Bonds and Stocks
Elections and Equities
September 15, 2008
Republican John McCain narrowly leads Democrat Barack Obama in the post-convention polls, and conventional wisdom suggests that the leader in mid-September usually emerges with the win in November. In the last two times that a new party was voted into the White House, 1992 and 2000, the Dow Jones Industrial average closed lower on Election […] More
Bonds and Stocks
Different Strokes For Different Folks
September 15, 2008
A day like today challenged market analysts like few do. In light of a revamped institutional architecture, forecasting would be a crap-shoot but a task that could not be dodged in markets starved for any short-term trading advice or policy tips. I took the safe route that the Fed will cut rates tomorrow, which overnight […] More
Larry's Blog
Not Your Average Day
September 15, 2008
Today has been one of those very few days that leave financial market observers and participants truly speechless, like September 11, 2001 and October 19, 1987 when the Dow fell 508 points of 22.6%. The roll call of victims — Countrywide, Bear Stearns, Fannie Mae, Freddie Mac, Lehman Brothers, and Merrill Lynch — will continue […] More
New Overnight Developments Abroad - Daily Update
New Overnight Developments Abroad: Lehman Files for Bankruptcy and Merrill Lynch Sold to Bank of America
September 15, 2008
Stock markets plunged in Asia and Europe. India -3.7%. Philippines -4.2%. Singapore -3.3%. Indonesia -4.7%. German Dax -3.3%. Paris Cac -4.4%. British Ftse down 3.6%. Switzerland -2.9%. Italy -3.5%. Japan closed for Respect for the Aged Day. China and Hong Kong closed for Mid-Autumn holiday. Sovereign bond prices soared. 10-year yields dropped at least 15 […] More
