Tuesday, March 17, 2009
Thursday, March 12, 2009
Tuesday's News Recap: Geithner Says U.S. Will Protect Banks, IBD TIPP Rebounds
(CEP News) • Bernanke Calls for Regulatory Reforms • U.S. Wholesale Inventories Fall 0.7% • U.S. Economic Optimism ReboundsU.S. Treasury Secretary Says Banks will be Capitalized and Protected
U.S. Treasury Secretary Timothy Geithner pledged to protect the United States' top 20 banks on Tuesday, and said some banks are going to need "significant" capital. Speaking in a PBS interview with Charlie Rose to be aired Tuesday night, he said the government cannot just let the crisis "burn itself out," and that it is essential to stabilize the banking system. "It is our obligation to clean it up and to fix it," he said. "We're going to keep at it."
Geithner said the government is going to act as a catalyst to attract private funding. Once the banks have funding, more private investors will return, he said. However, Geithner noted the government's intervention in the crisis is "short-lived," and that the government should not pay inflated prices for toxic assets.
Fed's Bernanke Says Banking Needs Reform
Federal Reserve Chairman Ben Bernanke stressed the need to overhaul operating rules for "too big to fail" institutions. Speaking in Washington, D.C., Bernanke said the U.S. government remains committed to ensuring major banks have the capital necessary to weather the recession and to meet their commitments.
"Government assistance to avoid the failures of major financial institutions has been necessary to avoid a further serious destabilization of the financial system, and our commitment to avoiding such a failure remains firm," he said. In a question and answer session following his speech, Bernanke said he thinks bank capital has been well used and has reduced the deleveraging process.
Going forward, Bernanke said the U.S. government needs to consider creating an authority whose main responsibility is to oversee and prevent systemic risks in the financial structure, and called on Congress to create such a regulatory body.
U.S Wholesale Inventories Slide Less Than Expected
U.S. wholesale inventories continued their downward trend in January, falling for the fifth consecutive month. Wholesale inventories fell 0.7% compared to expectations for a 1.0% decline, while the December data was revised down to a 1.5% fall from a previously reported 1.4% contraction, according to a report released Tuesday by the Department of Commerce.
Since January 2008, inventories have increased by 1.0%, compared to the prior month's annual advance of 6.8%. Durable goods inventories posted a 1.3% decline following the previous month's 1.5% drop, while non-durables increased by 0.2% in the month, after falling by 1.5% in December.
IBD/TIPP Economic Optimism Index Unexpectedly Rebounds
Economic sentiment in the United States unexpectedly rebounded in March compared to February, according to a report from Investor's Business Daily and TechnoMetrica Market Intelligence.
The IBD/TIPP index of economic optimism rose to 45.3 from the 44.6 reading in February. Economists had expected a reading of 43.0. The economic outlook index declined to 40.2 from the previous month's reading of 42.6, while the personal outlook index rebounded to 51.1 from 50.2 and the federal policies index advanced 3.7 points to 44.7.
U.S. Retail Sales Rise Slightly from Previous Week
U.S. retailers noted some respite in chain store sales for the week ending March 7, according to a survey from ICSC that pointed to more spending compared to the previous week. The ICSC-Goldman Sachs survey reported that chain store sales fell by an annual pace of 0.9%, compared to the previous week's 0.8% contraction. But on a weekly basis, sales rose 0.2%, partially reversing the previous week's 0.6% decrease.
Meanwhile, the Johnson Redbook retail survey recorded a 1.4% decline in the week compared to the same period last year. In addition, sales-to-date in March were down 0.2% compared to February.
Canada's Harper Says $20 Billion Will be Pumped into Economy by April
Canadian Prime Minister Stephen Harper said Tuesday that the bulk of stimulus funding, $20 billion, will hit the economy by April 1, with the rest being delivered within the next five months.
Speaking in Brampton, Ont., Harper said Canada will not experience a prolonged period of deficits, and that his Conservative government will ensure the recession does not hit Canada as hard as in other developed economies. Nevertheless, he said Canada will not emerge from recession until the United States fixes its financial sector.
Harper also said Canada is committed to strict bank regulation and that the country is not going to drift towards nationalizing banks and micro managing them, as has been done in the United States.
Regulators to Focus on Bank Compensation Packages, Canadian Official Says
Executive compensation packages withing the financial sector will be the focus of global regulators, who will also work to limit excessive risk-taking, the head of Canada's banking regulator said on Tuesday.
According to a report by Reuters, Julie Dickson, head of the Office of the Superintendent of Financial Institutions, said, "The G20 has yet to meet to talk about this issue but regulators, in focusing very narrowly on risk, have agreed that we should be looking at compensation programs of international institutions ... to see whether they do create incentives to take risk."
G20 Will Look to Canada for Help on Financial Reforms
A senior Canadian finance ministry official said Canada will share its secrets with the G20 on March 14 as to how its banking system has shown resilience in face of the financial crisis. The official said "it's no coincidence" that Canada was asked to lead one of the four working groups on financial reform at the meeting in Horsham, United Kingdom.
Canada has weathered the recession well because it has higher capital requirements for banks than the minimal international standard and a cap on leverage, he said. The official said the general emphasis of the meeting will be on the actual implementation of financial reform, and assuring that international agencies, such as the International Monetary Fund and World Bank, have the necessary resources to aid countries in need.
By Ernest Hoffman, ehoffman@economicnews.ca and Stephen Huebl, shuebl@economicnews.ca, with contributions from Erik Kevin Franco, efranco@economicnews.ca and Megan Ainscow, mainscow@economicnews.ca, edited by Sarah Sussman, ssussman@economicnews.ca
U.S. Treasury Secretary Timothy Geithner pledged to protect the United States' top 20 banks on Tuesday, and said some banks are going to need "significant" capital. Speaking in a PBS interview with Charlie Rose to be aired Tuesday night, he said the government cannot just let the crisis "burn itself out," and that it is essential to stabilize the banking system. "It is our obligation to clean it up and to fix it," he said. "We're going to keep at it."
Geithner said the government is going to act as a catalyst to attract private funding. Once the banks have funding, more private investors will return, he said. However, Geithner noted the government's intervention in the crisis is "short-lived," and that the government should not pay inflated prices for toxic assets.
Fed's Bernanke Says Banking Needs Reform
Federal Reserve Chairman Ben Bernanke stressed the need to overhaul operating rules for "too big to fail" institutions. Speaking in Washington, D.C., Bernanke said the U.S. government remains committed to ensuring major banks have the capital necessary to weather the recession and to meet their commitments.
"Government assistance to avoid the failures of major financial institutions has been necessary to avoid a further serious destabilization of the financial system, and our commitment to avoiding such a failure remains firm," he said. In a question and answer session following his speech, Bernanke said he thinks bank capital has been well used and has reduced the deleveraging process.
Going forward, Bernanke said the U.S. government needs to consider creating an authority whose main responsibility is to oversee and prevent systemic risks in the financial structure, and called on Congress to create such a regulatory body.
U.S Wholesale Inventories Slide Less Than Expected
U.S. wholesale inventories continued their downward trend in January, falling for the fifth consecutive month. Wholesale inventories fell 0.7% compared to expectations for a 1.0% decline, while the December data was revised down to a 1.5% fall from a previously reported 1.4% contraction, according to a report released Tuesday by the Department of Commerce.
Since January 2008, inventories have increased by 1.0%, compared to the prior month's annual advance of 6.8%. Durable goods inventories posted a 1.3% decline following the previous month's 1.5% drop, while non-durables increased by 0.2% in the month, after falling by 1.5% in December.
IBD/TIPP Economic Optimism Index Unexpectedly Rebounds
Economic sentiment in the United States unexpectedly rebounded in March compared to February, according to a report from Investor's Business Daily and TechnoMetrica Market Intelligence.
The IBD/TIPP index of economic optimism rose to 45.3 from the 44.6 reading in February. Economists had expected a reading of 43.0. The economic outlook index declined to 40.2 from the previous month's reading of 42.6, while the personal outlook index rebounded to 51.1 from 50.2 and the federal policies index advanced 3.7 points to 44.7.
U.S. Retail Sales Rise Slightly from Previous Week
U.S. retailers noted some respite in chain store sales for the week ending March 7, according to a survey from ICSC that pointed to more spending compared to the previous week. The ICSC-Goldman Sachs survey reported that chain store sales fell by an annual pace of 0.9%, compared to the previous week's 0.8% contraction. But on a weekly basis, sales rose 0.2%, partially reversing the previous week's 0.6% decrease.
