TBT (UltraShort 20+ Treasury ETF)
Bank Of America Gets Nod for $500M RMBS Settlement
20 minutes ago
"In this 2001 "lost episode" of Check, Please!, then state senator Barack Obama reviewed Dixie Kitchen and Bait Shop in the Hyde Park neighborhood of Chicago. The full episode will air on January 16th at 8:00PM on WTTW." checkpleasetv.com
"Alcoa, the largest U.S. aluminum maker, said Tuesday that it would cut 13,500 jobs, or about 13 percent of its global work force, and reduce spending and output because of the economic downturn. The company, based in Pittsburgh, said that in addition to the job cuts, 1,700 contractors also would be eliminated and that it was implementing a global salary and hiring freeze." International Herald TribuneOn the housing front, star homebuilding analyst Ivy Zelman said on CNBC this morning to sell this homebuilding rally. She thinks job losses will not allow the market to deal with the oversupply of distressed inventory fast enough and that homebuilders are rallying strictly on Obama stimulus anticipation. She's bearish because delinquencies continue to rise and a "tsunami" of foreclosures are expected to show up on the market during the next several years. She thinks loan modifications will fall short and mortgage nationalization would be the only cure because there's too much negative housing equity on the market. The video below takes you to CNBC.com.
Comex Copper Futures Recover To End Near Steady 1/5/08
"The base metals made an uncertain start to the year, and in the absence of any clear direction were again caught currency watching," Westgate said. "The metals all recovered from their intraday lows, however, with a combination of short-covering activity and fresh buying interest coming into play."
"Copper came under pressure "in light of a stronger dollar today brought about by talk of aggressive stimulus plans being contemplated by the Obama administration," MF global analyst Edward Meir said in a research note."