Financials - Nov 09,2009
Sunday, November 08, 2009
by PitGuru.com Authors of PitGuru.com
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The Financials Pit Review For the week of November 9th, 2009 By PitGuru Frank LaMantia S&P & Currencies In case you missed it this weekend, the health care bill was approved to go to the Senate. The House’s plan will cost about 1.2 trillion US dollars over 10 years while the Senate's version is under $900 billion. Another major difference is that the House bill wants employers to create coverage and the Senate does not. Alright, this is the part that ticks me off! The House wants upper income earners to pay for coverage expansion and the Senate wants to use other taxing methods. Great, lets tax the hard working Americans! In all seriousness, everyone should have insurance and they should have bailed out Americans rather than Wall Street thieves. Bailing out everyone that is facing hard times could put the nation in a deeper recession. Unfortunately, doing the right thing may not be the best thing for the masses. The bill is supposedly in no man’s land in the Senate. This week has fewer economic reports than last week but this does not make it any less important. On November 12th Initial Claims, Continuing Claims, Crude Inventories, and the Treasury Budget numbers will be released. Friday the 13th, Import Prices, Export Prices, Trade Balance, and the Michigan Sentiment will be shown. Last week a horrible 10.2% unemployment number did not deter the market from riding upward. Does this mean the market may have little resistance? No, this just means bad economic data might not affect trading as much as it once did. You see the market expects jobs losses, foreclosures, bankruptcies, and maybe some write-offs of a few banks to mount. The market does not like surprises!1 The stock market is up in early morning trading because the G20 met over the weekend. The positive nature of the meeting has given a lift to the market. The meeting (comprised of 20 world leaders) agreed to keep their stimulus plans untouched.2 The S&P (near 1075.00 this morning) has been trading in a sporadic trend with no clear direction. 1 http://biz.yahoo.com/c/e.html
2 http://www.reuters.com/article/mergersNews/idUSN0925794820091109 
***chart courtesy Gecko Software
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About the author
Daniel Cronin - PitGuru.com's Energies & Metals Guru Daniel Cronin has spent years on the floor of the Nymex as part of one of the largest energy floor brokerages in the business. His extensive experience stems from not only his Pit background but also through intense studying and implementation of complex technical analysis and market trading techniques via the mentorship of the now retired Ralph Acampora. Mr. Cronin brings subscribers a rare combination of book smarts and real world trading experience in one of the most volatile market sectors in the futures industry. Matthew Pierce - PitGuru.com's Grains Guru Mr. Pierce is a unique acquisition for Futures Press Inc. in that he has an unmatched level of real hands-on experience within the industry in addition to his floor trading expertise and top notch education at the University of Illinois College of Agriculture. Matthew has literally cultivated the perfect professional career as a grain expert by working with the industry's most recognizable companies such as Cargill, LaSalle Group, Conagra, Walsh Trading Inc. and many more. In addition to trading on the floor of the Chicago Board of Trade, Mr. Pierce writes what many in the business believe to be the best kept secret amongst trading reports available in the industry. Jurgens H. Bauer - PitGuru.com's Softs Guru Jurgens owns and operates his own order execution firm on the ICE trading floor. He has been a member since 1987. His firm, Jurgens Bauer and Associates, specializes in executing option orders for a wide array of customers and a variety of industry participants, including individual speculators, funds and members of the trade. While Jurgens has been an active member of the trading community he has also spent time since 2000 working at raising awareness of environmental commodities, educating industry professionals on emissions trading, brokering transactions between private counter parties and developing SO2 and NOx contracts for the NYMEX. Frank LaMantia - PitGuru.com's Financial Guru Soon to be Dr. LaMantia, Frank is not only one of the most educated traders on Wall Street, but also maintains an industry resume of substance and depth. Frank has worked extensively on an Institutional preferred stock syndicate desk, as a government bond specialist, and as a financial advisor all the while achieving multiple licenses in the finance field. With an extensive and impressive client list (including Citibank, Bear Stearns, Lehman Brothers, AG Edwards, Mesirow, UBS, and numerous Hedge Funds), Mr. LaMantia brings his one-of-a-kind background to his current occupation of full time trader.
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