Reuters – U.S. stocks fell on Friday on euro-zone debt worries that could spill over into next week’s trading with a bearish note, while retailers lost ground after a weak profit outlook from Gap.
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AFP – The Saudi stock market, the largest Arab bourse, began the week’s trading up on Saturday after shedding 15 percent of its value last week, as fears of uprisings spreading shook Arab financial markets.
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Read More »The dollar advanced against the currencies of six major U.S. trading partners as a government report showed employers eliminated fewer jobs in July than economists forecast.
The yen dropped against all of its major counterparts as the payroll report indicated a recovery in the world’s largest economy, encouraging Japanese investors to buy higher-yielding assets overseas.
The dollar climbed 0.4 percent to $1.4283 per euro at 9:45 a.m. in New York, from $1.4345 yesterday. The U.S. currency gained 1.4 percent to 96.78 yen from 95.46. The euro advanced 1.3 percent to 138.25 yen from 136.94.
Futures on the Chicago Board of Trade indicated a 74 percent chance that the Fed will increase the target lending rate from its range of zero to 0.25 percent by its January meeting, compared with 66 percent odds a month ago.
Read More »U.S. stocks fell for a second day as plunging Chinese shares and commodities stoked speculation that the surge in equities has outpaced the economy, while the Treasury sold notes at a higher-than-forecast yield.
Stocks in China plunged on speculation the government will curb inflows into a market that had doubled from last year’s low. The benchmark gauge, which has surged 79 percent this year, tumbled 5 percent to end a five-day, 7 percent advance that pushed valuations to the highest since January 2008.
The dollar advanced the most against the currencies of six major U.S. trading partners in almost four weeks as stocks fell and crude oil slumped, bolstering demand for the greenback as a haven.
Crude oil fell the most in three months after a government report showed an unexpected gain in U.S. supplies as imports rose and refiners cut operating rates.
Stockpiles surged 5.15 million barrels to 347.8 million in the week ended July 24, the Energy Department said. It was the biggest weekly increase since April. Supplies were forecast to decline by 1.5 million barrels, according to the median of analyst estimates in a Bloomberg News survey.
Source: Bloombeg.com
Read More »Market Wizards: Interviews with Top Traders
Published in 1989, the interviews in this book were conducted while the stock market crash of October 1987 was fresh in people’s minds. Some of those interviewed made money on the crash, some lost money, and many have something to say about it.
Interview subjects include Michael Marcus, who multiplied his company account 2500-fold in a decade, and his protégé Bruce Kovner, perhaps the world’s largest currency and futures trader at the time. The interview also features interviews with 4 traders of stocks futures, including William O’Neil, his protégé David Ryan, and the man who won big several times in the U.S. Trading Championships, S&P futures trader Marty Schwartz.
He also interviewed Dr. Van K. Tharp, a research psychologist who studied “the psychology of winning” so as to come up with a “model” of winning traits which can then be taught to other people.
Buy Market Wizards: Interviews with Top Traders
