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In the most profound financial change in recent Middle East history, Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese…
China’s strategic stockpiling and replacement of lower-quality domestic production with higher-quality imports have supported the recent rally in prices for many base metals, but we will not see a sustainable turnaround in demand until the major economies of the U.S.,…
China bought less than a sixth of the Treasuries issued in the 12 months through March. Less than two years ago, by contrast, Chinese purchases of Treasuries, which included purchases in the secondary market as well as newly issued securities,…
The dollar continues to tank and commodities continue to rally in the wake of yesteday’s Fed announcement: The euro is up another 2 cents versus the dollar to $1.37 – after rallying 4 cents yesterday after the Fed announcement. Oil…
We are responding aggressively to the current market conditions which have weakened dramatically in recent weeks. These revisions to our plans will allow us to reduce operating costs and capital spending, adjust our production profile to better match market requirements…
With the Fed slashing the funds rate to 1% today, it’s worth remembering what happened the last time they did this: We got the most massive housing bubble in the history of mankind. Well, today, in the midst of this…
As expected, the Fed today cut the funds rate 50 basis points from 1.5% to 1.0%. But I don’t think enough attention is being paid to the statement. The Fed appears to me to have completely sold out their concern…
About 6 months ago I wrote a post arguing that copper giant Freeport McMoran (FCX) was overvalued (“Freeport Valuation Bloated Here”, Top Gun FP, April 23, 2008). At the time, Freeport was trading at $118 a share and my call…
I think oil is starting to become oversold in the way the financials were a month ago: At $113 a barrel oil is down about 23% from its highs last month. The 200 DMA (Day Moving Average) is right around…