Meanwhile, the Johnson Redbook retail survey recorded a 1.4% decline in the week compared to the same period last year. In addition, sales-to-date in March were down 0.2% compared to February.
Canada's Harper Says $20 Billion Will be Pumped into Economy by April
Canadian Prime Minister Stephen Harper said Tuesday that the bulk of stimulus funding, $20 billion, will hit the economy by April 1, with the rest being delivered within the next five months.
Speaking in Brampton, Ont., Harper said Canada will not experience a prolonged period of deficits, and that his Conservative government will ensure the recession does not hit Canada as hard as in other developed economies. Nevertheless, he said Canada will not emerge from recession until the United States fixes its financial sector.
Harper also said Canada is committed to strict bank regulation and that the country is not going to drift towards nationalizing banks and micro managing them, as has been done in the United States.
Regulators to Focus on Bank Compensation Packages, Canadian Official Says
Executive compensation packages withing the financial sector will be the focus of global regulators, who will also work to limit excessive risk-taking, the head of Canada's banking regulator said on Tuesday.
According to a report by Reuters, Julie Dickson, head of the Office of the Superintendent of Financial Institutions, said, "The G20 has yet to meet to talk about this issue but regulators, in focusing very narrowly on risk, have agreed that we should be looking at compensation programs of international institutions ... to see whether they do create incentives to take risk."
G20 Will Look to Canada for Help on Financial Reforms
A senior Canadian finance ministry official said Canada will share its secrets with the G20 on March 14 as to how its banking system has shown resilience in face of the financial crisis. The official said "it's no coincidence" that Canada was asked to lead one of the four working groups on financial reform at the meeting in Horsham, United Kingdom.
Canada has weathered the recession well because it has higher capital requirements for banks than the minimal international standard and a cap on leverage, he said. The official said the general emphasis of the meeting will be on the actual implementation of financial reform, and assuring that international agencies, such as the International Monetary Fund and World Bank, have the necessary resources to aid countries in need.
By Ernest Hoffman, ehoffman@economicnews.ca and Stephen Huebl, shuebl@economicnews.ca, with contributions from Erik Kevin Franco, efranco@economicnews.ca and Megan Ainscow, mainscow@economicnews.ca, edited by Sarah Sussman, ssussman@economicnews.ca
Closing Market Recap: Huge Gains For Stocks But Dollar Suggests More Trouble
(CEP News) • S&P 500 Jumps 6.4% • Late-Day Gains in U.S. Dollar Cast Doubt on Equity Rally • Gold Falls to One-Month Low • Oil Turns Lower After Early Rally • Treasury Yields Higher by 8-12 Basis PointsStocks Jump Most in 2009 as Financials Rebound
The U.S. financial sector led a mammoth stock market rally on Tuesday in the biggest one-day gain since November 2008.
The Dow Jones industrial average closed up 379 points, or 5.8% to 6926, the S&P 500 closed up 43 points, or 6.4%, to 720 and the Nasdaq closed up 90 points, or 7.1%, to 1358. The gain in the S&P 500 was the largest since Nov. 24.
The positive sentiment was ignited by a leaked memo from Citigroup CEO Vikram Pandit, in which he says the bank became profitable in the first two months of 2009 after five consecutive quarterly declines. He said the firm earned more than $19 billion.
The combination of improving sentiment on the financial sector and a round of short covering sparked huge gains in banking shares.
Citigroup was up 38% on the day, closing at $1.45 per share. Shares of Bank of America were up 28% to $4.79 per share, those of JPMorgan were up 22.6% to $19.50 per share, those of Wells Fargo were up 18.5% to $11.81 per share and those of Morgan Stanley were up 26.5% to $20.84 per share.
Equity sentiment was also boosted by comments from Fed Chairman Ben Bernanke. He said the U.S. government remains committed to ensuring major banks have the capital necessary to weather the recession and meet their obligations.
"Government assistance to avoid the failures of major financial institutions has been necessary to avoid a further serious destabilization of the financial system, and our commitment to avoiding such a failure remains firm," he said.
Stocks also benefited from speculation the uptick rule will be reinstated. The rule prevents initiating a short position when the most recent trade is to the downside. Some market watchers believe it has made it easier to 'raid' stocks.
House Financial Services Committee Chairman Barney Frank called for the reinstatement of the rule, which was abolished in 2007. He said he's hopeful it can be restored "within a month."
There are concerns that the equity rally could fade just as quickly as it began. According to some strategists, both the S&P 500 and DJIA are below key resistance levels.
Fausto Pugliese, president of Cyber Trading University, said that although there are signs that the banking sector is improving, there are concerns looming in the background.
"The banks still have a lot of bad debt that they have to unload," he said. "But right now there are a lot of cheap prices and if you're looking long-term, now might be a time to buy."
"Short-term traders need to be careful. In a bear market what goes up fast comes back down twice as fast," he added.
Colin Cieszynski, market analyst at CMC Markets Canada, said he is also questioning whether Tuesday's rally will last or quickly give up its gains. Concerns over the financial sector have been dragging markets lower and investors are looking for reasons to buy.
"The rally is encouraging but I don't know if it can be sustained," he said. "There are still a lot of concerns that there could be more writedowns. I don't think we are out of the woods yet."
Cieszynski said he would need to see the S&P 500 close above 725 to break the current downtrend.
Canadian banking stocks also received a boost from the positive sentiment. The S&P/TSX composite index closed up 312 points, or 4.1%, to 7879.
In Europe, the Stoxx 50 closed up 88 points to 1703, the UK FTSE 100 closed up 173 points to 3715 and the German DAX closed up 195 points to 3887.
Strategists Say Late-Day U.S. Dollar Rally a Troublesome Sign
Market watchers say a late-day rally in the U.S. dollar against the Canadian dollar and other currencies is a sign of skepticism in Tuesday's massive equity rally.
Risk appetite rose in markets following positive news on the U.S. banking sector. Early in the session, the sentiment spilled over to foreign exchange and dragged USD/CAD as low as 1.2726. But the U.S. dollar rebounded late in the North American session to 1.2822.
A similar pattern played out in most U.S. dollar currency crosses as the greenback made gains against the euro, sterling and Japanese yen.
"I just don't think currency markets are convinced that this rally will last," said George Androulidakis, director of FX trading at the National Bank of Canada. "It just takes one piece of bad news tomorrow for equities to give up all these gains."
Although USD/CAD remains well below yesterday's four-and-a-half-year high at 1.3066 CAD, Androulidakis said there is still a lot of room for the cross to move higher.
Looking at the short term, he said he would look for a close above 1.3017 CAD, which could signal a move to 1.3250.
"I don't want to look further beyond that because I think the volatility will provide enough opportunities for more short and long positions," he said.
George Davis, senior technical strategist at RBC Capital Markets, said he is also skeptical that the gains made on Tuesday can be sustained.
"If you look at previous rallies, they haven't lasted more than one to three days," he said. "I think that skepticism is reflected in currency markets."
Davis said he is expecting USD/CAD to trade in a range, with support near 1.27 CAD and resistance at 1.31 CAD. Looking at the short term, he said there is an opportunity for the cross to remain near the bottom of the range. However, in the mid-term, he is expecting a break through the recent highs of 1.3066.
"I think in the longer term any pullback in USD/CAD is an opportunity to establish a long position," he said.
The U.S. dollar was down 0.19 to 98.66 against the yen and the Dollar Index was down 0.082 to 88.927.
The euro was up 0.0070 to 1.2681 against the U.S. dollar, down 0.0134 to 1.6278 against the Canadian dollar, up 0.0064 to 0.9217 against the pound sterling and was higher by 0.46 to 125.10 against the yen.
The pound sterling was down 0.0019 to 1.3758 against the U.S. dollar and down 0.0261 to 1.7658 against the Canadian dollar.
Gold Prices Tumble as Risk Appetite Grows
A rise in risk appetite sent gold prices to a one-month low as investors jumped back into equity markets on Tuesday.
The front month gold contract at the Chicago Board of Trade was most recently down $25.30 to $898.00 per ounce. It's the first dip below $900 since Feb. 10.
Upbeat news from Citigroup helped boost positive sentiment and hurt safe haven investments, such as gold.
