201112.30
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Macro Themes – US Monetary Policy

For our clients and readers, I have linked an article by Jon Hilsenrath, Chief Economics Correspondent for the Wall Street Journal.  His article presents a good summary of the macro monetary debate occurring in the country.  Concerns about the Fed, the financial sector and their, allegedly, dubious relationship with our politicians are already part of the Presidential campaign…

201112.30
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The 2011 Banking Crack-Up Began In 2008

It is fashionable at year’s end to engage in reflection on the calendar just past, but a year’s worth of contemplation is just not enough for today’s circumstances. That is not to say that 2011 was uneventful, far from it. However, if we review the evolution of the banking system, especially in the past three…

201112.29
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Markets Today – ECB Funding

This week has been very quiet, volume is running about 1/3-1/2 of normal.  Some developments of note have come out of Europe and have been affecting markets.  The ECB, in an attempt to stem liquidity issues in the banking system, opened a facility to lend to banks on a 3 year term.  This is similar…

201112.22
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Markets Today – Oracle Earnings

Reading the transcript from Oracle’s earnings call, one senses a bit of insecurity and false bravado coming from Oracle executives.  Wall Street sensed that all is not rosy at Oracle; and neither Mark Hurd’s boasts of a great pipeline, Larry Ellison’s boasts on peer performance comparisons nor CFO Safra Catz’s explanation that Oracle was caught…

201112.19
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Macro Themes

The European debt crisis to date is playing out like a chess match.  This parallels the discussions at Alhambra.  The on going saga is still progressing toward structural changes in southern countries and recapitalization of banks.  At this stage in the game southern countries face a choice, structural reform within the context of the a…

201112.18
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A Closer Look

The S&P 500 is straddling a fine line right now. This past week of trading brought on a significant amount of technical damage, as the index couldn’t puncture through the 200-day moving average, and fell under the 50-day moving average. In order for the market to resume its uptrend, we must now break through both…

201112.18
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Just One Wish This Christmas: a Dollar As Good As Gold

Thinking Things Over              December 17, 2011 Volume I, Number 22:   Just One Wish This Christmas: a Dollar As Good As Gold  By John L. Chapman, Ph.D.                                                                                                                         Washington, D.C. This week several millions of holiday revellers head to places far from home to be with friends, family, and loved ones.  And these are indeed cherished moments…