Market Analysis for Early 2009: The Volume May Not Be There, But The Price Action Is Bullish
04/01/09 05:29 PM
Last week was some of the most bullish trading we’ve
seen in awhile. The data continues to be bad, but it
looks as though we may see a short-term rally into the
early stages of 2009. Let’s not get crazy though, the
longer-term trend is still down:
We finally broke above the 50-day moving average on the /ES. Volume is still relatively weak across the board, so the true test will come on Monday when we see more market participation. That 1000 level looks to be within reach, though.
The XLF also seems to be breaking out of a longer-term downtrend that began in early October. Keep an eye on that 50-day.
Finally, we have Goldman Sachs, one of the most bullish looking individual stocks that we’ve seen in awhile. GS broke out of it’s ascending triangle last Friday, on somewhat weak volume. We’ll see what Monday brings, but based on price action alone, GS could easily see a move to $96.
Also, check out Apple. AAPL has been in the process of forming a descending triangle for the past three months. Now as a company, there are few that can beat AAPL with regards to product and overall excellence. However, there have been a lot of rumors swirling around the Steve Jobs and whether or not he will remain at the company and some analysts believe that his presence as CEO is worth a good $10 to the stock. Keep an eye on $93.15 for overhead resistance.
Good luck.
We finally broke above the 50-day moving average on the /ES. Volume is still relatively weak across the board, so the true test will come on Monday when we see more market participation. That 1000 level looks to be within reach, though.
The XLF also seems to be breaking out of a longer-term downtrend that began in early October. Keep an eye on that 50-day.
Finally, we have Goldman Sachs, one of the most bullish looking individual stocks that we’ve seen in awhile. GS broke out of it’s ascending triangle last Friday, on somewhat weak volume. We’ll see what Monday brings, but based on price action alone, GS could easily see a move to $96.
Also, check out Apple. AAPL has been in the process of forming a descending triangle for the past three months. Now as a company, there are few that can beat AAPL with regards to product and overall excellence. However, there have been a lot of rumors swirling around the Steve Jobs and whether or not he will remain at the company and some analysts believe that his presence as CEO is worth a good $10 to the stock. Keep an eye on $93.15 for overhead resistance.
Good luck.
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Another Worthless Day
29/12/08 05:52 PM
Shocker! UAW Keeps $33 Million Lakeside Retreat Complete With $6 Million Designer Golf Course
27/12/08 03:37 PM
As Taken From Fox News:
The United Auto Workers may be out of the hole now that President Bush has approved a $17 billion bailout of the U.S. auto industry, but the union isn't out of the bunker just yet. Even as the industry struggles with massive losses, the UAW brass continue to own and operate a $33 million lakeside retreat in Michigan, complete with a $6.4 million designer golf course. And it's costing them millions each year.
The UAW, known more for its strikes than its slices, hosts seminars and junkets at the Walter and May Reuther Family Education Center in Onaway, Mich., which is nestled on "1,000 heavily forested acres" on Michigan's Black Lake, according to its Web site. But the Black Lake club and retreat, which are among the union's biggest fixed assets, have lost $23 million in the past five years alone, a heavy albatross around the union's neck as it tries to manage a multibillion-dollar pension plan crisis.
Critics call it a resort for union leaders that wastes money from union dues.
"It's their members' money that they're spending on this thing," said Justin Wilson, managing director of the Center for Union Facts, a union watchdog group. "The union has bigger issues at hand than managing a golf course."
Managing the course may become a burden for the union. The UAW covers costs for the Reuther Center from the interest it earns on its strike fund, according to tax documents, but massive losses in the past five years have forced the union to make heavy loans to keep the center afloat. Critics call it a poor investment for a group with over $1.25 billion in assets. "Unions certainly have had real estate investments in the past, but investments are supposed to make money, not bleed money," said Wilson.
The UAW did not return calls from FOXNews.com, and a spokesman could not be reached for comment.
The Reuther Center is open 11 months of the year to offer courses on leadership, political action, civil rights and other topics; it hosts nearly 10,000 visitors annually. The UAW says it sends workers there to "learn, experience unionism (and) commit to labor's cause," according to their Web site. The center was purchased in 1967 and underwent massive renovations in the '90s under the careful watch of former UAW president Steve Yokich. "Today's Black Lake might not exist if not for Steve Yokich," said union member Bob Reidt, whom Yokich appointed as Black Lake's director. "Yokich is responsible for rebuilding Black Lake." The UAW erected a monument to its longtime president Walter Reuther — the center's namesake — which bears an inscription of his words: "There is no greater calling than to serve your brother. There is no greater satisfaction than to have done it well."
