World Markets. Last week’s performance: Argentina -27%; Australia -17%; Egypt -21.5%; Germany -13%; Mexico -13%; Norway -20.4%; Sweden -17%; Turkey -17%. YTD performances range from the best, Morocco -22% to the worst, Austria -76.5%.
Inverse Commodity ETN. A horse-out-of-the-barn idea. With deflation or inflation still being debated here is one for the bears. For those who believe commodity prices will continue to decline look at DDP. This is an inverse ETN that has doubled in price over the last six months. Careful for low volume and wide spreads.
Manicures. When our friend Jane has her manicures by Sally the discussion often turns to stocks. It seems Sally is a day trader and had been doing alright. Last summer Sally kept telling Jane about the stocks she was trading and, seemingly, making money hand over fist. Sally was trading RIMM, ISRG, FSLR, BG and all the fast moving shares. Jane would call and ask why I wasn’t doing as well as Sally. I would be jealous, of course, but couldn’t really figure out how to duplicate Sally’s success. Yesterday was Nail Day for Jane and she got an update from Sally. Sally’s husband has left her after she admitted to him that she had lost $400,000 in the market. Seems Sally was trading on margin and pyramided her account in the wrong direction.
Goldman, Sachs. In Barron’s, Andrew Bary made a good point re GS. Goldman’s partners buy shares at book value. Now, so can you. Public shares are quoted right at book value.
GN’R. Whats with Jon Pareles of NYT devoting almost two pages to the new Guns N’ Roses album? Axl Rose, the lead singer and sole surviving member of the ’80’s rock group debuts his album, which began production in 19994, today. Pareles pretty much dismisses it. In exhaustive detail.
Citibank news could, could keep the rally going. But I will have a finger on the sell button, especially if Obama, at his noon press conference, says he will continue his campaign promise of taxing the largest earners.
Spam! Hormel is adding shifts to meet demand of this canned meat. What does that say about consumer spending?
