Financial Review

Notice to Readers 05-16-2014

We will be undergoing some site renovations in the next few days (weeks); trying to build a better site. Hopefully it won’t be an inconvenience. Thank you for your patience. Sinclair

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Financial Review

January, Tuesday 03, 2012

DOW + 201 = 12418 SPX + 21 = 1278 NAS +44 = 2649 10 YR YLD +.09 = 1.96% OIL +4.22 = 103.05 GOLD +37.20 = 1604.60 SILV +1.85 = 29.81 (biggest % gain in 3 years) PLAT + 32.00 = 1435.00 Here is the basic question for investing in 2012: will we see a turnaround? Will we see economic growth or is the economy so inherently damaged that you should fear it and possibly short it? The Federal Reserve has been driving the bus, so let’s start there. The Fed has been active in Quantitative Easing. This means the Fed has been adding tremendous amounts of money into the financial system by selling treasuries directly from the government to the big banks at auction.  The Fed then purchases the treasuries from the big banks, also known as primary institutions, and pays the banks by crediting their accounts. The big banks get paid for holding the treasuries in reserve. And the big banks now have new “cash” for their banking activities. You have to think the Fed intervention had something to do with treasury bonds posting one of their biggest annual gains last year. Further, the Fed has a ZIRP Policy, or Zero Interest Rate Policy. The Fed has held interest rates to the big banks at near zero for the past 3 years, and they announced today they will communicate any intention to change the ZIRP – there will be no surprise interest rate hikes, but eventually there …

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Financial Review

February 14, 2012

DOW + 4 = 12,878 SPX – 1 = 1350 NAS +0.44 = 2931 10 YR YLD -.07 = 1.92% OIL +.29 = 101.20 GOLD – .80 = 1722.10 SILV – .14 = 33.68 PLAT – 26.00 = 1635.00 Over the weekend, the unelected technocrat Greek Prime Minister warned that if the terms of the second Greek bailout were not approved, there would be a “disorderly bankruptcy that would create conditions of economic chaos and social explosion. The savings of the citizens would be at risk. The state would be unable to pay salaries, pensions, and cover basic functions, such as hospitals and schools, and … the country – public and private sector alike – would lose all access to borrowing and liquidity would shrink. The living standards of Greeks would collapse. The country would drift into a long spiral of recession, instability, unemployment and prolonged misery. These developments would lead, sooner or later, to exit from the euro.” And so the Greek parliament voted to accept a plan to impose austerity on the already austere Greek economy in exchange for a 130-billion euro bailout needed to pay 14-billion in bonds that are set to be redeemed in March.  If there is a default on the bonds, it would likely start a process of national bankruptcy which in the first order would mean state pensions, wages, contracts and medical bills not being paid. From there, the insolvency would multiply outwards into the already deeply impaired private sector, where many businesses …

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Tuesday, March 11, 2014 – The Next Wave

The Next Wave by Sinclair Noe DOW – 67 = 16,351 SPX – 9 = 1867NAS– 27 = 430710 YR YLD – .02 = 2.76%OIL – 1.60 = 99.52GOLD + 9.70 = 1350.50SILV + .05 = 20.99 Stocks were higher for most of the day, with the S&P 500 looking at record territory. Prices dropped as the session wore on. Copper futures slid as much as 3 percent to the lowest level since July 2010 as signs of slowing economic growth in China sparked concern demand will slump. (We told you about that yesterday.) Yesterday we marked the 5 year anniversary of the bull market and the 14 year anniversary of the bear market. Today, we remember the date 3 years ago, when the ground shook and a wave washed over the eastern shore of Japan. The Fukushima Daiichi nuclear plant, which exploded and underwent three core meltdowns, continues to spew radiation into the air and sea. Decommissioning is expected to take decades. Another earthquake could send radioactive fuel rods into another meltdown. There are still questions about whether to re-start other nuclear facilities in Japan that were idled following the disaster at Fukushima. Demonstrators have been marching by the thousands in Tokyo to mark the anniversary and to protest against nukes. Perhaps the most troubling thing is after three years there is no full explanation on what went wrong at Fukushima, and how to avoid a recurrence. The situation in Ukraine remains on the verge of a meltdown. Diplomatic …

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Wednesday, November 27, 2013 – Evangelii Gaudium and Happy Thanksgiving

