Monday Rundown, FTSE Outperforming, Shanghai Lagging

Monday, March 08, 2010


Global Market Rundown
  • Tokyo's Nikkei Index has tracked the US equity markets fairly closely currently trading 5.6% off highs correcting from the 56% rally off the March 2009 lows to January 2010 highs. Yet, the index remains 43% off 2007 highs.

  • Revisiting the Shanghai Composite after some weeks, the index remains in the dead middle of its large range. After correcting in August 2009 with a 24% pull-in, the index has bounced back and forth now trading 13% off highs. China still trades 51% off 2007 highs.

  • London has outperformed the world since the March 2009 bottom in these highly correlated markets. The FTSE is at new highs for the rally up 62% off the lows and just 17% off 2007 highs.

  • The S&P 500 is 24% off all-time highs in the index.

  • Not Global Markets
  • I revisited the devil this morning and contributed to the AIG donation bin. That was a great breakout through $30, NOT! I'm an idiot. Made it all back and then some in RIMM though. Still holding some, very nice technical breakout through $72, should lead to higher prices although I'm somewhat skeptical of it just being daytraders jamming the last weak stock through its resistance level. Time will tell, I've booked good profits.

  • Did you know over 70% of US exports are manufactured goods? It's just a focus on capital goods like airplane engines and such, not like all the random stuff China makes. I found that interesting this weekend as I continued my CFA studying given the constant rhetoric that America doesn't make anything anymore. Granted, we still run a trade deficit.

  • Random Tidbits
  • "Apple's online iTunes store has just sold its 10 billionth recording since its introduction in 2003. Over that time, the record industry's total revenues have declined from $14.3 billion to $6.3 billion. ( via The Week)
    -Wow! That's equivalent to over 30 songs for every person in the United States!

  • "With competition for summer internships growing more intense, some students are paying up to $8,000 to placement agencies like University of Dreams and the Washington Center to land the unpaid jobs, which are seen as career essentials." (Chicago Tribune via The Week)
    -So, it's come to this...paying to work for someone else.
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