More Reading
at 2005-12-12 18:19:43
This week, I plan to read a number of papers (at SSRN) by William N. Goetzmann of Yale University.
His articles on The Dow Theory, Sharpening Sharpe Ratios, Hedge Funds with Style, Behavioral Factors in Mutual Fund Flows, Efficiency and the Bear, and Global Real Estate Markets are of interest. There are quite a few more articles on the list that appear interesting.
Au Contraire, My Dear
at 2005-12-12 18:19:43
When it comes to the market, being a contrarian is often a polite way of saying "I'm smarter than the crowd."
This morning, Jonathan Clements' column at WSJ.com came with an interesting title - "A Contrarian View of Japanese Stocks: Now Is a Good Time to Buy Them".But here's possibly the biggest reason to buy: Tokyo has burned so many investors that many still recoil at the idea of investing
The Blog Has Moved
at 2005-12-12 18:19:43
Seems like it is not possible to stay ahead of the technology curve.
It appears that my web hosting company chopped off uploads from Blogger as of late last week, and with that, I have to start again.
For the record, I am now at http://360.yahoo.com/powerswings
Housing Data buoys USD
at 2005-12-12 18:19:42
In the last few weeks, many currency traders had begun to shift their attention in favor of the Euro, based on the expectation that the US-EU interest rate differential would soon narrow. That all changed yesterday, as economic data underscored support for monetary tightening. Specifically, the data showed a record month for new home sales, suggesting the housing market and even the US economy are still buoyant. As a result, currency traders and economists are predicting that the Fed will now hike rates three more times, which represents a change from the previous consensus of two times. If the Fed fulfills these expectations, you can expect the USD to continue outpacing the Euro in the near-term. The Financial Times reports:
“The US will be tightening more than the market thinks, and while the ECB will hike this week, we don’t think there will be a follow-up hike until June.”
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Canadian Dollar Unaffected by Political Turmoil
at 2005-12-12 18:19:42
Earlier this week, the Canadian government received a vote of no-confidence, effectively bringing an end to months of allegations that Canada’s ruling Liberal Party was corrupt. As a result, the Canadian Parliament will be dissolved, and a snap election will be held at the end of January. In the past, currency traders have responded to episodes of political uncertainty be selling that nation’s currency. In this case, however, the Canadian Dollar was virtually unaffected. Canada’s economy continues to outperform on the heels of strong exports and lofty commodity prices, and its Central Bank is set to hike interest rates again next week. Reuters reports:
“With underlying support for the loonie from developing M&A deals, the geopolitical risks are still seen as taking a backseat to positive flows and fundamentals,” said [a senior currency strategist.]
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