Merrill Lynch, Pierce, Fenner & Smith Incorporated, in its capacity as the initial depositor in each of the issuer trusts set forth in the table below, today announced that, in connection with
Markets pulled their socks up last week, with global equities putting some distance between the November lows and Friday’s close. The FTSE 100 enjoyed a 13% weekly gain, while the Dow, S&P500 and Nasdaq are up 17.1%, 19.9% and 18.3% from the November lows respectively. The week started well with traders liking what they saw in the massive bailout of Citigroup (C). The US government effectively moved to guarantee $306bn of bad loans. This, coupled with an allowed dividend of 1 cent per quarter (tiny, but more than many expected), was good news for investors, if not...
OPEC decided to defer any further cuts in output. In response, oil prices slid. In the short term, this is the natural reaction of the market; however, OPEC has delivered a powerful message. The message is simple. OPEC is motivated to cut production in order to prevent prices falling below the marginal cost of production. Once prices fall below marginal cost, "new production" cannot be brought on to the market, because the marginal cost of production exceeds the marginal revenue; thus production cuts make little sense. It is my view that the action of OPEC is...
Many of our readers at AboutETFs.com enjoyed our earlier article The Complete List of Currency ETFs and have been requesting a similar list for commodities. So, once again, by popular demand, here is our newest list, The Complete List of Commodity ETFs and ETNs, as of October 20, 2008.
Back when oil prices were still well over $100 per barrel, I wrote in Forbes magazine that they were likely to fall. I thought the global slowdown and the rapid change in driving habits would bring oil down to about $70. Of course, we've already fallen well below that mark. Crude is now selling for less than $50. Gasoline prices have also plunged. According to the AAA Fuel Gauge Report, the national average retail price for regular unleaded gasoline is currently $1.93 per...
Yesterday, the Commerce Department reported the September deficit on trade in goods and services was $56.5 billion, down from the $59.1 billion deficit in August. The consensus forecast was $57.0 billion and my forecast was 55.2 billion
Still, the trade deficit remains high because of high prices for imported crude oil and refined products, subsidized imports from China, and the continuing woes of the Detroit automakers. At about 4.7 percent of GDP, those pose a significant drag on the economy and combine to destroy millions of high paying U.S. jobs. The trade deficit will make the recession longer...
Nobel Laureates Paul Krugman (2008, Economics) and former Vice President Al Gore (co-recipient with the Intergovernmental Panel on Climate Change for the 2007 Peace Prize) contributed wonderful op-ed pieces in the New York Times (see here and here) which, taken together, provides a way forward out of the economic malaise along with solutions to America's energy problems and to the global climate crisis.
Their ideas, taken together, provide a radical change from the way the economy has been working if the idea of an economy is supposed to be about the efficient production of goods...
Energy investors may find themselves at odds in weighing whether to put their money into fossil fuels or green alternatives. Two separate articles in Friday’s Wall Street Journal provide a good backdrop for the current dilemma. Ultimately, we’re of the opinion that it’s still too early for alternative energy to make a convincing business case.
The US refining industry is currently experiencing a very rare event, a negative prompt month futures gasoline crack spread.
The chart below reflects the value of this spread dating back to 1990. Over nearly three decades, this spread has bottomed in the $1.00-2.50 range. Recently this spread has been forced into negative territory off the back of 1) position liquidation driven by the global credit crisis and 2) demand destruction driven by weakening economic conditions and lack of supply following the 2008 hurricane season.
The petroleum complex nosed higher in Tuesday's overnight trading, mainly on technical short covering, as traders readied themselves for the Energy Department's weekly oil inventory report. Calls made by upstairs analysts for a 1.6 million-barrel build in crude oil inventories seemed to be discounted. When the numbers came out Wednesday morning, crude oil stocks had indeed increased, but by only 500,000 barrels. If Oil Patch analysts were wrong on the number, at least they were aiming their forecasts in the right direction.
The most recent pressure in the commodities market is attributed to the fear of a severe global recession. Even China is slowing, as China's Bureau of Statistics said that real GDP was up an annual rate of 9.0% in Q3, down from an annual rate of 10.1% in Q2. Furthermore, as long as the forced liquidation continues we will continue to get erratic movement, so be cautious picking your points. There is no telling where exactly we are in this ongoing liquidation process, but what we do know is that it is a finite event. When the...
The Oil Service HOLDRS Trust (AMEX: OIH, Stock Forum) looks to have bottomed, which means that oil prices are not likely to fall below $50-$60 barring a total collapse of the global economy. The ...
Nov 11, 2008 (financialwire.net via COMTEX) -- OIH | Quote | Chart | News | PowerRating -- November 11, 2008 (FinancialWire) Dr. Joe Duarte (http://www.joe-duarte.com), recently noted: The Oil ...
(financialwire.net via COMTEX) -- OIH | Quote | Chart | News | PowerRating -- November 4, 2008 (FinancialWire) Dr. Joe Duarte (http://www.joe-duarte.com), recently noted: The Oil Service HOLDRS ...
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Market logic is that when commodities fall, certain sectors, such as financials, typically do well. But in a market that’s still highly volatile, it’s important to choose the right sectors and stocks. There are few clear plays for investors willing to jump into stocks but here are some promising areas.
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