Mike Glaser, futures broker at LaSalle Futures, said although the strong rally in equity markets is a good sign that confidence is reemerging in markets, the rally is unsustainable. He pointed out that there are still a lot of concerns regarding the U.S. and global economy that will continue to support the precious metal.
With gold breaking through $900, Glaser expects $880 to hold as a major support level. A break through $880 could lead to a sharp fall, with prices finding support at the 100-day moving average of $840.
Commodity strategists from Barclays Capital are looking for more weakness in gold. Lower interest in gold as an investment tool and weaker demand in jewelry markets are bearish signs for the precious metal, they said.
Lower Forecast from EIA Hurts Oil Prices
Oil prices are under pressure after the Energy Information Administration (EIA) lowered its forecast for crude prices for 2009 and 2010.
Crude oil prices will average about $42 a barrel in 2009 and $53 a barrel in 2010, according to the report released on Tuesday. The revised forecast is down from last month's expectation that prices will average $43 in 2009 and $55 dollar the following year.
The agency also released more grim news about the U.S. economy and global demand.They expect U.S. economic growth to decline by 2.9% in 2009 and forecasts a modest recovery in 2010, with GDP anticipated to rise 1.9%.
"EIA's projection for 2009 global oil consumption is now 3 million barrels per day lower than it was in the September 2008 Outlook. World oil consumption is expected to rebound in 2010, growing by 900,000 barrels per day, in response to an economic recovery which is projected to begin at the end of 2009," the report said.
Near the start of the North American trading session, WTI crude hit session highs at $48.30, but soon started trending lower. The sell-off picked up speed after the lower forecast from the energy agency. Late in the session, prices fell into negative territory and most recently WTI crude was down $1.29 to $45.78 per barrel.
Despite today's declines, strategists see some room for oil to move higher ahead of the March 17 OPEC meeting. Expectations for another production cut range from 500,000 to 1,000,000 barrels per day.
Andrew Lebow, senior vice-president at MF Global Energy, said he thinks oil prices will move higher and reach $50 a barrel. However, he pointed out that the higher oil prices move, the less chance there is that OPEC will cut production.
He said prices would have to fall to about $43.50 in order to call an end to the recent rally.
"Oil prices have been on a month-long rally and I don't think we have seen the end of it yet," he said.
Lebow added markets will be sensitive to Wednesday's weekly inventory report from the Department of Energy. He noted that another build in crude inventories could put pressure on prices.
Markets are expecting the inventory report to show a withdrawal of 500,000 in crude oil, a 1,000 000 barrel withdrawal in gasoline inventories and a 200,000 barrel build in distillates.
Record $34 Billion U.S. Three-Year Note Auction Draws Yield of 1.489%
Demand in a record-sized $34 billion, U.S. three-year auction was slightly higher than market participants were anticipating, and the notes sold with a yield of 1.489%.
The yield was slightly lower than the 1.492% 'when issued' bid, which represents the expected yield.
The 1.489% yield was tendered to 10.54% of bidders and the bid-to-cover ratio was 2.26. At the previous three-year auction on Jan. 10, the yield was 2.419% and the bid-to-cover was 2.67. The average bid-to-cover ratio in the past four auctions was 2.52.
The median discount rate was 1.419% and the low yield was 1.33%. Non-competitives took $99,457,500. Primary dealers took $19,636,050,000, with direct bidders receiving $617,000,000 of competitives and indirect bidders taking $13,647,521,000.
The indirect allotment of 40.3% was slightly higher than the 36.1% average in recent auctions.
On the spot market, benchmark U.S. three-year yields showed little reaction to the auction. On the session, they were higher by 7 basis points to 1.44%.
On Wednesday, the Treasury will auction $18 billion in 10-year notes, and it will sell $11 billion in 30-year notes on Thursday.
Most recently, U.S. two-year yields were up 6.4 bps to 1.02%, with five-year yields up 11.9 bps to 1.99%, 10-year yields up 13.2 bps to 2.99% and 30-year yields up 15.1 bps to 3.72%. The Eurodollar September 09 contract was up 2.0 ticks to 98.46. The yield curve was steeper, with the 10/2-year spread up 6.9 bps to 197.06 bps.
Yields on two-year Canadian government bonds were up 3.3 bps to 0.99%, with five-year yields up 5.6 bps to 1.93%, 10-year yields up 5.3 bps to 2.99% and 30-year yields up 6.2 bps to 3.70%. The September 09 BAX contract was down 2.0 ticks to 99.50.
In Germany, returns on two-year German bonds were up 4.6 bps to 1.31%, with five-year yields up 8.9 bps to 2.21%, 10-year yields up 6.4 bps to 3.00% and 30-year yields up 5.3 bps to 3.73%.
Yields on UK two-year bonds were down 1.8 bps to 1.33%, with five-year yields down 2.3 bps to 2.17%, 10-year yields down 1.4 bps to 3.11% and 30-year yields up 4.4 bps to 4.08%.
All data taken at 4:10 p.m. EST
By Adam Button, abutton@economicnews
The U.S. financial sector led a mammoth stock market rally on Tuesday in the biggest one-day gain since November 2008.
The Dow Jones industrial average closed up 379 points, or 5.8% to 6926, the S&P 500 closed up 43 points, or 6.4%, to 720 and the Nasdaq closed up 90 points, or 7.1%, to 1358. The gain in the S&P 500 was the largest since Nov. 24.
The positive sentiment was ignited by a leaked memo from Citigroup CEO Vikram Pandit, in which he says the bank became profitable in the first two months of 2009 after five consecutive quarterly declines. He said the firm earned more than $19 billion.
The combination of improving sentiment on the financial sector and a round of short covering sparked huge gains in banking shares.
Citigroup was up 38% on the day, closing at $1.45 per share. Shares of Bank of America were up 28% to $4.79 per share, those of JPMorgan were up 22.6% to $19.50 per share, those of Wells Fargo were up 18.5% to $11.81 per share and those of Morgan Stanley were up 26.5% to $20.84 per share.
Equity sentiment was also boosted by comments from Fed Chairman Ben Bernanke. He said the U.S. government remains committed to ensuring major banks have the capital necessary to weather the recession and meet their obligations.
"Government assistance to avoid the failures of major financial institutions has been necessary to avoid a further serious destabilization of the financial system, and our commitment to avoiding such a failure remains firm," he said.
Stocks also benefited from speculation the uptick rule will be reinstated. The rule prevents initiating a short position when the most recent trade is to the downside. Some market watchers believe it has made it easier to 'raid' stocks.
House Financial Services Committee Chairman Barney Frank called for the reinstatement of the rule, which was abolished in 2007. He said he's hopeful it can be restored "within a month."
There are concerns that the equity rally could fade just as quickly as it began. According to some strategists, both the S&P 500 and DJIA are below key resistance levels.
Fausto Pugliese, president of Cyber Trading University, said that although there are signs that the banking sector is improving, there are concerns looming in the background.
"The banks still have a lot of bad debt that they have to unload," he said. "But right now there are a lot of cheap prices and if you're looking long-term, now might be a time to buy."
"Short-term traders need to be careful. In a bear market what goes up fast comes back down twice as fast," he added.
Colin Cieszynski, market analyst at CMC Markets Canada, said he is also questioning whether Tuesday's rally will last or quickly give up its gains. Concerns over the financial sector have been dragging markets lower and investors are looking for reasons to buy.
"The rally is encouraging but I don't know if it can be sustained," he said. "There are still a lot of concerns that there could be more writedowns. I don't think we are out of the woods yet."
Cieszynski said he would need to see the S&P 500 close above 725 to break the current downtrend.
Canadian banking stocks also received a boost from the positive sentiment. The S&P/TSX composite index closed up 312 points, or 4.1%, to 7879.
In Europe, the Stoxx 50 closed up 88 points to 1703, the UK FTSE 100 closed up 173 points to 3715 and the German DAX closed up 195 points to 3887.
Strategists Say Late-Day U.S. Dollar Rally a Troublesome Sign
Market watchers say a late-day rally in the U.S. dollar against the Canadian dollar and other currencies is a sign of skepticism in Tuesday's massive equity rally.
Risk appetite rose in markets following positive news on the U.S. banking sector. Early in the session, the sentiment spilled over to foreign exchange and dragged USD/CAD as low as 1.2726. But the U.S. dollar rebounded late in the North American session to 1.2822.
A similar pattern played out in most U.S. dollar currency crosses as the greenback made gains against the euro, sterling and Japanese yen.
