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One of the ugliest charts of the year has been the Shanghai Composite, which continues to sink to new lows as other global stock market indexes near their highs. Tom Fitzpatrick, Citi’s top technical analyst thinks that the Shanghai Composite is setting up for another huge leg down. Here’s an excerpt from his latest report via King World News: We believe the Shanghai or Chinese stock market is now breaking through the last vestiges of support (see chart below). If [...] Interview with Chris Farrell Marketplace Morning Report for Friday, May 4, 2012 TRANSCRIPT Jeremy Hobson: The largest 401(k) administrator in the U.S., Fidelity, said this week that our retirement account balances were up 8 percent on average in the first quarter of this year. But the major stock market indexes were up even more than that. So are 401(k)s really the right ticket to a happy retirement? Marketplace economics correspondent Chris Farrell joins us now with [...] I’m writing this article today out of anger, yes, anger. Here’s the latest offering of a steaming pile of cow dung that passes for financial journalism that I stumbled across the other day: “The headlines say the financial crisis is behind us. The Dow is back to pre-financial crisis levels. Layoffs are the slowest since the financial crisis, and car sales the highest since the financial crisis. So why are Americans [...] President Obama pauses as he speaks in the State Dining Room of the White House on Monday, Aug. 8, 2011, in Washington. (AP Photo/Carolyn Kaster) By Stephen Dinan - The Washington Times Pummeled by ghastly economic news, President Obama called Monday for more spending and extended tax cuts that he said would help stimulate the economy — but these also could deepen the deficit problems that helped the federal government [...] This morning, the major stock market indexes are trading higher after a debt ceiling resolution was announced yesterday. The debt ceiling deal still needs to pass a critical vote in the U.S. Congress. Many traders and investors have already taken profits at the open this morning on any long positions that where bought last week. As a trader we simply want to be on the [...] This morning the major stock market indexes are all coming under some selling pressure for the fourth consecutive trading day. There is one sector that is bucking the short term trend and it the highly popular transportation index. This morning the Dow Jones Transportation ETF(NYSE:IYT) is trading higher by 0.98 cents to $98.62 a share. The IYT made a new 52 week high just three trading days ago at $100.67 [...] |
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