Charting Stocks

The media spends too much time repeating the optimistic outlooks of economists and strategists who’ve been wrong for 3 years. I like to focus on those who clearly saw this recession/depression coming. Among those who correctly predicted this crisis was NYU professor Nouriel Roubini.
Professor Roubini Monday offered the opinion that the US recession could drag [...]

According to todays ISM release, the US Manufacturing sector dropped again in February while the employment sentiment fell to its lowest reading ever.  This is the 13th straight month of manufacturing declines.
The Institute for Supply Management’ s (ISM) monthly purchasing managers’ index (PMI) registered a reading of 35.8% in February. Readings under 50% are consistent [...]

The Labor Department reported that the US unemployment rate jumped to 7.6% and nonfarm payrolls fell by the largest amount in 34 years.
Nonfarm payrolls dropped by a seasonally adjusted 598,000 in January, after a revised loss of 577,000 in December.
January marked the largest payroll loss since December 1974, according to a survey of workplaces. [...]

2009 will be a year of complete destruction for the US economy. 5 Million will lose their jobs. The Dow Jones Industrial average will break below 6,000. Municipalities will fail. Insurers will fail. The unemployed and foreclosed American population will take to the streets and begin rioting. The Greatest Depression is upon us.
Sound far fetched? [...]

Not to be excluded from the layoff crowd, Macy’s announced plans to lay off thousands of jobs. The company has also announced it will be slashing its dividend in half.
Macy’s dropped 16% on the news 16% but slightly recovered to $8.43, down 6% on the session. A year ago, the shares traded at $28 before [...]

The Empire State Manufacturing index fell to a record low of -25.8 showing the continued collapse in manufacturing throughout the New York area. Unfilled orders fell to a record low and prices paid contracted by 7.5%
The index is followed by economists as it tends to be a leading indicator to the Institute for Supply Management’s [...]

Up and to the Right
These figures are the seasonally adjusted (massaged by DOL) estimate for the initial claims for unemployment in the United States. Numbers below 300,000 tend to indicate a tightening labor market whereas numbers above 400,000 are associated with increasing unemployment.

CNN International has “technical problems” during Peter Schiff interview.

News Flash! Recession Started a Year Ago Says NBER

It must be exciting to be an economist at NBER (National Bureau of Economic Research) who just recently announced that the US has been in a recession for a year. I wish I could find a job which entails telling people what happened in the stock market [...]

Donald Trump & Co. Maxed Out

You know times are rough when Donald Trump can’t pay his bills!
Trump Entertainment Resorts announced that it will have to miss the $53.1 Million interest payment due to it’s bondholders on Monday. Citing a collapse in revenues and a poor economic environment, the Atlantic City Casino operator says that it [...]