We have changed the name of the blog.
Tuesday, December 8th, 2009. 9:15 a.m.
NOTE: We have changed the name of the blog from syhardingblog.com to streetsmartpost.com.
We want to try to get some advertiser income on the site so we can continue to provide the blog free. And advertisers are more comfortable with a business-sounding name, rather than what sounds like a personal blog. So please change to the new address StreetSmartReportPost.com, and make the change in your favorites list.
The old name will still work (we think), but will be slower as it will just be a ‘pointer’ re-routing you to the new address. No other changes. It’s still my daily blog.
Via your requests, we are also sprucing it up some, adding Digg, Twitter, etc. capabilities, so you can rate your satisfaction with the blog (or lack thereof) at Digg (which would be a big help to us if you like the blog), and tweet it on Twitter, and pass it along to friends via Facebook, etc.
Bernanke warnings about U.S. economy spooks global markets.
Fed Chairman Bernanke may be feeling he has pumped up too much confidence in the U.S. economy, and enthusiasm in markets, with his comments of recent months, which have sparked expectations that the Fed is so confident about the economy that it is ready to begin raising interest rates and removing stimulus efforts.
In any event, regardless of his reasons, in his speech yesterday Bernanke warned that the U.S. economy is facing “formidable headwinds” and will continue to struggle, warning that reluctant consumers, tight credit, and a weak jobs market will restrict the recovery.
Japan not happy with its recovery.
It was reported last night that Japan is proceeding with an additional $81 billion stimulus plan, still worried about falling prices and deflation as I reported several weeks ago, not rising commodity prices and inflation (which is the popular theme in the U.S.)
The thought of more economic stimulus did not stimulate the Japanese stock market, which although not as negative as some other Asian markets, did close down last night.
Asian markets were mostly down last night.
Among individual countries; Australia closed down 0.1%. China closed down 1.1%. Hong Kong closed down 1.2%. Japan closed down 0.3%. India closed up 1.4%. Singapore closed up 0.3%. South Korea closed down 0.3%. Taiwan closed down 01%.
NOTE: If you’d like to see a 4-month chart of any of these markets (and more), click here, and click on any of the market indexes at the left side of the page it takes you to.
Markets this morning.
European markets are down quite sharply, on average of about 1.5%.
Oil is down $.90 a barrel at 73.01 at the moment, as commodity prices continue to collapse.
Gold is plunging sharply again, after trying to rally yesterday. Gold is down $19 an ounce at $1,145 an ounce. Subscribers: I hope you didn’t miss last Wednesday’s update on Gold, Bonds, Dollar, Inflation, and the Special Report and hotline on Friday.
In the U.S.
The week’s very light schedule of potential market-moving economic reports continues, nothing much at all in the way of reports today. To see the full schedule click here, and look at the left side of the page it takes you to.
But Fed Chairman Bernanke’s warning yesterday that the economy will continue struggle is giving investors something to think about, not helped by the decline in Asian markets last night, and the big plunge in European markets this morning.
Our pre-open indicators are very negative, pointing to the Dow being down 60 points or so in the early going.
Stock Market Patterns.
The ‘monthly strength period’ was due to end last Friday. This week is the week before this quarter’s quadruple-witching expirations week, and the week before tends to be negative.
Interesting Charts of the Morning.
Is gold going to find support at its short-term 21-day m.a.? The m.a. is at $1,151 an ounce. Gold is currently below that level, down $11 at $1,147 this morning. And short-term MACD triggered a short-term sell signal at yesterday’s close.
As you know I have been telling you for a few months to keep your eye on the U.S. dollar. If the very oversold and out of favor dollar reverses direction and begins to rally it will have a big effect on other assets; the stock market, gold, commodities, bonds, etc.
Please scroll down to see other recent ‘Interesting Charts of the Morning’.
To read my weekend newspaper column ‘The Economic Recovery is Looking Stronger Every Week!’ click here!
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