Evangelii Gaudium and Happy Thanksgiving by Sinclair Noe DOW + 24 = 16,097SPX + 4 = 1807NAS + 27 = 404410 YR YLD + .03 = 2.74%OIL – 1.40 = 92.28GOLD – 4.40 = 1238.60SILV – .11 = 19.80 This has been a quiet week on Wall Street; the two major features have been record highs for the DOW and the S&P and 13 year highs for the Nasdaq, combined with light volume. Now normally, light volume on record highs would be an indication the market has run out of steam and is ready to roll over. But this is a holiday shortened week; the markets are closed tomorrow for Thanksgiving, and then just very, very quiet day on Friday. So, it’s difficult to read much into the price and volume other than to say, there is a pause for the holiday. Happy Thanksgiving. Plenty to be thankful for; the S&P 500 has climbed 2.8 percent in November, poised for the third straight monthly gain. The S&P 500 is up 27% this year; the Nasdaq is up 33% year to date. Economic data today shows fewer workers filed applications for unemployment benefits last week; that’s a good report for the labor market. The Thomson Reuters/University of Michigan final index of consumer sentiment in November unexpectedly rose to 75.1 from 73.2 a month earlier, and came in higher than expected. The Conference Board’s index of leading indicators, a gauge of the economic outlook for the next three to six months, rose …

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Tuesday, November 05, 2013 – Hey Guy, Remember the Fifth of November

Hey Guy, Remember the Fifth of November by Sinclair Noe DOW – 20 = 15618SPX – 4 = 1762NAS + 3 = 393910 YR YLD + .06 = 2.66%OIL – 1.00 = 93.62GOLD – 2.70 = 1312.90SILV + .05 = 21.81 Today is election day in much of the country. In 1872, Susan B. Anthony was arrested for trying to vote. If you don’t vote today, at least remember the people who tried to make sure you have the right to vote. Today is also Guy Fawkes Day. In 1605 Fawkes led the Gunpowder Plot, a plot to blow up the English Parliament. That didn’t work and he was hanged. The plot is recognized with bonfires to this day, and those strange white masks with the smiling, mustachioed guy that have become popular with protesters from New York to Cairo. Also, the word “guy”, comes from Mr. Fawkes; nobody used the word before he came along. Hey guy, where you going with that mask on your face? Stocks moved lower today but the Dow Industrials wiped out most of a 117 early morning decline; this followed two days of gains for the Dow and the S&P 500, while the Nasdaq stretched its winning streak to three sessions in a row. Treasury prices pulled back for the fourth day of losses in the past 5 sessions. According to data released by CoreLogic Tuesday, home prices rose 0.2% in September as the annual pace hit 12%; that’s the fastest annual pace since …

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Tuesday, September 03, 2013 – Welcome to September

Welcome to September by Sinclair Noe DOW + 23 = 14,833SPX + 6 = 1639NAS + 22 = 361210 YR YLD + .10 = 2.85%OIL + .89 = 108.54GOLD + 15.70 = 1413.20SILV + .75 = 24.38 Well, we still haven’t started the war, yet. Congressional leaders from both sides of the aisle lined up in support of military intervention. The Senate Foreign Relations Committee opened a hearing and grilled Secretaries Kerry and Hagel. Tomorrow, Kerry and Hagel are scheduled to appear before the House Foreign Affairs Committee. The debate is shifting away from “Did Assad use chemical weapons?” to “What should be done about it?” Clarity of objectives seems to be a work in progress. Maybe all the talk will eventually consider the possible consequences of a military attack on Syria. Is it really possible to bomb a country and avoid deeper involvement? So far, the politicians are trying to work it out in a logical progression; if A, then B. That’s not always how it happens in war. Logic gets thrown out the window. At this time of crisis, it is worth remembering another time, 30 years ago in October, 1983 when US warships bombarded Lebanon, the country located next to Syria. Within weeks, the US Marine barracks in Beirut was blown up by a massive truck bomb that killed 241 American servicemen: 220 Marines, 18 sailors and three soldiers. The truck driver/suicide bomber was an Iranian national whose truck contained explosives that were the equivalent of 21,000 …

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Monday, June 10, 2013 – New Journalism and Cyber Wars