"I just don't think currency markets are convinced that this rally will last," said George Androulidakis, director of FX trading at the National Bank of Canada. "It just takes one piece of bad news tomorrow for equities to give up all these gains."
Although USD/CAD remains well below yesterday's four-and-a-half-year high at 1.3066 CAD, Androulidakis said there is still a lot of room for the cross to move higher.
Looking at the short term, he said he would look for a close above 1.3017 CAD, which could signal a move to 1.3250.
"I don't want to look further beyond that because I think the volatility will provide enough opportunities for more short and long positions," he said.
George Davis, senior technical strategist at RBC Capital Markets, said he is also skeptical that the gains made on Tuesday can be sustained.
"If you look at previous rallies, they haven't lasted more than one to three days," he said. "I think that skepticism is reflected in currency markets."
Davis said he is expecting USD/CAD to trade in a range, with support near 1.27 CAD and resistance at 1.31 CAD. Looking at the short term, he said there is an opportunity for the cross to remain near the bottom of the range. However, in the mid-term, he is expecting a break through the recent highs of 1.3066.
"I think in the longer term any pullback in USD/CAD is an opportunity to establish a long position," he said.
The U.S. dollar was down 0.19 to 98.66 against the yen and the Dollar Index was down 0.082 to 88.927.
The euro was up 0.0070 to 1.2681 against the U.S. dollar, down 0.0134 to 1.6278 against the Canadian dollar, up 0.0064 to 0.9217 against the pound sterling and was higher by 0.46 to 125.10 against the yen.
The pound sterling was down 0.0019 to 1.3758 against the U.S. dollar and down 0.0261 to 1.7658 against the Canadian dollar.
Gold Prices Tumble as Risk Appetite Grows
A rise in risk appetite sent gold prices to a one-month low as investors jumped back into equity markets on Tuesday.
The front month gold contract at the Chicago Board of Trade was most recently down $25.30 to $898.00 per ounce. It's the first dip below $900 since Feb. 10.
Upbeat news from Citigroup helped boost positive sentiment and hurt safe haven investments, such as gold.
Mike Glaser, futures broker at LaSalle Futures, said although the strong rally in equity markets is a good sign that confidence is reemerging in markets, the rally is unsustainable. He pointed out that there are still a lot of concerns regarding the U.S. and global economy that will continue to support the precious metal.
With gold breaking through $900, Glaser expects $880 to hold as a major support level. A break through $880 could lead to a sharp fall, with prices finding support at the 100-day moving average of $840.
Commodity strategists from Barclays Capital are looking for more weakness in gold. Lower interest in gold as an investment tool and weaker demand in jewelry markets are bearish signs for the precious metal, they said.
Lower Forecast from EIA Hurts Oil Prices
Oil prices are under pressure after the Energy Information Administration (EIA) lowered its forecast for crude prices for 2009 and 2010.
Crude oil prices will average about $42 a barrel in 2009 and $53 a barrel in 2010, according to the report released on Tuesday. The revised forecast is down from last month's expectation that prices will average $43 in 2009 and $55 dollar the following year.
The agency also released more grim news about the U.S. economy and global demand.They expect U.S. economic growth to decline by 2.9% in 2009 and forecasts a modest recovery in 2010, with GDP anticipated to rise 1.9%.
"EIA's projection for 2009 global oil consumption is now 3 million barrels per day lower than it was in the September 2008 Outlook. World oil consumption is expected to rebound in 2010, growing by 900,000 barrels per day, in response to an economic recovery which is projected to begin at the end of 2009," the report said.
Near the start of the North American trading session, WTI crude hit session highs at $48.30, but soon started trending lower. The sell-off picked up speed after the lower forecast from the energy agency. Late in the session, prices fell into negative territory and most recently WTI crude was down $1.29 to $45.78 per barrel.
Despite today's declines, strategists see some room for oil to move higher ahead of the March 17 OPEC meeting. Expectations for another production cut range from 500,000 to 1,000,000 barrels per day.
Andrew Lebow, senior vice-president at MF Global Energy, said he thinks oil prices will move higher and reach $50 a barrel. However, he pointed out that the higher oil prices move, the less chance there is that OPEC will cut production.
He said prices would have to fall to about $43.50 in order to call an end to the recent rally.
"Oil prices have been on a month-long rally and I don't think we have seen the end of it yet," he said.
Lebow added markets will be sensitive to Wednesday's weekly inventory report from the Department of Energy. He noted that another build in crude inventories could put pressure on prices.
Markets are expecting the inventory report to show a withdrawal of 500,000 in crude oil, a 1,000 000 barrel withdrawal in gasoline inventories and a 200,000 barrel build in distillates.
Record $34 Billion U.S. Three-Year Note Auction Draws Yield of 1.489%
Demand in a record-sized $34 billion, U.S. three-year auction was slightly higher than market participants were anticipating, and the notes sold with a yield of 1.489%.
The yield was slightly lower than the 1.492% 'when issued' bid, which represents the expected yield.
The 1.489% yield was tendered to 10.54% of bidders and the bid-to-cover ratio was 2.26. At the previous three-year auction on Jan. 10, the yield was 2.419% and the bid-to-cover was 2.67. The average bid-to-cover ratio in the past four auctions was 2.52.
The median discount rate was 1.419% and the low yield was 1.33%. Non-competitives took $99,457,500. Primary dealers took $19,636,050,000, with direct bidders receiving $617,000,000 of competitives and indirect bidders taking $13,647,521,000.
The indirect allotment of 40.3% was slightly higher than the 36.1% average in recent auctions.
On the spot market, benchmark U.S. three-year yields showed little reaction to the auction. On the session, they were higher by 7 basis points to 1.44%.
On Wednesday, the Treasury will auction $18 billion in 10-year notes, and it will sell $11 billion in 30-year notes on Thursday.
Most recently, U.S. two-year yields were up 6.4 bps to 1.02%, with five-year yields up 11.9 bps to 1.99%, 10-year yields up 13.2 bps to 2.99% and 30-year yields up 15.1 bps to 3.72%. The Eurodollar September 09 contract was up 2.0 ticks to 98.46. The yield curve was steeper, with the 10/2-year spread up 6.9 bps to 197.06 bps.
Yields on two-year Canadian government bonds were up 3.3 bps to 0.99%, with five-year yields up 5.6 bps to 1.93%, 10-year yields up 5.3 bps to 2.99% and 30-year yields up 6.2 bps to 3.70%. The September 09 BAX contract was down 2.0 ticks to 99.50.
In Germany, returns on two-year German bonds were up 4.6 bps to 1.31%, with five-year yields up 8.9 bps to 2.21%, 10-year yields up 6.4 bps to 3.00% and 30-year yields up 5.3 bps to 3.73%.
Yields on UK two-year bonds were down 1.8 bps to 1.33%, with five-year yields down 2.3 bps to 2.17%, 10-year yields down 1.4 bps to 3.11% and 30-year yields up 4.4 bps to 4.08%.
All data taken at 4:10 p.m. EST
By Adam Button, abutton@economicnews
Bernanke Says Banks Will Remain Capitalized, but "Too Big to Fail" Needs to End (Update)
(CEP News) - Federal Reserve Chairman Ben Bernanke stressed the need to overhaul operating rules for "too big to fail" institutions on Tuesday.Speaking to the Council on Foreign Relations in Washington, D.C., Bernanke said the U.S. government currently remains committed to ensuring major banks have the capital necessary to weather the recession and to meet their commitments.
"Government assistance to avoid the failures of major financial institutions has been necessary to avoid a further serious destabilization of the financial system, and our commitment to avoiding such a failure remains firm," he said.
In a question and answer session following his speech, Bernanke said he thinks bank capital has been very well used and has reduced the deleveraging process.
But going forward, Bernanke said the U.S. government needs to consider creating an authority whose main responsibility is to oversee and prevent systemic risks in the financial structure, and called on Congress to create such a regulatory body.
The idea that some firms are "too big to fail" and will be bailed out by government reduces market discipline, he said, and creates an unlevel playing field for smaller companies.
It has also been proven to be very costly for taxpayers, he said.
Bernanke said current bankruptcy law and framework in the United States is not effective enough when it comes to large non-bank financial firms, and that the range of financial crisis situations that necessitate government intervention should be narrowed.
He said accounting methods need to be adjusted so that they "do not overly magnify the ups and downs in the financial system and the economy."
