A Michigan Circuit Court Judge ruled Friday that Detroit's bankruptcy filing is unconstitutional and ordered the case be withdrawn from federal bankruptcy court.A Michigan Circuit Court Judge ruled Friday that Detroit's bankruptcy filing is "unconstitutional" and ordered the case be withdrawn from federal bankruptcy court.
Everything had been protected by Bernanke & Yellen QEs
Make USA Kennedy History.
May 6th 2010 Stock Market Crash!!!
Across the five valuation methodologies that Goldman's David Kostin uses to consider the S&P 500's richness, the current price (around 1600) represents the average. While the Fed Model (bond vs stock value) is the one significant 'framework' suggesting upside potential but as Kostin notes, it is bonds that are more mispriced than stocks and the gap could close from bond side (significantly reducing the upside potential of this model). His macro-valuation framework, as well as the ROE vs P/B relationship and the Discounted Dividend Model all suggest year-end 2013 fair value at around the current price (i.e. 0% upside). And remember, as we noted recently, this 'expectation' still relies on the H2 2013 rebound in GDP and implicitly EPS (+28% in Q4 2013!) that is so hoped for.
S&P 500 is at 'fair-value' (and rich against macro and earnings reality)...
Protestors are now targeting individual politicians and others perceived to have created the current fiscal mess; a new and troubling twist in the debt saga. All politicians, bankers and other power brokers around the globe are watching this new societal development with grave concern.
then the real interesting question is just how low will $VIX be...
$VIX back in the 12s represents a market that is entirely fearless. It is a market that knows the QE-POMO is very likely to continue for at least another 3-6 months.
Fed said may increase or decrease bond buying and ECB says the bond-buying program may not be needed going forward since yields have calmed. BOJ maintains the pledge for stimulus but data shows the deflation continues.
$SPX will be target 1648 next week
Spokesman Carl Fillichio says the agency's monthly employment report will be released as scheduled Friday. Department employees and members of the news media involved in the release of the report will be allowed in the building as usual.
But all other Labor employees who were scheduled to work in the building will receive administrative leave.
Fillichio did not immediately have information on what caused the fire at the Frances Perkins building or how extensive the damage was. The building on Constitution Ave. opened in 1975.
Well, there go all the "on paper" jobs saved or created during the "recovery."
Very Strongest & Strongest Buy now till My Term Is Over
Markets are markets, unless someone lost monies in markets that he made some explosion to warning Bernanke's QEs
Every morning Bernanke manufactures "GOLD" from his bath house before going to work