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The Financials Pit Review
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For the week of February 25th, 2008
Tue, Feb 26 2008, 10:23 GMT
by Kalvin OBrian
U.S. Economy
The market tried to gain some ground at the end of last week with positive news on a potential bail out for bond insurer Ambac Financial. With so many negative stories, it feels like the market will take any excuse to turn positive. The trick will be holding the ground once it is gained and this week will provide the test for that. Fed chairman Bernake will be speaking twice in the coming week and his comments, paired with a couple of key reports, will set us up for a chance to short the S&P with tight stops as I am looking for the news to continue to be gloomy.
Currencies
This week may present some great opportunities for short plays in the Canadian dollar as its historic ride higher may come to an abrupt halt with economic slowdown in the United States and quarterly earnings reports due from some of their major banks. The key thing to remember is that around 75% of Canadian exports head south and if domestic and American demand slump, so does the loonie. In addition, the International Monetary Fund has projected a 1.8% decline in Canadas economic growth.
On the other side of the pond, the Bank of England lowered their interest rate by a quarter point but still projected weaker consumer spending amid reports that loans are getting harder to come by and housing prices have dropped for the fifth month in a row. I expect this will be the first of at least a few reasons to be short the British Pound. Take advantage with long puts and put spreads.
Published on Tue, Feb 26 2008, 10:43 GMT
Archive
- For the week of November 3rd, 2008
Published On Tue, Nov 4 2008, 05:40 GMT - For the week of October 27th, 2008
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Published On Tue, Sep 30 2008, 06:08 GMT
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