Wikinvest Wire
Saturday, February 23, 2008
The Big Picture For The Week Of February 24, 2008
Unrelated to the video but relevant to a question from late last night about the Friday rally; I have yet to read or hear the extent to which short covering may have been involved in what must have been quite a few buy programs triggering. Isn't the short interest in all the financials quite high? Isn't that where the rally started? Maybe not.
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13 comments:
I got irritated at the AMBAC info tossed over the transom in last minute trading for the week. I complained to the SEC and you can too at: enforcement@sec.gov.
My complaint was that 8 banks who stood to benefit from AMBAC keeping it's undeserved credit rating were going to put up $2 billion capital injection according to CNBC reports. So the 8 banks and their traders knew what was up.
So before the news comes out there's a huge surge in Futures options on the S&P in anticipation of market moving news, then a huge spike in spot prices on S&P. So the 8 banks who were not only to invest in, but to benefit from propping up AMBAC, were likely funding their contribution to capital with my money. Not theirs, mine.
If that doesn't lead to public charges of insider trading, I'd like to know why. Otherwise, we all might as well take our savings to Las Vegas where the house odds are known in advance.
Roger,
Have you written anything anywhere about DWX yet? Started trading on Tuesday. Seems like a good concept for an ETF (not too niche-y or me too) and it's from State Street but it hardly traded at all this week.
have not written about DWX yet.
23% financials, 20% discretionary makes it tough to love right here right now but maybe they have already bottomed??
the PFD fact sheet on the SSGA site says the indicated yield a/o 12/31 was 7.6% which is so high i have trouble thinking that can be correct--SSGA is no stranger to mistakes on their site.
i have not yet looked at the methodology to compare it to WT or the PID fund.
make that PDF not PFD
I've got to side with OldVet on this one. I don't see any GOOD reason the news couldn't have been released after the close. Granted, that still leaves the afterhours markets, and would, in all likelihood, led to a gap up open on Monday, but at least the "little guys" would have had a "heads up"...instead of wondering "WTF?"
Jan
Roger, re DWX...
I hear you re financials but it's all relative. Seems like other dividend ETFs like DVY or PID tend to be closer to 40% so "only" 23% would be a plus in my book.
What caught my interest though was that it's non-US and unlike PID (I think) can go both developed or emerging. Not really too familiar with WT offerings.
In any case, while I like the construction, if it can't do more than a few thousand shares a week, I won't have any interest.
Old Vet,
Traders have been mnipulating this market at a furious pace for over six months. So what happened this past Friday is no different than what has happened since July 07. The only people who should be upset are the short traders or the heavy put buyers for xlf or other financial stocks, etc.
BWJR
Roger,
Can you explain "qualified dividends"
Why are the qualified dividends so low on EPP?
Posting to Rog's most recent post.. .
"Eric Janszen is the founder and president of iTulip, Inc. http://itulip.com He formerly served as managing director of the venture firm Osborn Capital, CEO of AutoCell, Inc. and Bluesocket, Inc., and entrepreneur-in-residence for Trident Capital"
Eric Janszen wrote an article in Harpers about alternative energy being the next big bubble. The story was deeper than that though--particularly his stating that in order to recover from the popping of this bubble we NEED another bubble. I'm inclined to agree.
I'd publish a link, but I don't know that the article is available on line. I'd be happy to forward it to any who are interested. My e-mail is attached to my name.
Regarding T's comment that folks who believe in global warming must be Luddites....I think it is always unfortunate to describe folks with differing opinions in pejorative terms.
re global warming; I believe the planet might be getting warmer (the ice caps melting) but i am not sure this is universal (my post about Tajikistan the other day as an example).
It seems to me the planet has warmed up and gotten colder in the past in cycles that last for thousands of years (or is it millions?). Is the current warming just another cycle? If so maybe man is just accelerating a 10,000 year cycle by 100 years? If something like that is true then the issue mostly becomes a BFD doesn't it?
No answers here just a question or two.
qualified dividends has a few moving parts but the basic is you need to hold a stock for 60 days for the div to get the 15% tax rate.
as for EPP, i don't know but if the fund grew a lot then depending on when the divs were paid versus when the stocks were bought, maybe that was the issue, but i do not know.
Roger,
One pole is melting a little. The other pole has 90 to 95% of earths polar ice and guess what. The one with most of the ice is not melting.
I could go on about global hype but not now
if that's right about the south pole, great!
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