Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Wednesday, the 11th of July.
San Bernadino, a city of 210,000, just filed for chapter 9 bankruptcy on Tuesday. If you are keeping score, that is 3 cities in a row in just as many weeks that have filed for bankruptcy. Do you think there are going to be more in the coming weeks and months?
Remember Denise Rich? She is the same lady who was married to Marc Rich, who was once a tax fugitive. She is the one who donated a boat load of money to President Clinton, who then pardoned her ex-husband. Well, it looks like she just renounced her American citizenship for family (tax?) reasons... If we keep banging on the wealthy folks in America, pretty soon we won't have any left to support the politicians.
In other parts of the world, Prime Minister Rojoy of Spain is having to swallow the bitter pill of reality. Austerity programs are being demanded by the rest of the gang of 17 who make up the Euro zone. "Peseta, anyone?"
TODAY'S MARKET MOVING SECTORS and STOCKS:
Percentage changes in stocks are relative to the S&P 500
| CONSUMER GOODS: -0.29% | Biggest Loser DF -6.88% |
| SERVICES: -0.34% | Biggest Loser BBY -5.42% |
| HEALTHCARE: -0.31% | Biggest Loser PCYC -9.39% |
| ENERGY: +0.84% | Biggest Winner RDC +3.32% |
| TECHNOLOGY: -0.31% | Biggest Loser GRPN -6.68% |
| FINANCIAL: +0.26% | Biggest Winner MS +2.05% |
| INDUSTRIAL GOODS: -0.85% | Biggest Loser WWD -4.63% |
| BASIC MATERIALS: -0.23% | Biggest Loser ROC -2.66% |
| UTILITIES: +1.06% | Biggest Winner HTM +6.02% |
Now, let's analyze the major markets and stocks on the move using MarketClub's Trade Triangle Technology. Click Here to view today's video
George Benard Shaw said. "A government which robs Peter to Pay Paul can always depend on the support of Paul but not of Peter's."
You can fix that sticking Caps Lock by gently prying off the key and then applying some silicon lubricant to the underlying mechanism. Make sure the keyboard is disconnected first.
I posted to the wrong blog. Sorry.
SOONER or LATER, VERY LIKELY LATER, the bankers, the politicians and the establishment economists [who should know better] are going to be FORCED to confront the reality of an economics axiom: TRUE WEALTH AND PROSPERITY CAN NOT BE CREATED BY PUMPING PRINTED MONEY INTO AN ECONOMY AND/OR BY INCREASING DEBT. The "Economic Recovery" charade will come to an end and the inevitable long feared CORRECTION will set in. Untill then, everything will continue to fester in an unpredictable manner.