Iraq Islamic banks urge law reform to boost growth (Gulf Times)

Reuters/Baghdad There is huge potential for Islamic finance in Iraq, banking officials said, and the country’s central bank said it was looking at ways to encourage the sector’s growth in response to demands from Islamic banks. Read more….  Read More →

Saturday Readings

Commercial Real Estate – The economy’s anvil (Time) First ever global housing-led recession (Dr Housing Bubble) Ralph Nader: Obama’s GM plan looks like a raw deal (WSJ) GM bondholders near deadline to accept equity plan (Reuters and NYT) Niall Ferguson: how economists can misunderstand the crisis (FT) The inefficient capital markets... Read more...

Roubini On The Failure To Predict Financial Crises

A very insightful videos from the Perimeter Institute in which Nouriel lectures on his interpretation of the lack of vision of bubble participants, as well as the implicit bubble-creation facilitation by regulators and economists. Definitely worth watching. Read more….  Read More →

Overallotment: May 29

Pravda, yes, Pravda: American capitalism gone with a whimper (Pravda) Manipulation: How markets really work (Baltimore Chronicle) Banks’ appraisal conflicts could continue under new HVCC rules (Implode-O-Meter) Gonzalez theater continues: will “decide” on Chrysler-Fiat deal on Monday (Reuters) Canadian/Russian Magna picked for Opel/GM... Read more...

FDIC’s Deposit Insurance Fund Reserve Ratio Plunges To 0.27% Of Deposits

The FDIC’s Deposit Insurance Fund has plunged to an all time low of just $13 billion as of March 31, or 0.27% of $4.8 trillion in insured deposits. It is worth nothing that since March 31, 15 new banks have failed which includes the biggest one so far this year, BankUnited (which Marla has a special fondness for in her heart and will be providing... Read more...

USD /JPY: A Steeper Declined Coming?

After initially breaking the neck line of our Head and Shoulders formation, the USD/JPY decided to reverse course and move above the neck line. However this rally was short lived as worse than expected GDP numbers were released from the US. This news forced the pair back towards the neck… Read more….  Read More →

A Supercycle Top

This is my first attempt to show the Supercycle from 1932 to the year 2000. As a member of EWI, this is their count (Prechter) and most all EWI members would agree with it as I do. I am not sure I have the last wave 5 labeled as they do, I threw the subwaves together on the fly and have never really looked at it in detail. The point is that it was... Read more...

Zweig Breadth Thrust

Kenny posted about it and explained it today. I’ll steal his wording cause I’m lazy. http://kennystechnicalanalysisblog.blogspot.com/2009/05/market-update-may-29th-2009.html ” This signal is rare and indicates a rather large move ahead. The Breadth Thrust Indicator is another momentum indicator. Developed by Martin Zweig, you... Read more...

Examining Friday’s End of Day Spurt

Its not often I throw submicrowaves up on a chart. But Friday’s end of day move was so curious I couldn’t help myself. Hey thats what I do! I charted the end of day structure as best I could with what the waves say so far. And the waves point toward a blowoff wave 5 top. The e-minis match up well with this also. A gravestone-ish... Read more...

Honing in on a P2 target

First, let me say that I think the market likely hit either a “D” or “X” wave peak today. In either case, we are looking at a 5-3-5 zig zag down. How bearish and big the zig zag only the market can determine. Lets just say that 880 holds and perhaps we get an E wave early next week and the triangle pattern stays true (good chance... Read more...

Elliott Wave Update ~ 29 May

UPDATE 5:20 PM: added a 1 minute chart Primary Count is the Blue Minor X wave peaked today and on Monday the next Minor-degree level corrective wave will begin to play out. I posted a lot last night on these patterns. The alternate of course is the giant Intermediate sized Red (X) wave triangle. Today’s high would have been the “D”... Read more...

Forex: USD/JPY falls to 95.00 (The Forex Market)

FXstreet.com (Córdoba) – The Dollar weakened further today across the board. USD/JPY fall below 95.35 and went to test 95.00. The pair rebounded to 95.20. So far today the pair has fallen 1.75% from opening price. During the American session the pair lost 70 pips.  Read More →

GBP/USD reaches 1.6199 and falls to 1.6145 (The Forex Market)

FXstreet.com (Córdoba) – The Pound reached a fresh 5-month low against the Dollar. GBP/USD topped at 1.6199 during the American session. Currently the pair is pulling back from those levels and has found support at 1.6145. So far today GBP/USD is up 1.35% from opening price.  Read More →

Forex: EUR/USD rejects from 1.4170, back to 1.4100 (The Forex Market)

FXstreet.com (Barcelona) – EUR/USD has reached a new 5-month high at 1.4170 but it has been rejects strongly about 70 pips to tests 1.4100 level. Currently the pair is trading around 1.4125/35, 1.30% above today’s opening price.  Read More →

Robert Rodriguez On The Economy

Now and then there is a glitch in the matrix, and one can actually find something useful in that massive propaganda machine known as CNBC (all hail General Electric and the upcoming US nationalization of every deteriorating corporation). Presented below is an interview with Robert Rodriguez, CEO of First Pacific Advisors and Morningstar Fixed Income... Read more...

300 Million Shorts Covered In Russell 3,000 During First Half Of May

TrimTabs reporting that in the first half of May (May 1-15), short interest on the Russell 3,000 stocks dropped to 13.32 billion shares ($253 billion / 2.78% of market cap) from 13.62 billion shares ($260 billion / 2.88% of market cap) on April 30. There was net short covering in eight of the ten major sectors with Financials and Information Technology... Read more...

Dollar Beatdown Ramping Up

Carry traders have called it a day and are now all congregating at Flashdancers. Read more….  Read More →

Chart Of The Day: AUD/USD

Price action on AUD/USD, a daily chart of which is shown, has reached the key psychological 0.8000 level on substantial dollar weakening. This pair has been entrenched in a relatively steep uptrend extending from the March lows, and has further accelerated its uptrend since late April. With any strong breakout… Read more….  Read More →

Yen Strengthens on Improvement in Industrial Production

The USD/JPY’s run is fading quickly, backing away from our 2nd tier downtrend line while giving into the heavy downward pressures exerted on price. Present weakness in the USD/JPY comes after a head-turning 5.2% growth in industrial production, giving investors incentive to appreciate the Yen. Investors seem to be ignoring… Read more….  Read More →

GBP/USD Breaks Through 1.60

The Cable busted through our 2nd tier downtrend line and the psychological 1.60 level as investors return to risk. We view the defeat of our 2nd tier downtrend line as a significant move, giving a green light to the Cable’s bull trend. Our 2nd tier downtrend line stretches back to… Read more….  Read More →

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