The reasons why I railed against the TARP program were borne out by Mr. Obama's speech last night. I knew at the inception of the proposed Troubled Asset Relief Program that it would lead to an open ended increase in government spending. And that, of course, their version of a bailout would only lead to the need of further bailouts with increased intensity down the road.
China Has Been Driving Materials ETFs and Mining ETFs Lower
Wednesday is a Fed Day. I've written a lot about Fed Days and they've historically shown a positive bias. Despite this bias they represent an event that is often anticipated with some anxiety by market participants. This anxiety is natural as participants await potentially market-moving news.
I guess even if you were proven correct about your concerns over the problems with the housing market and then vindicated about your concerns over the credit boom you can still not be accorded any respect from the mainstream media. Yesterday, I was vilified for not getting my mind right in believing the economic recovery has arrived
The nascent rebound in the housing market took another step back with the release of today's Existing Home Sales report. The National Association of Realtors said the existing homes plunged 17%, which is the biggest decline since records began being kept in 1968. The annual rate of sales fell to 5.45 million units, down from the 6.54 million unit annual pace in the prior month.
With all eyes focusing on the earnings announcement post-market close January 25th and then the 'mystery' product event announcement on January 27th, I thought it would be a good time to take a triple timeframe "fly-by" of the monthly, weekly, and daily chart of Apple (NQ: AAPL).