EUR/USD Up During The Asian Session

Posted: 21 Dec 2010 10:10 PM PST

Forex Pros – The Euro was higher against the U.S. Dollar on Wednesday.

EUR/USD was trading at 1.3139, up 0.30% at time of writing.

The pair was likely to find support at 1.3074, Tuesday's low, and resistance at 1.3359, Friday's high.

Meanwhile, the Euro was up against the British Pound and the Japanese Yen, with EUR/GBP gaining 0.20% to hit 0.8485 and EUR/JPY rising 0.30% to hit … [visit site to read more] or compare Best Credit Cards and Best CD Rates


Uranium Stocks To Watch Out For

Posted: 21 Dec 2010 09:56 PM PST

Rodman & Renshaw Senior Analyst Alka Singh follows the entire mining sector, including uranium. Though just a year ago the uranium sector was considered stalled and possibly moribund, she finds undervalued stocks for her clientele that includes both small and large institutional investors. In this exclusive interview with The Energy Report, Alka generously shares some names for growth that investors might consider to take advantage of burgeoning energy demand that will surely include … [visit site to read more] or compare Best Credit Cards and Best CD Rates


Forex – EUR/JPY Up On Economic Data

Posted: 21 Dec 2010 09:40 PM PST

Forex Pros – The Euro was higher against the Japanese Yen on Wednesday after the release of Japanese data on Trade Balance.

EUR/JPY was trading at 109.97, up 0.23% at time of writing.

The pair was likely to find support at 109.57, Tuesday's low, and resistance at 111.94, Friday's high.

Earlier in the day, official data showed that Japan's trade balance rose less-than-expected to a seasonally adjusted 0.43T last month, from 0.58T in the preceding month.

Analysts had expected Japan's … [visit site to read more] or compare Best Credit Cards and Best CD Rates


Forex – GBP/USD Up During The Asian Session

Posted: 21 Dec 2010 09:25 PM PST

Forex Pros – The British Pound was higher against the U.S. Dollar on Wednesday.

GBP/USD was trading at 1.5476, up 0.03% at time of writing.

The pair was likely to find support at 1.5436, Tuesday's low, and resistance at 1.5647, Friday's high.

Meanwhile, the British Pound was down against the Euro and up against the Japanese Yen, with EUR/GBP gaining 0.17% to hit 0.8482 and GBP/JPY rising 0.05% to hit … [visit site to read more] or compare Best Credit Cards and Best CD Rates


Stock Market & ETF News Update: A Busy Day Saving The World (SPY, DIA, UUP, TLT, VIX)

Posted: 21 Dec 2010 09:14 PM PST

The Federal Reserve had a busy day saving the world today as they bought more than $9 Billion of  assets in their ongoing Permanent Open Market Operations and extended the temporary, emergency dollar swap lines with the European Cental Bank, Japan, Switzerland, Canada and the Britain.

This action appears to be in response to ongoing strain in Europe as Fitch Ratings announced they might reduce Greece's credit status to below investment grade and Moody's is considering a downgrade … [visit site to read more] or compare Best Credit Cards and Best CD Rates


Crude Moves Toward $90 As Equities Rally, Gold Little Changed But Trend Intact

Posted: 21 Dec 2010 08:51 PM PST

Commodities – Energy
Crude Moves Toward $90 as Equities Rally
Crude Oil (WTI) – $89.95 // $0.13 // 0.14%
Commentary: Crude advanced for a third straight session, adding $1.01, or 1.14%, to settle at $89.82. Oil is now at the very top end of the $87 to $90 range that has contained prices this month. Another 2-year high in U.S. equity markets was the catalyst, with seemingly no bad news of significance on the radar at the moment. The Fed continues to be extremely supportive with its loose … [visit site to read more] or compare Best Credit Cards and Best CD Rates


Forex – USD/CHF Down During The Asian Session

Posted: 21 Dec 2010 08:50 PM PST

Forex Pros – The U.S. Dollar was lower against the Swiss Franc on Wednesday.

