The Group of Eight Finance Ministers met in Leece, Italy Saturday to discuss issues of global concerns primarily focused around the ongoing economic crisis. Here is their official statement.
Economy
I been sitting here the past 5 days watching the action on the S&P 500 futures and can't but help feel we are approaching a top. The trading action is very choppy, abrupt and feels like it is hitting a ceiling.
Here's my reasons why I feel this way and why one should consider lightening existing long positions by 60%.
The 30-year fixed mortgage rate has jumped 0.50% points since a few weeks ago to 5.65%. Rates continue to climb and it appears that a bottom has been set into place.
This has to be one of the most funniest 3 1/2 minutes of video I've seen in a while. Bill Maher reaches down within to get his point across on the big picture view of America's state of economy, our willingness to purchase frivilous things, and the need to get crackin' again.
I'm so sick of hearing about bailouts and government spending. I really am. Turn on the radio, television, read the Internet blogs. Spend spend spend. I guess the only way to make a country stronger is to print paper and dole it out. Yes, we're going to fiat out way out this financial crisis.
S&P 500 stock futures continue its winning ways, now at 7 days straight. Since March 10, the June 2009 ES contract has delivered 7 green daily candles and continues to chug upwards even in overnight trading.
Both open interest and trading volume surged with the latter trading well over 3.3 million contracts.
The New York State Labor Department announced that December was the largest monthly spike in unemployment ever and that over 100,000 jobs have been lost in the last three months. NYSLD said that 7% of the New Yorkers fell out of work in December.
The US Labor Department released January 2009 figures. They said the unemployment rate rose to 7.6% and over 3.6 million jobs were lost since December 2007 . More than half those jobs were lost the past three months.