However, Bernanke said he does not support suspending mark-to-market accounting. He said while it can aggravate market swings, it is a transparent accounting method.
He also said money market mutual funds - as a key source of funding for some businesses - need tighter restrictions, "to increase the resiliency of those funds that are susceptible to runs."
Bernanke said the Fed is a good candidate for his proposed grand systemic risk overseer. "A good case can be made for granting the Federal Reserve explicit oversight authority for systemically important payment and settlement systems," he said. Still, he recognized this responsibility could overburden the central bank.
Overall, the downside of capitalism is that it is prone to booms and busts, Bernanke said, but noted the model helps improve living standards. The central banker also disagreed with the statement that capitalism is "self destructive."
By Megan Ainscow, mainscow@economicnews.ca, edited by Stephen Huebl, shuebl@economicnews.ca
"Government assistance to avoid the failures of major financial institutions has been necessary to avoid a further serious destabilization of the financial system, and our commitment to avoiding such a failure remains firm," he said.
In a question and answer session following his speech, Bernanke said he thinks bank capital has been very well used and has reduced the deleveraging process.
But going forward, Bernanke said the U.S. government needs to consider creating an authority whose main responsibility is to oversee and prevent systemic risks in the financial structure, and called on Congress to create such a regulatory body.
The idea that some firms are "too big to fail" and will be bailed out by government reduces market discipline, he said, and creates an unlevel playing field for smaller companies.
It has also been proven to be very costly for taxpayers, he said.
Bernanke said current bankruptcy law and framework in the United States is not effective enough when it comes to large non-bank financial firms, and that the range of financial crisis situations that necessitate government intervention should be narrowed.
He said accounting methods need to be adjusted so that they "do not overly magnify the ups and downs in the financial system and the economy."
However, Bernanke said he does not support suspending mark-to-market accounting. He said while it can aggravate market swings, it is a transparent accounting method.
He also said money market mutual funds - as a key source of funding for some businesses - need tighter restrictions, "to increase the resiliency of those funds that are susceptible to runs."
Bernanke said the Fed is a good candidate for his proposed grand systemic risk overseer. "A good case can be made for granting the Federal Reserve explicit oversight authority for systemically important payment and settlement systems," he said. Still, he recognized this responsibility could overburden the central bank.
Overall, the downside of capitalism is that it is prone to booms and busts, Bernanke said, but noted the model helps improve living standards. The central banker also disagreed with the statement that capitalism is "self destructive."
By Megan Ainscow, mainscow@economicnews.ca, edited by Stephen Huebl, shuebl@economicnews.ca
ECB Monthly Bulletin Notes Below-Target Inflation, Deteriorating Global Demand
(CEP News) Frankfurt - Euro zone inflation is expected to remain "well below 2%" this year and the next, while both global and domestic demand will continue to deteriorate in 2009 before gradually recovering, the European Central Bank said in its monthly bulletin, echoing ECB President Jean-Claude Trichet's introductory remarks.At its March 5 policy meeting, the ECB Governing Council voted to cut its main refinancing rate 50 basis points to a record low 1.5%. The central bank also released its updated staff projections for both inflation and growth.
According to the projections, price growth is expected at between 0.1% and 0.7% for 2009 before picking up to between 0.6% and 1.4% in the following year.
"Owing mainly to base effects stemming from the past behaviour of energy prices, headline annual inflation rates are projected to decline further in the coming months, possibly temporarily reaching negative levels around mid-year," the bulletin read.
Regarding economic growth, the projections suggested an overall range from -3.2% and -2.2% this year. By 2010, the central bank expects a gradual recovery and look for a growth rate of between -0.7% and +0.7% for the year.
"In both 2009 and 2010, the annual GDP growth rate will be significantly reduced by negative carry-over effects from the previous year," the bulletin added.
However, the report also said that the economy "continues to be surrounded by uncertainty."
Written by CEP News European Staff, eunews@economicnews.ca
According to the projections, price growth is expected at between 0.1% and 0.7% for 2009 before picking up to between 0.6% and 1.4% in the following year.
"Owing mainly to base effects stemming from the past behaviour of energy prices, headline annual inflation rates are projected to decline further in the coming months, possibly temporarily reaching negative levels around mid-year," the bulletin read.
Regarding economic growth, the projections suggested an overall range from -3.2% and -2.2% this year. By 2010, the central bank expects a gradual recovery and look for a growth rate of between -0.7% and +0.7% for the year.
"In both 2009 and 2010, the annual GDP growth rate will be significantly reduced by negative carry-over effects from the previous year," the bulletin added.
However, the report also said that the economy "continues to be surrounded by uncertainty."
Written by CEP News European Staff, eunews@economicnews.ca
Aussie Dollar Weaker After Mixed Employment Report
(CEP News) - The Australian dollar was weaker on Thursday in the aftermath of a mixed employment report, with the economy creating jobs, but the unemployment rate rising further than expected.According to the Australian Statistics Bureau, the employment sector created 1,800 jobs while the number of unemployed persons rose 47,100, boosting the unemployment rate to 5.2% from 4.8% last month.
Economists were expecting a rise in the unemployment rate to 5.0% and 20,000 jobs lost.
Data taken at 7:10 a.m. EDT,
The euro was up 0.0133 to 1.9815 against the Australian dollar.
The Australian dollar was down 0.0073 to 0.6449 against the greenback.
The Canadian dollar was up 0.0085 to 1.2017 against the Australian dollar.
The Australian dollar was down 1.3700 to 62.075 against the yen.
The Australian dollar was up 0.0092 to 1.2609 against the New Zealand dollar.
By Erik Kevin Franco, efranco@economicnews.ca, edited by Stephen Huebl, shuebl@economicnews.ca
Economists were expecting a rise in the unemployment rate to 5.0% and 20,000 jobs lost.
Data taken at 7:10 a.m. EDT,
The euro was up 0.0133 to 1.9815 against the Australian dollar.
The Australian dollar was down 0.0073 to 0.6449 against the greenback.
The Canadian dollar was up 0.0085 to 1.2017 against the Australian dollar.
The Australian dollar was down 1.3700 to 62.075 against the yen.
The Australian dollar was up 0.0092 to 1.2609 against the New Zealand dollar.
By Erik Kevin Franco, efranco@economicnews.ca, edited by Stephen Huebl, shuebl@economicnews.ca
FOREX Swiss 20 Franc Gold Coins: Classic Swiss Gold Coins
by Christina GoldmanThe Swiss 20 Franc gold coin, also identified as the Swiss 20 Franc Vreneli, is without doubt among the world’s most elegant and classically designed Swiss gold coins. Because Switzerland has always supported its currency with gold, Switzerland has long been personified as one of the most financially sound and strong countries in the world.The Swiss gold coin most commonly known as the Swiss 20 Franc is a well-crafted and lovely piece that displays the profile of a Swiss woman, more commonly known as Vreneli, with braided hair, wearing flowers and facing left.Above her head are the words “Helvetia”, another common name for this particular coin. The opposite side of the coin displays the familiar Swiss shield over an oak branch that has been tied with ribbons and includes the denomination and the date.The Swiss 20 Franc Gold coin was minted in Bern and consists of 90% gold. Altogether, 29 pieces were struck in 1879, a small cross imprinted in the center of the Swiss cross on the obverse side distinguishing these from others.The coin, measuring 21 mm across, has been minted in various years, the most typically recognized being:When it comes to collecting or investing in Swiss gold coins, genuine Swiss gold coins are some of the most beautiful ever minted. The first-ever striking of gold coins in Switzerland occurred in about 1492, although the Swiss 20 Franc gold coins are the most famous and were issued in Switzerland from 1897 to 1935.
