The U.S. stock market has already absorbed the worst of the selling pressure this year and will start to recover in 2009 but any progress might be limited.
12/22/2008
In any great organization it is far, far safer to be wrong with the majority than to be right alone. —John Kenneth Galbraith
Asian currencies continue to sell off vs the $ on the heels of the news yesterday that South Korea said they will look into hot money inflows stemming from the $ carry trade and the Bank of Indonesia said they are looking into the foreign buying of bills. This follows the news a few weeks ago that Taiwan was limiting foreign deposit holdings and Brazil was taxing foreign inflow transactions. As I mentioned yesterday, we may have reached a short term pain threshold in terms of $ weakness and foreign countries are fighting back as they certainly won't wait for...
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December 23rd, 2008 at 11:36 am
So…the “top strategists” who never saw the train coming are now telling us we’ll recover next year. Yeah right.