New Journalism and Cyber Wars by Sinclair Noe DOW – 9 = 15,238SPX – 0.57 = 1642NAS + 4 = 347310 YR YLD + .05 = 2.21OIL – .26 = 95.77GOLD + 2.40 = 1388.00SILV + .26 = 22.05 Last week, the Guardian, a British newspaper, published classified information on phone and internet monitoring by the US government, as well as classified information about how the US has been conducting cyber attacks around the globe. Today we learned that the guy who leaked the classified information to the Guardian is a guy named Edward Snowden; he’s 29 years old; he got the classified data while he worked for Booz Allen Hamilton, a private contractor. Snowden recently moved to Hong Kong. Still waiting to hear if he’ll be extradited. For several years now, my friends Pat and Linda Gorman have invited me to speak at the economic conferences each year. Each day, here on the radio I talk about the economic news of the day, so when I speak at their annual conference I try to make those presentations about big trends. In 2011, one of the trends I brought up was something I labeled New Journalism, based in part on the Wikileaks model. In 2012, another trend was CyberWars. I’ve expanded on those ideas in this presentation I made this past April. So, I went back and looked at that speech over the weekend. I’ll share some of it with you today. The idea of New Journalism was that we …

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Thursday, May 02, 2013 – Dying to Work for Slave Wages

Dying to Work for Slave Wages by Sinclair Noe DOW + 130 = 14,831SPX + 14 = 1597NAS + 41 = 334010 YR YLD – .01 = 1.63OIL + 3.04 = 94.07GOLD + 9.30 = 1468.40SILV + .18 = 23.93 Yesterday the Federal Reserve left interest rates unchanged and announced they would continue buying $85 billion a month in Treasury bonds and mortgage backed securities; they might increase or reduce the purchases depending; they blamed politicians for fiscal policy, or lack thereof. Today, the European Central Bank cut interest rates for the first time in 10 months, promising to provide as much liquidity as eurozone banks need well into next year and to help smaller companies get access to credit. The ECB lowered its main interest rate by a quarter percentage point to a record low 0.50 percent in response to a drop in eurozone inflation to an annualized 1.2%, well below its target level, and rising unemployment. ECB President Mario Draghi said the central banks was “ready to act if needed’, should more be required to boost the eurozone’s economic health. Sounds good; doesn’t mean much. The late moves by the ECB probably won’t do much to lift the economic health. The best analogy I heard today was that the ECB action is like opening the windows in a convertible when the top is already down. In recent months there have been growing calls for European countries to move away from austerity measures. Both French President Francois Hollande and newly-elected Italian Prime Minister Enrico Letta …

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Thursday, April 11, 2013 – Banks Behaving Badly

Banks Behaving Badly by Sinclair Noe DOW + 62 = 14,865SPX + 5 = 1593NAS + 2 = 330010 YR YLD – .01 = 1.79%OIL – 1.15 = 93.49GOLD + 1.70 = 1562.00SILV + .01 = 27.76 The markets went up today because the market has been moving higher. Nothing in the news to derail the trend. Jobless claims fell far more than expected in the latest week, dropping to the lower end of the range for the year. Retail executives forecast improved same-store sales in April after mixed results in March. Other economic data showed import prices slipped 0.5 percent last month, in line with expectations, while export prices fell 0.4 percent, signaling inflation pressure remained tepid and would allow the Federal Reserve to continue with its current monetary policy. Most of the shorts in the market have been pummeled already; if you’re waiting for a pullback, you’ve probably run out of patience. The trend is up; at least for now. And we are in earnings season. I’m waiting for the big banks to post results. Right now the banks are generally trading below book. Citigroup trades at about 14 percent less than tangible book value,and Bank of America trades at a 7 percent discount to book value. JPMorgan, the biggest US bank by assets, and Goldman Sachs, the fifth-biggest, trade for 28 percent and 9 percent more than tangible book value, respectively. One of the concerns is that the banks still hold toxic assets on their books, and …

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Wednesday, March 20, 2013 – Not Today