USD/CHF was trading at 0.9575, down 0.05% at time of writing.

The pair was likely to find support at 0.9558, Friday's low, and resistance at 0.9720, Monday's high.

Meanwhile, the U.S. Dollar was down against the Euro and up against the Japanese Yen, with EUR/USD gaining 0.29% to hit 1.3138 and USD/JPY rising 0.01% to hit … [visit site to read more] or compare Best Credit Cards and Best CD Rates


Forex – EUR/GBP Up During The Asian Session

Posted: 21 Dec 2010 08:20 PM PST

Forex Pros – The Euro was higher against the British Pound on Wednesday.

EUR/GBP was trading at 0.8484, up 0.19% at time of writing.

The pair was likely to find support at 0.8447, Monday's low, and resistance at 0.8553, Friday's high.

Meanwhile, the Euro was up against the U.S. Dollar and the Japanese Yen, with EUR/USD gaining 0.26% to hit 1.3134 and EUR/JPY rising 0.27% to hit … [visit site to read more] or compare Best Credit Cards and Best CD Rates


Phoenix Petroleum To Follow Petron’s Footsteps?

Posted: 21 Dec 2010 08:11 PM PST

The last two months has been very good for the oil stocks of the Philippine Stock Exchange, particularly Phoenix Petroleum and Petron Corporation. Petron has exploded from a low of about 6.80 in November 2010 to a high of 17.40 in today's trading, forming a pennant pattern on its way. Anyway, that's a gain of more than 250% in less than two months! Wow. Similarly, Phoenix has risen from 7.00 to a high of 13.80 during the same time frame. After reaching the said high, PNX, however, has … [visit site to read more] or compare Best Credit Cards and Best CD Rates


Forex – USD/JPY Up During The Asian Session

Posted: 21 Dec 2010 07:40 PM PST

Forex Pros – The U.S. Dollar was higher against the Japanese Yen on Wednesday.

USD/JPY was trading at 83.77, up 0.03% at time of writing.

The pair was likely to find support at 83.50, Tuesday's low, and resistance at 84.20, Friday's high.

Meanwhile, the U.S. Dollar was down against the Euro and the British Pound, with EUR/USD gaining 0.24% to hit 1.3131 and GBP/USD rising 0.01% to hit … [visit site to read more] or compare Best Credit Cards and Best CD Rates


Two ETFs To Play Coal’s Appeal

Posted: 21 Dec 2010 07:18 PM PST

Over the last year coal has been performing well as economies around the world continue to expand and demand for global energy continues to rise.  As for the future of the commodity, both microeconomic and macroeconomic factors suggest that the commodity will likely continue to remain hot.
China
In the coming year, China is expected to be a net importer of coal. This phenomenon in the Asian nation is two-fold. From a demand perspective, China continues to grow and therefore … [visit site to read more] or compare Best Credit Cards and Best CD Rates


Forex – USD/CAD Up During The Asian Session

Posted: 21 Dec 2010 07:10 PM PST

Forex Pros – The U.S. Dollar was higher against the Canadian Dollar on Wednesday.

USD/CAD was trading at 1.0172, up 0.01% at time of writing.

The pair was likely to find support at 1.0038, Friday's low, and resistance at 1.0209, Monday's high.

Meanwhile, the U.S. Dollar was down against the Euro and the British Pound, with EUR/USD gaining 0.26% to hit 1.3134 and GBP/USD rising 0.04% to hit … [visit site to read more] or compare Best Credit Cards and Best CD Rates


World Stock Market Rally To Pre-Lehman Levels

Posted: 21 Dec 2010 06:52 PM PST

The Morgan Stanley Capital International (MSCI) World Stock Market Index reached a 27-month high today of 1271.278.  This was the highest closing index value for world stock markets since September 19, 2008 in the wake of Lehman Brothers’ filing for bankruptcy, and the subsequent financial meltdown caused a precipitous drop in the MSCI World Index to below 700 by March 2009 (see chart).  It’s a significant milestone that world stock markets have now returned to their pre-Lehman … [visit site to read more] or compare Best Credit Cards and Best CD Rates


Forex – AUD/USD Down During The Asian Session

Posted: 21 Dec 2010 06:30 PM PST

Forex Pros – The Australian Dollar was lower against the U.S. Dollar on Wednesday.