The 9 No’s of Forex Trading by fxreport
As a novice Forex Trader you should be aware that there are 9 big No No’s when it comes to forex trading. You should make sure that you don’t make the same mistakes that 90% of traders make, which is loose there money. These below are the 9 biggest reasons why people end broke from Forex Trading.1. Scalping or Day Trading Although there are many articles about day trading or scalping as a new trader you should try to avoid it, as it is not a wise decision for a beginner. The reason for this as there is so much to learn about you can make. Forex Trading and learning to day trade first up is the most risky strategy that you can use.2. Using a Guru There are experts everywhere that are willing to sell advice, but remember 90% of them will end up broke. They will offer to do it only commission, but ultimately it is your money that they will lose.3. Using Bad Brokers- They are like gurus. Make sure that you research the brokers first and make sure that you check the figures of these brokers before committing. If you are looking for a Great Broker then view the CFD FX REPORTthey have recently researched all the brokers and have come up with some excellent brokers that can help you with your trading future.4. Practice with demo accounts- for months If you use practice accounts for months, you are only kidding yourself as you don’t have the pressure of your money on the line.5. Habitual trading Some Forex Traders trade just for the sake of it. They think that if they are not in the market they will miss a move. If you trade just for the sake of trading then chances won’t be in your favor. Over trading will only make you go broke faster.6. Mix fundamentals and technical inputs- Just confusing yourself If you are trying to mix both you just confuse yourself and drain your bank account, not an ideal strategy for Forex Trading.7. Breaking your Rules Patience is the key to forex success. So many traders get the perfect system but fail to wait it and will just trade for the sake of it, breaking there own rules. Have rules and stick to them.8. All or Nothing- Massive Leverage Too many traders are trying to make it rich from the first trade if that is your plan then you will ultimately end up broke. Today there are many trading platforms that offer massive leverage, such as 400:1 which can be too high. Make sure you use money management skills when using leverage.9. Using too many inputs Many traders think that complicated systems are the perfect system but with it they are more likely not to succeed. The best rule that you use is simple is best.So make sure that you get as much as education as possible before starting to trade, as great place to get lots of free quality education lessons is the CFD FX REPORT. Happy TradingAbout the Author:The CFD FX REPORT is a real time trading tool that offers clients free trading reports, with trading ideas, stock market and forex market education as well helping them with. Also if you are looking for a Forex Broker, then feel free to visit our broker section as we recently reviewed all the forex brokers and have found the best on the market
Forex For Beginners - Purpose
The purpose of trading on any market is to buy low and sell high. The foreign currency market FOREX, the largest trading market in the world, is no exception. The goods traded on this market are rates of currencies of different countries that are traded on the market.A deal on the Forex market consists of buying one currency and selling another at the same time. Many people choose to include the Forex market in their investment plans because of the flexibility that it allows.It is important to do your research before you being and know what you are doing to avoid taking a large loss. Trading is very easy if you do your research and practice with a demo account first to learn how it works. This way you can trade without taking a chance on losing any of your own money at first.In the beginning, try to stick with the more popular currencies so that you are not left with currencies that you will have a problem selling and also the spread will probably be narrower so it will be easier to pull in a profit.The purpose of trading on any market is to buy low and sell high. The foreign currency market FOREX, the largest trading market in the world, is no exception. The goods traded on this market are rates of currencies of different countries that are traded on the market.A deal on the Forex market consists of buying one currency and selling another at the same time. Many people choose to include the Forex market in their investment plans because of the flexibility that it allows.It is important to do your research before you being and know what you are doing to avoid taking a large loss. Trading is very easy if you do your research and practice with a demo account first to learn how it works. This way you can trade without taking a chance on losing any of your own money at first.In the beginning, try to stick with the more popular currencies so that you are not left with currencies that you will have a problem selling and also the spread will probably be narrower so it will be easier to pull in a profit
Determinant Diamond
Determinant, this paper will concentrate on the first component of structure and deal briefly with the other. Porter argues that vigorous domestic rivalry is strongly associated with competitive advantage in an industry and that success does not grow from one or two firms experiencing economies of scale due to their dominance of the market - only in a closed economy will dominance be profitable. He goes on to say that domestic rivalry creates pressure to innovate and upgrade NCA as local competitors imitate new ideas and the whole industry benefits from overall industry innovation.However in the very open Irish economy the subsidiaries of the MNC's are highly successful while dominating certain industrial sectors. They do so in the technologically sophisticated industrial activities where no significant rivalry exists and where indigenous firms are far too weak to compete. Their dominance is aided by the structure of indigenous industry which is predominantly small autonomous manufacturing companies. Nearly 65% of the private industrial sector is concentrated in enterprises of less than 100 employees and little co-operation takes place between them.(IDA) However, apart from these structural barriers which make the competitive environment prohibitive there are other disincentives for Irish firms to imitate MNC activities and compete in these sectors. Foreign subsidiaries have the backing of their large parent corporations who benefit from significant learning and scale advantages, advanced and specialised factors and a stock of financial resources for investment in the same.Imitation of ideas is also constrained not only by the above, but also by the absence of a concerted attempt by the government to gain access to the technologies these companies develop and utilise in order to diffuse it to their indigenous counterparts. The Irish 'hands off' policy stands in stark contrast to the polices of other countries, in particular, the rapidly growing East Asian nations. In these countries the governments have set up agencies in order to learn about the technologies which MNC's bring with them in order to integrate them into indigenous industry.Porter also states that new business formation will create new competitors and "feed the process of innovation"(Porter 1990). But new business formation is not a significant threat to competition in the Irish case. In a recent report by Forbairt it was found that over 60% of new businesses will fail within 5 years and each year about 600 companies are officially liquidated - this despite the favourable economic climate and the generous grant aid available(IDA). Data complied by the Department of Enterprise and Employment indicated that 57% of Irish companies fail while only 43% of foreign companies failed. If this trend continues foreign companies will continue to dominate.Therefore, Ireland appears to have a competitive advantage in industries in which there is no vigorous domestic rivalry and where success has grown out of a small number of firms experiencing economies of scale due to their dominance, despite the openness of the Irish economy. There are no domestic pressures to innovate as local competitors are constrained in their ability to imitate ideas. Overall this determinant is inapplicable to the Irish economy based on the trade statistics.Porter also states that countries will succeed where the goal and motivation fit the source of competitive advantage and that these goals are strongly determined by ownership structure. The goals of MNC's are evident from their financial behaviour and they have spin-off effects on the national prestige of their industries - thus affecting the quality of human resources (HR) attracted to them. If MNCs are perceived as using predominantly low skilled labour with little investment in the skills of the domestic labour force then the young educated segment will look elsewhere for employment. Thus Ireland's advanced specialised factors become mobile and emigrate to where investment in human resources is fundamental to organisations. This problem is compounded by the historically low HR investment levels of the indigenous sector and the significant "skill gap between Irish and best practice companies"(Culliton) Therefore, even if the young possess the skills there is no incentive to stay in the country as there are no benefits to be reaped in the long term and opportunities are limited. In contrast, one of Japan's key sources of NCA is its high percentage of engineers per capita. This mobile advanced factor is made immobile because of the Japanese engineering and innovative culture which creates the incentive to stay
Diamond Historical
Porter states the traditional factor endowment argument of standard trade theory is too simplistic. He argues that the factors most important to comparative advantage are not inherited, as Hecksher-Ohlin argue, but are created and that the broad categories of land, labour, and capital are too general. He divides factors into basic and advanced, generalised and specialised. Basic factors such as natural resources, climate and un/semi-skilled labour are 'passively inherited' while advanced factors are those whose development demands large and substantial investment in human and physical capital. The distinction of generalised versus specialised is based on their ability to perform tasks. Generalised factors are available in most nations. They can be sourced on global markets and their activities can be performed at a distance from the home base, whereas specialised factors are developed with considerable investment from the generalised factors. Porter argues that sustainable competitive advantage exists when a nation state possesses the factors necessary to compete in particular industry, which are both advanced and specialised.Given that the statistics indicate that Ireland has a NCA in the 'high-tech' industries it would be logical to assume that both advanced and specialised factors were both present in Ireland and used in these industries. It can also be assumed that because these industries are dynamic that these factors must continuously be upgraded. However, in Ireland, this is not the case as basic and generalised factors are predominantly used. Despite the fact that the products produced are increasingly 'high-tech', the tasks that Irish employees perform in these industries are predominantly low skilled and the percentage of skilled workers used in the subsidiaries of multinational companies (MNC) compares unfavourably with other developed countries. This seeming anomaly can be explained because MNC's base most of the advanced specialised factor activities in their home country, therefore technology, marketing, innovation and industrial expertise are imported into Ireland from the parent country. The investment in the continuous upgrading of factors also takes place outside Ireland and there is little incentive for these companies to conduct similar investment in Ireland. This lack of interest in investing in or creating Irish advanced and specialised factors is evident from financial behaviour - repatriated profits, royalty and dividends have left Ireland at a fast and rising rate since the 1980's. Their contribution to the positive macro performance of the economy is based on the capabilities which are embedded in their own economies rather than those present in the domestic economy. These enterprises have also made little direct contribution to the learning process which Porter cites as being essential to NCA, therefore Irish factors are not generating knowledge and skill to form the foundations for a more sustainable NCA which is indigenous rather than foreign owned. Overall it is not necessary for Ireland to possess the advanced and specialised factors to compete in the 'high-tech' industries which dominate the trade statistics and yet the country appears to have its NCA in such industries.What factors are actually present in the Irish economy? At the time of the Telesis Report in the 1960s the low level of skilled factors was identified, but since then indigenous companies have continued to concentrate on low skill, low value added activities with only modest improvement in marketing and technological sophistication. This dependence on basic-generalised factors has not necessitated reinvestment on the part of indigenous firms to upgrade these factors, nor has it necessitated their lobbying pressure on the Government to provide them with more advanced-specialised factors to use. The large successful Irish companies have grown due to their 'defender-like strategies' (Miles) i.e. they stick to what they know best, do not innovate and do not reinvest. In short if they prove successful at one activity they remain with it. One must remember that a key rationale behind FDI was its positive spillover effects to the domestic economy through impacting on the activities of domestic firms - it would appear this has not occurred. However, the model states factor conditions cannot be relied upon solely to generate national competitive advantage as demand conditions, related and supporting industries and firm strategy, structure and rivalry must reinforce each other.