Mark your Calendar, April 5 & 6 and make your reservations for the 2013 Wealth Protection Conference in Tempe, AZ. For conference information visit www.buysilvernow.comor click hereor call 480-820-5877. This year’s conference features Roger Weigand, Nathan Liles, David Smith, Mark Liebovit, Arch Crawford, Ian McAvity, Bill Tatro, and I will speak on Friday. There is an expanded Q&A session with all speakers on Saturday. I hope you can attend.  Not Today by Sinclair Noe DOW + 55 = 14,511SPX + 10 = 1558NAS + 25 = 325410 YR YLD +.03 = 1.94%OIL + 1.14 = 93.30GOLD – 6.10 = 1607.70SILV – .09 = 28.92 Looking back, we all remember the crisis of 2008, money markets broke the buck, Bear Stearns bombed as Cramer cried buy, buy, buy; Lehman imploded; and Hank Paulson scribbled a 3 page note and begged, literally begged Nancy Pelosi on bended knee to bailout the banksters. And then in 2009, the strangest thing happened. The stock market bottomed and started moving higher. There were challenges along the way, here’s a partial list: the Latvian financial crisis, the Dubai debt crisis (those were both in 2009), the flash crash in 2010, the Greek crisis and the first bailout in May 2010, Ireland crisis in November 2010, the Arab Spring actually started in December 2010, the war in Libya in February 2011, the Japanese tsunami was just 2 years ago, the Portuguese debt crisis, the US credit downgrade in the summer of 2011, the Spanish bailout in June …

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Friday, January 25, 2013 – Closing In On the Days of Milk and Cookies

Closing In On the Days of Milk and Cookies by Sinclair Noe DOW + 70 = 13,895SPX + 8 = 1502NAS + 19 = 314910 YR YLD + .10 = 1.95% OIL + .06 = 96.01GOLD – 8.10 = 1660.30SILV – .44 = 31.28 Once upon a time, about five years ago to be more precise, we lived in a land of milk and cookies. Some of you are old enough to remember those happy days when the Dow Industrials hit the dizzying heights of 14,164 in October 9, 2007. The all-time high on the S&P 500 index was 1565, made on October 9, 2007. Of course, the heady, happy days full of hubris were followed by cataclysmic, economic catastrophe as the global financial meltdown followed in short dis-order. Some of us saw it coming, even if we weren’t quite sure how it would hit us. Still, it’s an old and oft repeated story. “Pride goeth before destruction, and an haughty spirit before a fall”; but with humility comes wisdom. If only. What can we expect if we hit new highs? Likely a crash. That’s the pattern. Build it up to watch it fall. Part of the reason for the pattern is that the main driver for market gains has been the Federal Reserve’s near constant injections of stimulus into the markets; and if we hit highs, the thinking is that the Fed could back off the juice, and when that happens, the financial markets get a nasty case of the …

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Thursday, January 24, 2013 – Financial Talk Radio Content Enhancement Bill of 2013

Financial Talk Radio Content Enhancement Bill of 2013 by Sinclair Noe DOW + 46 = 13,285SPX +0.01 = 1494NAS – 23 = 313010 YR YLD +.01 = 1.84%OIL + .84 = 96.07GOLD – 17.10 = 1668.70SILV – .59 = 31.74 Archived audio at www.moneyradio.com (financial review) First, let’s deal with Apple and then we’ll move on. Interesting side note, on this day in 1984, then-Apple Chairman Steve Jobs introduced the Macintosh, one of the first and most successful personal computers to use a mouse and a graphical user interface Late yesterday, the company announced mediocre earnings. That’s when everyone started freaking out. Analysts dissected every second of the conference call, trying to predict the specs of the next iPhone or what the company might do with its mountain of cash. CNBC’s coverage was especially hilarious. The talking heads asked their expert guests over and over again to tell the people when they should buy this stock; which is like telling people when to catch a falling knife. The price action has been horrible. The chart’s broken. There’s really no reason to try and catch shares as they continue to flame out. Apple’s fall from grace isn’t the big story here. Just six months ago, Apple stock was trading near $700. The stock made up a whopping 20% of the NASDAQ-100. So every single tick moved the market. If Apple had a bad day, there was a good chance it would drag the rest of the Nasdaq down with it. What’s …

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Tuesday, December 11, 2012 – If Banks Could Kill They Probably Will

If Banks Could Kill They Probably Will by Sinclair Noe DOW + 78 = 13,248SPX + 9 = 1427NAS + 35 = 302210YR YLD +.03 = 1.65%OIL +.09 = 85.65GOLD – 2.20 = 1711.40SILV – .27 = 33.10 If all goes according to plan, in about 13 days, a star will rise in the east somewhere over Washington DC, signaling the birth of a new budget deal. If you’re waiting for three wise men, don’t hold your breath, because they couldn’t find them in our nation’s capitol. With just days to go before the nation slides down the fiscal Cliff Clavin of tax increases and spending cuts mandated by our confederacy of dunces to take effect with the passing of the arbitrary date on a calendar, there are signs that a deal to avoid the slide is near. Pert’ near every reporter in Washington says a deal is imminent. Just this Sunday, Obama and Boehner met in secret, well, not exactly a secret, and they did something, maybe they came up with a deal, maybe they barbequed some brats and watched some football, but their silence on the subject speaks volumes. Their silence almost provides proof positive that a bipartisan deal must be something that might have possibly been a part of the silent conversation, or not; but hey, it looks like a deal, except for all those pesky details. And it only took two years, possibly, of unnecessary uncertainty and sovereign debt downgrades to hammer out an agreement to …