But Reuther, who died in a plane crash en route to the center in 1970, never knew the satisfaction of Black Lake's "well-groomed fairways," a course that Michigan Golf Magazine called a "stunning visual marvel." Union members can play golf at discounted rates on one of the country's top 100 courses, designed in 2000 by famed course architect Rees Jones at a cost of $6 million. The center has a storied history. Reuther had his ashes scattered at the site, and Lucille Ball and Desi Arnaz honeymooned there in 1940, well before it was bought by the UAW.
"It's funny that they call it an education center — it's a resort," said Wilson. "If I was a union member, I would prefer that they rented out a room at the Ramada Inn."
What a beautiful golf course. It’s too bad they can’t afford it anymore. Extraordinary times call for extraordinary measures and in this case, this “Taj Mahal” of a resort has to go. Just one more reason why GM needs to go bankrupt to have any chance of surviving this economic downturn.
The United Auto Workers may be out of the hole now that President Bush has approved a $17 billion bailout of the U.S. auto industry, but the union isn't out of the bunker just yet. Even as the industry struggles with massive losses, the UAW brass continue to own and operate a $33 million lakeside retreat in Michigan, complete with a $6.4 million designer golf course. And it's costing them millions each year.
The UAW, known more for its strikes than its slices, hosts seminars and junkets at the Walter and May Reuther Family Education Center in Onaway, Mich., which is nestled on "1,000 heavily forested acres" on Michigan's Black Lake, according to its Web site. But the Black Lake club and retreat, which are among the union's biggest fixed assets, have lost $23 million in the past five years alone, a heavy albatross around the union's neck as it tries to manage a multibillion-dollar pension plan crisis.
Critics call it a resort for union leaders that wastes money from union dues.
"It's their members' money that they're spending on this thing," said Justin Wilson, managing director of the Center for Union Facts, a union watchdog group. "The union has bigger issues at hand than managing a golf course."
Managing the course may become a burden for the union. The UAW covers costs for the Reuther Center from the interest it earns on its strike fund, according to tax documents, but massive losses in the past five years have forced the union to make heavy loans to keep the center afloat. Critics call it a poor investment for a group with over $1.25 billion in assets. "Unions certainly have had real estate investments in the past, but investments are supposed to make money, not bleed money," said Wilson.
The UAW did not return calls from FOXNews.com, and a spokesman could not be reached for comment.
The Reuther Center is open 11 months of the year to offer courses on leadership, political action, civil rights and other topics; it hosts nearly 10,000 visitors annually. The UAW says it sends workers there to "learn, experience unionism (and) commit to labor's cause," according to their Web site. The center was purchased in 1967 and underwent massive renovations in the '90s under the careful watch of former UAW president Steve Yokich. "Today's Black Lake might not exist if not for Steve Yokich," said union member Bob Reidt, whom Yokich appointed as Black Lake's director. "Yokich is responsible for rebuilding Black Lake." The UAW erected a monument to its longtime president Walter Reuther — the center's namesake — which bears an inscription of his words: "There is no greater calling than to serve your brother. There is no greater satisfaction than to have done it well."
But Reuther, who died in a plane crash en route to the center in 1970, never knew the satisfaction of Black Lake's "well-groomed fairways," a course that Michigan Golf Magazine called a "stunning visual marvel." Union members can play golf at discounted rates on one of the country's top 100 courses, designed in 2000 by famed course architect Rees Jones at a cost of $6 million. The center has a storied history. Reuther had his ashes scattered at the site, and Lucille Ball and Desi Arnaz honeymooned there in 1940, well before it was bought by the UAW.
"It's funny that they call it an education center — it's a resort," said Wilson. "If I was a union member, I would prefer that they rented out a room at the Ramada Inn."
What a beautiful golf course. It’s too bad they can’t afford it anymore. Extraordinary times call for extraordinary measures and in this case, this “Taj Mahal” of a resort has to go. Just one more reason why GM needs to go bankrupt to have any chance of surviving this economic downturn.