Advanced trading tools with up to the second position and account information.
Designed to run in a web browser environment, FOREXTrader.java supports multiple operating systems and web browsers.FOREXTrader.java utilizes push technology to provide real time quotes and instantaneous updates about your open positions, P&L, margin and account balances. The Java Edition also offers clients the ability to trade on the platform in 5 different languages, including English, Chinese, Japanese, Russian, and Spanish.Main features:Real time position and account informationRuns on Windows, MAC operating systemsWorks with a variety of web browsersFully integrated charting toolA variety of single and contingent order types, including If/Then, If/Then OCO and Trailing StopsSupports fully automated trade executionMultilingual support (Chinese, Japanese, Russian, Spanish, etc)System RequirementsBrowser Type :Internet Explorer v6.0 or higher (PCs) Firefox (PCs) Safari (Mac)Internet Connection:Broadband (cable, DSL, satellite, etc.)System:500Mhz processing speed or higher 128 MB of RAMOperating System:Windows XP (SP2, with 256 MB of RAM)Windows 2000Windows 98 SE/ME MAC OS 10 (with Safari)Monitor resolution:1024 x 768 or higherFirewall Access:To ensure access though different firewall configurations, please refer to our Firewall Settings
foreign currency exchange
There are a number of reasons why forex trading has gained growing popularity. Among some of the main points are; greater leverage, constant 24 hour liquidity and extremely low trading cost. A large position in the market can be acquired by a relatively small deposit. Again, this relates to leverage, and it is this dangling carrot that creates such hunger in the stomachs of novice investors. Unfortunately, most beginner investors continue to realize the illusiveness of this fleeting carrot.A Little HistoryIn the beginning, there was a barter system where people and even countries, to a large degree, exchanged goods with one another per individual need. It soon became apparent that this system would eventually become very limiting. Since necessity is the mother of invention, consequently, the metal coins arrived on the scene. During the Middle Ages, a thing called “politics,” close to its current form, was adopted. After its long journey through the political process, paper currency was born.It soon became a realization that printing money at will with nothing to back or support it, could become a problem, and it was. This resulted in governmental and political instability and devastating inflation. As a result, the major central banks moved ahead to support their currencies with convertibility to gold. This move stabilized governmental instability just enough so that local and national economies would not crumble. However, the permanent answer to this problem was introduced by the U.S. in July 1944 by means of the Bretton Woods Agreement. As a result, this agreement led to a system of fixed exchange rates that reestablished the gold on which the dollar was based. All other currencies were fixed to the dollar. Throughout the ages, other countries also developed their own currency and thus became somewhat independent. This independency has allowed for these countries to settle forex rates as to their own perceived value. The difference in the rate between two currencies is what allows for the existence of the forex trade market.Risky BusinessLearning about the foundation of the market and how it is structured is fundamental for the forex trader. It is also critical to understand how currency pairs are structured and how to understand each currency as a tradable instrument. Understanding terminology such as “buying” and “selling” in relation to the actual charts. Understanding the terms “bid” and “ask”, “pip”, “lot” and “lot sizes” and various types of orders.Complex charts, lines, graphs and other analytical tools must be studied and mastered in order to reduce losses. It is this lack of understanding and knowledge that keeps the carrot just beyond the reach of many novices. It is the lack of self discipline and the rush to greed that cause over half of all newbie’s to lose their shirts.PrescriptionIronically though, there is a prescription for this disease of LACK. Whether it is lack of motivation, energy, or knowledge, we all have suffered the disease and with growing economic concerns and increasing demands on our time, it is only human to look for shortcuts.The onset of the age of technology has truly been remarkable. Automation technology applied to the stock market is not new, BUT, this ever evolving technology is now being used aggressively in the forex market where trading profits can literally dwarf regular stock returns. This relatively new approach to trading forex is facilitating droves of newbie traders pouring into the market on a daily basis as the knowledge required to execute a trade is extremely minimal.New automated forex trading technology is said to be advantageous for the beginner trader as well as the seasoned traders. It seems to be taking on more recent popularity as these types of intelligent systems now have the ability to analyze the market in real-time and correct their predictions dynamically.
Creating Profitable Forex Trading Systems in Five Easy Steps
One rule of thumb that every aspiring entrepreneur should remember is that to make huge profits, you should know how to do it by yourself—and not rely on other’s efforts. Being independent from other people will help you determine what things are best for your business.Such rule applies on all types of investments, including foreign currency trading, or mostly known as Forex trading. It cannot be denied that Forex is the largest existing market around the world, which is estimated to have an excess of 2 trillion U.S. dollars worth of foreign currencies are traded each day. It is larger than the magnitude of the New York Stock Exchange, which is approximately 50 billion U.S. dollars. Thus, Forex market exceeds all combined equity markets around the world.With such huge wealth circulating around the Forex market, one of your financial goals is to grab a major slice of that $2 trillion average daily turnover in the market. How you will be able to get a substantial portion of that average turnover if you do not know how you will handle your Forex business? Although you cannot live in the market alone (you need business partners and/or financial advisers to help you along), only you can determine what the best Forex business there is for you.To get huge profits out of your Forex trading career, you need to build your own profitable system—a trading system that will bring your not just hundreds but thousands of dollars worth of Forex revenues. Such trading system is available on the market, but as previously mentioned, you need to be independent—and you need to have your own Forex trading system that will help you achieve your financial goals.http://www.thinkforextrading.com/art_forex_trading_5_steps.php#next
Euro Gains On Other Major Currencies
The euro saw some strength against other major currencies on Tuesday in New York as investors pondered a slew of economic reports around the globe.The single currency was little-changed against the U.S. dollar after giving back overnight gains. The euro moved at 1.2721 in the late morning after hitting a two-week high of 1.2990 earlier this week.The U.S. Conference Board said its consumer confidence index fell to a reading of 25.0 in February from a revised reading of 37.4 in January. Economists had been expecting the index to edge down to 35.0 from the 37.7 originally reported for the previous month.The European currency climbed higher against the pound and moved off of a two-week low of 0.8726 reached yesterday. The pair exchanged at 0.8835 in the late morning.Investors pondered over the British Bankers' Association report showing the number of mortgage approvals for house purchase increased to 23,376 in January from 22,416 recorded in the previous month. Net mortgage lending rose by GBP 2.9 billion, smaller than GBP 3.3 billion increased in December. Personal deposits fell GBP 2.3 billion as spending drained cash and savers sought alternative deposit products.