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Monday, November 5, 2012 – There is a Light at the End of the Tunnel

There is a Light at the End of the Tunnel by Sinclair Noe DOW + 19 = 13,112SPX + 3 = 1417NAS + 17 = 299910 YR YLD -.04 = 1.68%OIL +.85 = 85.71GOLD + 8.10 = 1686.00SILV + .27 = 31.28 Tomorrow it will all be over, maybe; unless, it is too close to call, in which case, it might drag out interminably or it might be decided early tomorrow evening. The latest Reuters/Ipsos poll has Obama leading Romney 50% to 46% for the presidency of Ohio. If that holds up, then it’s a done deal; unless it isn’t. I think there might be a light at the end of the tunnel. Election 2012 has been relentless; it seems like it has been going on forever. This is the season of discontent, no matter which side you support. In the October 2008 jobs report the economy lost 500,000. This month we gained about 170,000 and there were positive revisions for the previous two months. The future looks bright, but grim at the same time. A new report from the National Employment Law Project says that since 2001, employment has grown 8.7 percent in lower-wage jobs and 6.6 percent in high-wage ones but they’ve fallen more than 7% in mid-wage jobs. The situation since the financial Crisis of 2008 is similar: jobs in the mid-range paying $14 to $21 accounted for 60% of jobs lost but only 22% of the job gained while lower wage jobs paying a median wage …

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Thursday, September 27, 2012 – GDP Dries Up

GDP Dries Up by Sinclair Noe DOW + 72 = 13,485SPX + 13 = 1447NAS + 42 = 313610 YR YLD +.02 = 1.64%OIL + 2.25 = 92.23GOLD + 24.30 = 1778.60SILV + .67 = 34.76PLAT + 13.00 = 1654.00 This economics stuff is an imprecise, semi-dismal, pseudo-science. This morning the Bureau of Labor Stats released the preliminary annual benchmark revision to the jobs report. Seems there were an additional 386,000 jobs as of March 2012. They’ll revise the numbers again in February. The Commerce Department reports the US economy grew at an annualized rate of 1.3% in the second quarter; that’s down from 2% in the first quarter; and that’s down from 4.1% in the fourth quarter of last year. The results were worse than anticipated. The Bureau of Economic Analysis made an initial guess that GDP grew at a 1.7% pace, then they revise the guess down to 1.5%, then they make a third and final guess which was today’s 1.3% number. We can talk about politicians, corporations, workers, the Fed, and lots of other factors but one of the most important factors in the lower GDP number was the weather. The Midwest drought wasn’t the only thing that caused the government to change its GDP estimates. Figures for consumer spending and business investment also were revised down, along with the contribution to GDP of net exports.A drop in farm inventories knocked about 0.2 percentage points from the GDP. And we’re just feeling the initial impact of the …

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Tuesday, September 25, 2012 – Fed Good at Growing Inequality

Fed Good at Growing Inequality by Sinclair Noe DOW – 101 = 13,457SPX – 15 = 1441NAS – 43 = 311710 YR YLD -.04 = 1.68%OIL – .51 = 90.86GOLD – 3.90 = 1761.60SILV – .23 = 33.84PLAT + 8.00 = 1634.00 Let’s start with a few economic reports. Case Shiller’s Index of existing home sales posted a 1.6% increase in July; all 20 cities in the index saw housing prices rise; it’s the fourth month of price increases, and the past 12 months are now showing increases. This is very positive news for housing. Pricesin Phoenix gained 2.2% to take the year-on-year increase to 16.6%, by far the strongest advance of any major metropolitan area. Los Angeles saw a 1.3% gain, and the year-over-year comparison has now turned positive by 0.4%. The consumer-confidence index increased to 70.3 in September, the highest level since February. Generally when the economy is growing at a good clip, confidence readings reach at least 90. September expectations increased for employment and business conditions, while consumers’ views on the present situation also rose. One of the big factors affecting the optimistic outlook is the turn in the housing market.  In August, the dividend-reinvested S&P 500 was up some 18% year-on-year. The combination of positive returns on stocks and real estate hasn’t been this good since 2006. Any economic gains are still fragile but you take whatever positives you can find. Both consumer-confidence measures, the one conducted by the University of Michigan and the one done …