AUD/USD was trading at 0.9963, down 0.16% at time of writing.

The pair was likely to find support at 0.9841, Friday's low, and resistance at 0.9993, Tuesday's high.

Meanwhile, the Australian Dollar was down against the Euro and the Japanese Yen, with EUR/AUD gaining 0.38% to hit 1.3180 and AUD/JPY falling 0.17% to hit … [visit site to read more] or compare Best Credit Cards and Best CD Rates


Forex – EUR/USD Up During The Asian Session

Posted: 21 Dec 2010 06:05 PM PST

Forex Pros – The Euro was higher against the U.S. Dollar on Wednesday.

EUR/USD was trading at 1.3121, up 0.16% at time of writing.

The pair was likely to find support at 1.3074, Tuesday's low, and resistance at 1.3359, Friday's high.

Meanwhile, the Euro was up against the British Pound and the Japanese Yen, with EUR/GBP gaining 0.14% to hit 0.8480 and EUR/JPY rising 0.23% to hit … [visit site to read more] or compare Best Credit Cards and Best CD Rates


Singapore Stock Market Update For Wednesday 22 December

Posted: 21 Dec 2010 05:40 PM PST

Morning Highlights

Singapore market starts to trade higher after Wall Street rise, with STI up 16 points to 3157.83…
Please note that Singapore market will be opened for just the morning session on this Friday 
Watch Out For Economic News Today

U.S Annualised GDP (3Q)

U.S Existing Home Sales (Nov) 

Corporate Announcements

Sembcorp Marine's subsidiary, Jurong Shipyard secured US$400 million contract to build two premium jackup rigs with options for another four rigs from … [visit site to read more] or compare Best Credit Cards and Best CD Rates


Forex – EUR/JPY Up During The Asian Session

Posted: 21 Dec 2010 05:35 PM PST

Forex Pros – The Euro was higher against the Japanese Yen on Wednesday.

EUR/JPY was trading at 109.97, up 0.23% at time of writing.

The pair was likely to find support at 109.57, Tuesday's low, and resistance at 111.94, Friday's high.

Meanwhile, the Euro was up against the U.S. Dollar and the British Pound, with EUR/USD gaining 0.18% to hit 1.3124 and EUR/GBP rising 0.15% to hit … [visit site to read more] or compare Best Credit Cards and Best CD Rates


Fed’s Bullard: Full Of Self-Contradictions

Posted: 21 Dec 2010 05:32 PM PST

James Bullard, President of the Federal Reserve Bank of St. Louis was on CNBC Monday, December 20, 2010 mostly defending the Fed's controversial $600 billion Treasury purchasing program (QE2) announced in Nov.

What struck me as totally self-contradictory were Bullard's statements regarding the QE2, treasury yield, inflation expectations, and inflation, which I will outline and rebuff below.

Bullard – Higher Treasury Yield = QE2 Success

During the interview, aside from the usual Fed … [visit site to read more] or compare Best Credit Cards and Best CD Rates


Hedge Fund Commoditization

Posted: 21 Dec 2010 12:44 AM PST

I see that HFRX is now listing their HFRX Global Hedge Fund Index as an ETF:
UBS AG and Hedge Fund Research (HFR) have launched the UBS ETFs plc – HFRX Global Hedge Fund Index SF, the first Exchange-Traded Fund (ETF) built on the industry's most widely used standard investable benchmark of hedge fund performance globally, it was announced today.

The UBS ETFs plc – HFRX Global Hedge Fund Index SF-I was listed on the Deutsche Boerse Exchange on 3 December 2010 (symbol UIQG). The "SF-I" … [visit site to read more] or compare Best Credit Cards and Best CD Rates


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