Dow Jones Industrial To Fall 4000 Points In 2012? - Joseph Granville Jan. 23 (Bloomberg) -- Joseph Granville, a technical analyst who has been publishing the Granville Market Letter from Kansas City, Missouri, for more than 40 years, talks about the outlook for the US stock market. He speaks with Adam Johnson on Bloomberg Television's "Street Smart." (Source: Bloomberg) Tuesday, January 24, 2012 Joe Granville Predicts Another Earthquake: "Dow Jones INDU to 8000" Earlier this morning I was told that our most popular post on Monday was "Long-time bear joins bulls: Controversial Joe Granville says Dow could rise 800 points"* from August 2008. Joe was wrong on that one. Here's his latest via BusinessWeek, Jan. 23, 2012: Granville Says Dow Industrial May Drop Toward 8000 in 2012 Joseph Granville, whose "sell everything" call in 1981 sparked a decline in US stocks, said the Dow Jones Industrial Average will drop toward 8000 this year because of waning momentum and volume. "Volume precedes prices," Granville, 88, a technical analyst who has been publishing the Granville Market Letter from Kansas City, Missouri for about 50 years, said in an interview on "Street Smart" on Bloomberg Television. "You are seeing much lower volume. That tells you that prices are going to go much lower, much lower than most people think possible and very few people have projected." The Dow average has gained 4 percent this year to 12708.82 at 4 pm in New York. The Standard & Poor's 500 Index has ...
www.millionairecorner.com UNEMPLOYMENT RATE INCREASES Job growth in May was the weakest in a year and employers added only 69000 jobs, according to the Labor Department. Economists had expected non-farm payrolls to increase by 150000. According to Fox Business the unemployment rate increased to 8.2 percent. While past months have blamed the unseasonably mild winter for the sluggishness, analysts are now feeling there is a fundamental weakness in the economy. MANUFACTURING WEAKENS IN BOTH EUROPE AND CHINA The Eurozone's manufacturing index, the Purchasing Manager's Index or PMI, dropped to 45.1 from 45.9 in April, slightly above its lowest rating in June 2009. The Chinese PMI fell to 50.4 while HSBC's number for the factory sector in China fell to 48.1 , according to CNBC. MAY ENDS UP DISMALLY The Dow ended up down 26 points on Thursday at 12393 and bore out the new "sell in May and go away" theory. According to the Associated Press, May was the first losing month since September and the biggest monthly point loss since May 2010. Disappointing unemployment claims reports and poor first quarter economic growth added to the losses and the uncertainty in Europe over both Spain and Greece continues to impact the markets. European and Asian markets are both down on Friday. GERMANY AGREES TO GIVE SPAIN MORE TIME Germany has switched its opinion and decided to support a European Commission proposal to give Spain more time to balance its budget, in a sign that Berlin is becoming ...
thefilmarchive.org July 12, 2012 The London Interbank Offered Rate is the average interest rate estimated by leading banks in London that they would be charged if borrowing from other banks.[1] It is usually abbreviated to Libor (play /?la?b?r/) or LIBOR, or more officially to BBA Libor (for British Bankers' Association Libor) or the trademark bbalibor. It is the primary benchmark, along with the Euribor, for short term interest rates around the world.[2][3] Libor rates are calculated for ten different currencies and 15 borrowing periods ranging from overnight to one year and are published daily at 11:30 am (London time) by Thomson Reuters.[4][5] Many financial institutions, mortgage lenders and credit card agencies set their own rates relative to it. At least 0 trillion in derivatives and other financial products are tied to the Libor.[6] In June of 2012, multiple criminal settlements by Barclays Bank revealed significant fraud and collusion by member banks connected to the rate submissions, leading to the Libor scandal.[7][8][9] The Libor scandal is a series of fraudulent actions connected to the Libor (London Interbank Offered Rate) and the resulting investigation and reaction. The Libor is an average interest rate calculated through submissions of interest rates by major banks in London. Libor underpins approximately 0 trillion in derivatives. It is controlled by the British Bankers' Association (BBA).[3] The banks are supposed to submit the actual interest ...
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The Wall Street Journal reports, in the latest sign of the government's gradual retreat from financial-crisis-related programs, the Treasury Department is expected to announce Monday that taxpayers reaped a billion profit on mortgage bonds purchased at the height of the meltdown. The profit is the Treasury's biggest for any program tied to the 2008-2009 crisis. The government last week sold the last of the bonds, winding down Treasury's ownership of debt backed by the federally backed mortgage investors Fannie Mae and Freddie Mac. Treasury spent 5 billion on purchases over 16 months before it began selling the securities last year. Officials said the effort shows the government can unwind a rescue program without roiling markets. How asset prices might respond to the eventual curtailment of government support has been a tense subject for investors in recent years. The Wall Street Journal also reports, Apple said today, it would pay a dividend to shareholders and buy back up to billion in stock, heeding calls for the technology heavyweight, to deploy its massive cash pile. Apple, expects to initiate a quarterly dividend of .65 a share sometime in the fourth quarter. Additionally, Apple's board authorized a 10 billion dollar share repurchase, beginning on Sept. 30th. The repurchase program is expected to be executed over three years. As of the end of December, Apple's cash, cash equivalents and short-term and long-term marketable securities, totaled roughly ...
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