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Seeking Alpha (Free subscription) | 07/20/2008
Markos Kaminis (Wall St. Greek) submits: The week that was... was a tale of two tapes. The five-day drama began in a state of complete chaos inherited from the prior week’s close, as investors and economic controllers contemplated the potential demise of the mortgage market as we know it. A mass exodus from the shares of Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) illustrated...
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Seeking Alpha (Free subscription) | 07/15/2008
Markos Kaminis (Wall St. Greek) submits: There's no rest for the weary, as the Federal government spent the weekend scrambling to stabilize the financial system and stock market. With Fannie Mae (FNM), Freddie Mac (FRE) and the financial system hanging in the balance, we were greeted Monday morning by a trio of press releases from the Treasury Department, Federal Reserve and the SEC....
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Seeking Alpha (Free subscription) | 07/13/2008
Markos Kaminis (Wall St. Greek) submits: What a week! First the Hindenburg Omen signals the stock market might be due for one of those nasty crashes it experiences from time to time, and then the wheels fell off. The Omen is a dark technical indicator of stock market strife to come. The crystal ball signaled trouble twice this past June… you remember June, the worst June in 78 years…...
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Seeking Alpha (Free subscription) | 07/10/2008
Markos Kaminis (Wall St. Greek) submits: Last week's very important shift in rate policy at the ECB, and its action to raise its key interest rate a quarter point, when taken in tandem with the fact that the Fed has reduced U.S. rates to a 2% low-point, should have further weakened the U.S. dollar. However, a clearly spoken non-bias by ECB President Jean-Claude Trichet, and Fed Chairman...
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Seeking Alpha (Free subscription) | 06/29/2008
Markos Kaminis (Wall St. Greek) submits: Over the past few weeks, Wall Street Greek has been warning that as the market digests the new reality that inflation is a serious threat, it would likely retest the March 10 market lows. Ironically, on the same day the Federal Reserve released its minutes from the emergency meetings it held back in March, the market did retest the lows. The Dow...
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Seeking Alpha (Free subscription) | 06/23/2008
Markos Kaminis (Wall St. Greek) submits: The stock market forgot to take her anxiety medicine last week, and she had a whole lot to worry about. The bad news came from every direction, whether it was housing, manufacturing, inflation, geopolitical or financial sector news, most of it was unfavorable. Housing sank deeper into the muck, contrary to what we were hoping might prove a seasonal...
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Seeking Alpha (Free subscription) | 06/15/2008
Markos Kaminis (Wall St. Greek) submits: We passed the test. The market had an important check up this past week, and passed thanks to a rally on Friday. Historically, the midpoint of stock market trough to rally peak has proven an important point for price support. That midpoint this time around was 1,350 on the S&P 500 Index. While we drifted below 1,350 on Wednesday, the market came...
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Seeking Alpha (Free subscription) | 06/09/2008
Markos Kaminis (Wall St. Greek) submits: The stock market had a panic attack at the end of the week last week, and for good reason. Unemployment was reported at 5.5% in May, up five-tenths of a percentage point from April. The jobless rate was also significantly greater than economist expectations for 5.1%. As a result, the S&P 500 Index collapsed 3.1% on Friday alone, negating a fractional...
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Seeking Alpha (Free subscription) | 06/02/2008
Markos Kaminis (Wall St. Greek) submits: You have to wonder... Has Ben Bernanke’s Federal Reserve orchestrated a masterpiece or is the band breaking up. Ben’s trusty sidekick Fred Mishkin tendered his resignation last week, leaving some of us quite concerned. The S&P 500, however, found reason to rise (+1.8%) in declining oil prices and decent economic data flow. Last week, first quarter...
