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Financial Planning – Books by James B. Driscoll – Youngstown, OH

November 22, 2011 Leave a comment

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Categories: Economic Update

Financial Planning – Books by James B. Driscoll – Youngstown, OH

November 22, 2011 Leave a comment
Categories: Economic Update

Senior Services – Home – Youngstown, OH

November 4, 2011 Leave a comment

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Categories: Economic Update

Dow tumbles 297 as Greece send markets tumbling = 11-2-11

November 2, 2011 Leave a comment

 

Update: Dow Down 297 as Greek Shocker

Sends Markets Tumbling

By James B. Driscoll – Tue, Nov 2, 2011 12:39 PM EDT

Update: Stocks closed near their lows of the session with the Dow down 297 points, or 2.5%, to 11,656, and has fallen about 645 points from Friday’s intraday high above 12,300. Meanwhile the S&P lost 2.8% and the Nasdaq fell 2.9%. The dollar rose sharply vs. the euro and Treasury prices spiked as traders fled from so-called risk assets and reconsidered the wisdom of a 5-week rally that (apparently) peaked last week

Stocks mounted an ill-fated comeback effort Tuesday afternoon amid reports the Greek referendum was DOA. But the rally faded after a Greek government spokesman said the vote will proceed as originally scheduled. Headlines about U.S. lawmakers considering a financial transaction tax further added to the negative mood on Wall Street.

Earlier: Greek Prime George Papandreou sent shock waves across global markets Tuesday after announcing he’s holding a confidence vote and public referendum over the Greek bailout packaged approved by the European Union last week. The latest rescue for Greece includes a 50% haircut for Greek bondholders and $180 billion in new aid for the country from the European Financial Stability Facility, which is planned to be increased from $600 billion to $1.4 trillion.”  said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte tells Reuters.

The Dow Jones and S&P were down 2% in recent trading on this news —a drastic turn of events on the heels of the biggest 5-week rally since 1974.

“We trust citizens, we believe in their judgment, we believe in their decision,” Papandreou told ruling Socialist party deputies. “In a few weeks the (EU) agreement will be a new loan contract… we must spell out if we are accepting it or if we are rejecting it.”

But it seems the majority of Greek citizens are not in favor of the rescue plan agreed to last Thursday, according to a survey conducted after the agreement by newspaper To Vima. Nearly 60 percent of Greeks view the bailout as negative and a threat to the country’s sovereignty.

“The decision by Greek PM Papandreou to hold a referendum on the European plan to Save Greece is basically a call to the Greeks of whether they want in or out of the euro more than a vote on the latest bailout plan,” writes Miller Tabak’s equity strategist Peter Boockvar. “The Greeks don’t want more austerity but they want to stay in the euro and that’s why the referendum will likely get a yes vote but we unfortunately have to wait until January for this.”

And so, the never-ending story continues.

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Categories: Economic Update

The Stock Market: Now More Volatile Than Ever!

November 1, 2011 Leave a comment

The Stock Market: Now More Volatile Than Ever!

By Peter Gorenstein | Daily Ticker – Mon, Oct 31, 2011 11:33 AM EDT

If the market seems more volatile than ever that’s because, based on many metrics, it is!

Today’s Wall Street Journal has the stats:

  • The Dow’s average daily move of 1.7% since August began is twice the decade’s average.
  • Seven moves of more than 3% since August began.
  • Moves of more than 1% on 33 of past 49 trading days.
Dow Jones Industrial Average

11,955.01

Trade Time:

Oct 31

Change:

276.10 (2.26%)

Prev Close:

12,231.11

Open:

12,229.22

Day’s Range:

11,954.41 – 12,229.29

52wk Range:

10,362.30 – 12,928.50

 

 

 

 

Ed Dempsey CIO of Pension Partners, a manager of pension funds based in New York City, says he’s never seen anything like this in his three decades on Wall Street. “I have not seen (volatility like this) and I started in the crash of ’87,” he says.

In the accompanying interview with Aaron Task, Dempsey says the wild swings are a result of advances in technology. “You have so much information that is so unfiltered, but the key is that it’s so actionable,” he observes. “Now anywhere in the world where you are you can take out your smartphone and you can act on the news.”

The WSJ says all this volatility is detrimental to the markets. After all, the Dow is down 13% since its April high (not counting today’s rally, which itself is a sign of volatility). Plus, the swings scare off individual investors, leaving only the big players on the field. The good news, according to Dempsey is that the worst is behind us, at least for now.

(See: After Predicting the “Summer Swoon,” Ed Dempsey Now Sees a “Fall Melt-Up)

Some blame the added volatility, not only in recent months but the last few years, on the growth of high frequency trading, which according to some, accounts for 50% of U.S. trading volume each day.

Regulators in the U.S. and Europe are looking into ways to curb high-frequency trading and/or learn more about their activities. Dempsey thinks that’s a good idea. “Like most things with the markets, people are ahead of the rules and regulations. Rules and regulations absolutely need to catch up.”

 

 

Categories: Economic Update