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Wednesday, July 4, 2012 – I Gotta Believe It’s Getting Better – Happy 4th

A couple of weeks back I foolishly said I thought things were getting better. Later that day, I was told I was wrong; things are not getting better.I think I can see the argument. It’s an old argument; It was the Best of Times, It was the worst of times. The economy is on the edge of collapse; the so-called fiscal cliff. Europe  is ready for collapse. Sure, there is plenty that is wrong. So, I tried to put together some sort of list of how things are better or worse. I’ve been saying that the economy is in a small “d” depression for the past 4 years. Unemployment is 8.2%, slightly less than the 8.5% rate of February 2009. The numbers are surely under-reported. This is the “new normal”. Drive through any town in America and you can see the businesses that have been shuttered, and the homes that have been foreclosed. We have a debt problem. Today, with a population of 305 million and debt of $16 trillion, it works out to about $52,000 per person… but that leaves out all the unfunded liabilities (which didn’t exist in years past) which add up to more than $75 trillion now, meaning a total debt and liabilities of $250,000 per person in the US.And personal privacy has been effectively shredded. No-knock warrant-less raids are the new norm; and the government is now using drones to spy on citizens; The United States has 5% of the world’s population and 25% of the world’s …

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Wednesday, June 20, 2012 – A Twisted World – by Sinclair Noe

DOW  – 12 = 12,824SPX – 2= 1355NAS +0.69 = 293010 YR YLD +.02 = 1.64%OIL – 3.25 = 81.10GOLD – 11.10 = 1607.80SILV – .30 = 28.22PLAT – 23.00 = 1464.00Quite frankly the Federal Reserve FOMC meetings have become a bit too predictable. They didn’t lower interest rates because rates are already at zero. They didn’t raise interest rates because that would be a total freak out and the financial markets would collapse. The Fed does not have an exit plan from their zero interest rate policy. They didn’t announce QE3 because that would be a blatant destruction of the currency which would send the price of gold soaring; also because they are holding back and waiting just in case Europe hits the self destruct button. The Fed expanded Operation Twist by $267 billion, meaning it will sell short-term securities and buy long-term ones in an effort to keep borrowing costs down. The program, which was due to expire this month, will now run through the end of the year. Operation Twist is a wash; it really doesn’t cost anything; they buy, they sell, it all equals out. The next question is whether Operation Twist actually does anything. Here the results are inconclusive. Long term rates are at historic lows but we don’t know if rates would have been low even without Operation Twist. Perhaps the most pathetic part of the FOMC statement was this: “Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The …

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Wednesday, April 25, 2012 – Bernanke Approximately Right, UK Approximately Wrong, Students Approximately Taxed

DOW + 89 = 13,090 SPX + 18 = 1390NAS + 68 = 302910 YR YLD +.02 = 1.98%OIL -.11 = 104.01GOLD + 2.80 = 1645.30SILV – .12 = 30.81PLAT + 8.00 = 1559.00 If you own shares in Apple, congratulations. It gained nearly $50 to finish at $610, up nearly 9%. If you don’t own Apple, don’t worry about it, don’t chase it. Realize that a big chunk of the move today for the broader market, was really just Apple, but it was a good day, with gainers outpacing losers by 3 to 1. The Federal Reserve wrapped up their FOMC meeting and announced no changes. Wow, what a surprise. The Fed didn’t raise rates – they can’t. They didn’t lower rates – they can’t. They didn’t announce QE3, but they didn’t take it off the table. Bernanke told reporters at a press conference, “We see monetary policy as being approximately in the right place at this point.” He said, “Our intention is to maintain highly accommodative stance of policy for the foreseeable future.” Kind of like QE in Perpetuity. Bernanke stressed that the Fed could purchase more assets if it looked like the economy needed help, but he said some ways to boost the economy, like tolerating higher inflation, would be “reckless.” At the same time, he said it was too early to raise rates, “I think it’s a little premature to declare victory. I think that keeping interest rates low is still appropriate for our economy.” The …

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