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by Larry Levin With another massive up day in the markets on Tuesday on dismally low volume, it is officially back to the baffling and the bizarre. Whatever the incumbent politicians will tell you in their stump speeches as we approach the mid-term elections, the "economic recovery" that we keep hearing about is less than stellar. Not that the politicians running against the incumbents seem to be offering any solutions. But the facts speak for themselves. Here are 19 truths about the state off the US Economy from the Economic Collapse Blog: #1 After accounting for inflation, median household income in the United States is 8 percent lower than it was when the last recession started in 2007. #2 The number of part-time workers in America has increased by 54 percent since the last recession began in December 2007. Meanwhile, the number of full-time jobs has dropped by more than a million over that same time period. #3 More than 7 million Americans that are currently working part-time jobs would actually like to have full-time jobs. #4 The jobs gained during this "recovery" pay an average of 23 percent less than the jobs that were lost during the last recession. #5 The number of unemployed workers that have completely given up looking for work is twice as high now as it was when the last recession began in December 2007. #6 When the last recession began, about 17 percent of all unemployed workers had been out of work for six months or longer. Today, that number sits at just above 34 percent. #7 Due to a lack of decent jobs, half of all college graduates are still relying on their parents financially when they are two years out of school. #8 According to a new method of calculating poverty devised by the U.S. Census Bureau, the state of California currently has a poverty rate of 23.4 percent. #9 According to the New York Times, the "typical American household" is now worth 36 percent less than it … [Read More...]
The domestic equity markets are trading slightly to the upside in late-morning action, extending their recent rally, courtesy of upbeat earnings reports from Dow member Boeing, Yahoo, Dow Chemical and Broadcom. Meanwhile, a read on U.S. consumer prices showed inflation remained subdued, despite a modest unexpected increase in the headline figure. Treasuries are dipping despite the benign inflation data, which followed a jump in domestic weekly mortgage applications. Elsewhere, gold is lower and the U.S dollar is higher, while crude oil prices are mixed. Overseas, Asian stocks finished mostly to the upside following the solid gains in the U.S. and Europe yesterday, led by a rally in Japan. Finally, European equities are higher as speculation regarding asset purchases by the European Central Bank continues. At 10:50 a.m. ET, the Dow Jones Industrial Average is ticking 0.1% higher, while the S&P 500 Index and the Nasdaq Composite are rising 0.2%. WTI crude oil is declining $0.42 to $82.07 per barrel, while Brent crude oil is rising $0.16 to $86.38 per barrel and wholesale gasoline is flat at $2.21 per gallon. Elsewhere, the Bloomberg gold spot price is decreasing $3.86 to $1,244.84 per ounce, while the Dollar Index—a comparison of the U.S. dollar to six major world currencies—is up 0.4% to 85.68. Dow member Boeing Co. (BA $127) reported 3Q earnings ex-items of $2.14 per share, easily beating the $1.97 consensus estimate of analysts surveyed by FactSet, with revenues rising 7.0% year-over-year (y/y) to $23.8 billion, above the $23.0 billion that the Street had projected. The company said continued strong operating performance across its production and services businesses drove significant growth in earnings-per-share (EPS), and enabled it to continue to capture new business, pushing its order backlog to a record $490 billion. BA boosted its full-year earnings outlook. Shares have given up early gains and are lower despite the … [Read More...]
The domestic equity markets are trading slightly to the upside in late-morning action, … [Read More...]
The U.S. equity markets are extending yesterday's modest gains, ahead of a read on domestic existing home sales, … [Read More...]
The U.S. equity markets are mixed in early action, following Friday's solid … [Read More...]
The U.S. equity markets are moving nicely higher in early action as a report showing … [Read More...]