The Mess That Greenspan Made - Part 21

Monday Morning Links

MUST READS
Banks accused of rigging silver price – BBC
The Danger of Too Loose, Too Long – WSJ
Is the Fed fueling a giant stock market bubble? – Motley Fool
Ultrawealthy pile into private equity, hold line on stocks, cash – CNBC
EU Agrees to Russia Sanctions; US Could Arm Ukraine – Fiscal Times
Reports: Ukrainian Fighter Jets Were with Malaysian Flight 17 – Washington’s Blog
Secret Tunnels Under Israel Reveal Threat From Gaza – Bloomberg
Why the super rich are running scared of inequality – Business Spectator
California High-Speed Rail—Some Views from the Valley – Atlantic
China food crisis spreads to foreign brands – MarketWatch
Yes, This Is An Equity Bubble – Hussman Funds
Bubbles & Schemes – Prudent Bear
No Decency – aucontrarian

MARKETS/INVESTING
China profits boost Asia stocks, Europe unenthused – AP
Even modest GDP bounce may support market – Reuters
Heads or Tails? Either Way, You Might Beat a Stock Picker – NY Times
The Case for a Bull or Bear Market in Two Charts – of two minds
An Emotional Gut Check For An Aging Bull Market – Forbes
How investors should react to a nervous bond market – Telegraph
Treasuries Fall Before Fed Policy Makers Meet, Bond Sales – Bloomberg
Gold slips on steady dollar ahead of U.S. data, policy meeting – Reuters
Gold for bitcoin new fad as e-currency count nears 500-mark – Business Standard
Gold Bugs Meet Bitcoin Believers to Supplant the Dollar – Bloomberg
A Chinese Gold Standard? – NY Sun

ECONOMY/WORLD/HOUSING/BANKING
Get ready for 48 hours of economic fury – MarketWatch
The Typical Household, Now Worth a Third Less – NY Times
Swedes in Household Debt Binge Seen Provoking Policy Slap – Bloomberg
No meeting scheduled between Argentina and court mediator – Reuters
China’s industrial profit surges, headwinds lurk – MarketWatch
China’s financial risk – Econbrowser
No plan to ease property curbs in Beijing – China Daily
U.K. homebuyer confidence tumbles over high prices – Telegraph
Cities Reacting to Drought, SoCal’s Tough Housing Market – LA Curbed
3 reasons Yellen’s FOMC remains dovish – Sober Look
Financial stability and monetary policy – voxeu
In praise of… Janet Yellen – Guardian

 

The latest issue of the Iacono Research Weekend Update has been posted to the website and is now available for subscribers here.

There will be no changes to the model portfolio or the buy ratings this week, but last week’s covered call sales are covered in the following discussion topic:

The executive summary is as follows:

Ongoing violence in both Ukraine and Gaza combined with some disappointing earnings results for some major corporations and U.S. stocks gave back a small portion of their recent gains as prices were bid higher for safe haven investments such as U.S. Treasuries. Ahead of another Federal Reserve meeting and a big week of economic data, last week’s reports indicated the U.S. economy may have trouble meeting even the recently lowered growth forecasts, though the outlook has turned more positive in China.

After six straight weeks of gains, precious metals ended lower for the second week in a row and the rest of the natural resource sector continues to struggle. Energy stocks rose once again (though oil prices were little changed) and REITs fell as the model portfolio rose 0.2 percent, now up 9.7 percent for the year.

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Back in a Few…

We are off to the Crazy Mountains for the next few days…

The latest issue of the Iacono Research Weekend Update has been posted to the website and is now available for subscribers here. There will be no changes to the buy ratings but three changes to the model portfolio, the latter detailed in the following discussion topic:

The executive summary is as follows:

The missile attack on Malaysian flight MH17 and an Israeli ground invasion of Gaza were not nearly enough to temper the enthusiasm of stock investors who were again emboldened by Federal Reserve Chair Janet Yellen during testimony before Congress. Amid mixed economic data, bonds also rose in what has become a disturbingly familiar development – prices for both stocks and bonds being bid higher.

The natural resource sector continued to struggle as prices for major agricultural goods and some energy products moved further into negative territory for the year while precious metals tumbled, taking mining shares down with them. Energy stocks were about the only natural resource shares to move higher, REITs rose again, but the model portfolio fell 0.5 percent, now up 9.5 percent for the year.

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