FOREX American Eagle Gold Coins
US Mint Production Delays1/2-OZ, 1/4-OZ, and 1/10-OZ Sold Out 1-Oz. Coins Still Available The U.S. Mint has temporarily suspended sales of American Eagle 1/2-ounce, 1/4-ounce, and 1/10-ounce gold bullion coins. As a U.S. Mint American Eagle program retailer, Northwest Territorial Mint will be able to supply these when shipments resume.The American Eagle gold bullion coin’s weight, content, and purity is guaranteed by the United States Government. Requiring no assaying, American Eagles are easily converted to cash at any time.coin*facediameterthicknesspurity1 Troy Oz$50.0032.7 mm2.87 mm.91671/2 Troy Oz$25.0027.0 mm2.15 mm.91671/4 Troy Oz$10.0022.0 mm1.78 mm.91671/10 Troy Oz$5.0016.5 mm1.26 mm.9167*Weight given is that of gold content. Actual weight is higher.Minimum PurchaseThe minimum purchase of gold bullion coins is 5 ounces. If you are interested in purchasing less than 5 ounces, you can do so at our online store:(Higher markup and shipping charges will apply).Market ValueEach American Eagle’s price is based on the current market “spot price” plus a premium per coin. The spot price of gold (and all precious metals) is reported every business day in all major newspapers, network television and radio and online.Order Now: 800-344-6468 Order toll free Monday through Friday, 7:00am to 5:00pm Pacific Time.The DesignThe beautiful and classic design of this gold bullion coin is captured in the graceful Striding Liberty, first created by Augustus Saint Gaudens for the 1907-1933 $20 U.S. Double Eagle gold coin. The reverse depicts a nest of American eagles signifying the strength and security of American families. Only gold mined in the United States, by law, is used in the minting of American Gold Eagles. Since its introduction in 1986, its four sizes, one-ounce, half-ounce, quarter-ounce and one-tenth ounce, have become the world’s most widely traded gold bullion coins.
Learn How To Use Your Business Card To Promote Your Business, Drive Traffic To Your Web Site And Generate More Money Than You Ever Imagined Possible
Would You Like To Make Additional Easy Money?
Have you always wondered how some business people seem to attract customers and make money without even seeming to work at it? Have you been looking for the secrets to their success so you can make lots of money, too? If you answered yes to either of these questions then you're in exactly the right place!
You are about to learn the simple, no-brainer secret to making HUGE amounts of money using one of the most basic business tools - your business card. It isn't difficult and it isn't magic, but if you're willing to apply yourself and use the key information in this book, the cash will soon start flooding in!
Can I show you a new and very rarely thought of way to make extra money you have likely been leaving on the table?
Maybe you've looked for complicated, sophisticated ways to achieve success. Maybe you work long hours every day, thinking that hard work alone will lead to amazing wealth.
I'm here to tell you that a simple, basic business tool is the key to making tons and tons of extra unclaimed money you have just been letting slip by in the past! You don't have to take on a complex strategy, and you don't have to spend your entire life focused on work just to get your chance at incredible success!
Every day, people just like you discover the secret of making more money. They are business owners, sales representatives, service providers, even small entrepreneurs running a local, hands-on, home based or Internet marketing business. This diverse group of people all have one thing in common:
They already have access to the most important money making business tool ever created - the business card. So why don't more people make lots of money using this tool?
It's simple.
They don't know how to use it effectively.
That's all about to change, though, thanks to an amazing new system that breaks the mold of "regular business models" and turns the simple business card into a powerful income generator that works for you in ways you've never imagined.
In fact...
Whether You Are An Experienced Business Person Or New Internet Marketer Just Starting Out, You Will Be Able To Use This System To Start Making More Money Right Away!
Now, some would argue that traditional business cards are becoming obsolete, with the tremendous shift to using the Internet, PDA's, and other electronic types of business tools.
They are wrong. And they are right.
The traditional business card is still one of the most effective money making promotional tools out there. Even in this new world of internet commerce, your business card is still the best and least expensive way to promote yourself and make more money.
The bottom line is there's opportunity out there for you to make huge profits!
You see, up until now people have used their business cards in old fashioned ways. They meet someone new, they pass out a business card. They go to a seminar, they pass out a business card. It's almost comical to watch a group of people together, exchanging cards with each other in a flurry of activity that resembles a snow storm whirling around the room.
There is a better way and you're about to find out where to get it...
Now YOU can learn the secrets of usingbusiness cards to promote yourself and makeHUGE amounts of money!
Business Card Marketing 101Has The Information You Need!
Inside this amazing book you will find a complete collection of information you need:
How to design a knockout business card...
Integrating your business card & your web site...
How to distribute your business card effectively...
Making the most of your personal contacts...
This is just a sampling of the vital information you won't find anywhere else. Only Business Card Marketing 101 has the information you need for effective promotion and increased sales!
Now, you can find all sorts of books, articles, and how to guides out there that claim to teach you how to market and promote your business. Some of them even have a few ideas that could work in some circumstances. But NONE of them contain as much practical information as Business Card Marketing 101.
Can you imagine earning enough money to live comfortably?
Do you want to spend more time with your family and less time at work?
Can Someone Like Me Really Make Lots OF Money Just By Using My Business Card More Effectively?
The answer is Absolutely, YES!
You see, most books make it sound complicated and difficult to market and promote your business, but the truth is, it's not complicated or difficult at all.
In fact, if you know the simple steps necessary to design the right business card and use it effectively, it is incredibly easy to do.
Let me be very clear about this - you're not going to make huge profits simple by passing out hundreds and hundreds of business cards willy-nilly. You will have to put some effort into the process, but I can promise you it's astonishingly effective and easy to do.
Can you imagine how great it will feel to start earning the income you deserve? What else do you dream about doing with all of the money you'll make?
Don't waste another moment, you can get started on your new life right away.
Table of Contents:
CHAPTER 1: THE MERITS OF BUSINESS CARDS
WHY BUSINESS CARDS?
WHO BENEFITS THE MOST FROM BUSINESS CARDS?
CHAPTER 2: BUSINESS CARDS IN THE INTERNET AGE
SOME BASICS OF ONLINE BUSINESS
HOW DO BUSINESS CARDS FIT IN?
CHAPTER 3: DESIGNING YOUR BUSINESS CARD
DESIGNING FOR CLARITY
DESIGNING FOR COMMUNICATION
DESIGNING FOR EFFECT
CHAPTER 4: PRINTING PITFALLS
HOW MANY CARDS IS ENOUGH?
PRINTING COSTS -- A GENERAL BREAKDOWN
REDUCING YOUR COSTS
CHAPTER 5: BASICS OF WEB SITE MARKETING
ENTRY POINTS
INTEGRATING YOUR BUSINESS CARD AND YOUR WEB SITE
THE COSTS OF DESIGN
CHAPTER 6: MAKING CONTACTS AT WORK
WHAT ARE THE ADVANTAGES OF DISTRIBUTING YOUR CARDS AT WORK?
TWO PRINCIPLES OF PLACEMENT
MAXIMIZING PERSONAL CONTACT
MAXIMIZING POTENTIAL AUDIENCE
CHAPTER 7: MAKING CONTACTS IN YOUR DAILY LIFE
MAXIMIZING PERSONAL CONTACT
PUBLIC SPACES: MAXIMIZING POTENTIAL AUDIENCE
FOOD
ENTERTAINMENT
CHAPTER 8: MAKING USE OF YOUR EXISTING CONTACTS
PLANNED EVENTS
PRE-EXISTING FUNCTIONS
CONVERSATION
DIRECT PROMOTION
CHAPTER 9: SOME UNORTHODOX STRATEGIES
UNORTHODOX PLACEMENT
INTERNET PROMOTION
EVEN MORE UNORTHODOX
CHAPTER 10: BEYOND BUSINESS CARDS
DIRECT PROMOTION
WEB SITE PROMOTION
Here's just some of money making ideas you're going to learn...
How Business Cards Eliminate a Major Drawback of the Internet - learn how to use business cards to reach non-Internet users, dramatically expanding your audience and potential for sales.
Which Elements Make a Business Card Effective? - Of course your contact information is critical, but so is the design, attractiveness, uniqueness, and the finer details that make it memorable.
How To Meld Your Web site and Your Business Card - Your business card and your web site need to match each other in ways that clearly show they belong to the same business - yours. Learn how to combine design elements from both for maximum effectiveness.
I'm sure you can see the power of this eBook. Are you ready to finally take control of your financial success and get your business started making huge amounts of money you never thought of before?
The invaluable information in the “Business Card Marketing 101 eBook” is so amazing and far-reaching, potent, and helpful that you can't help but get excited about what it can do for you!
Everything you need to know is in there, written in clear, everyday language that everyone can understand easily. Whether you have been using business cards for years or are a total beginner, this eBook will get you started making more money right away!
Audio eBookYou deserve to have all the success, sales and customers that you could ever dream of.
Sound good so far? It gets even better! I don’t care how many other eBooks you’ve seen or read about. You’ve never seen an eBook that can match this one. You do not want to miss out on this innovative eBook. Includes the actual “Business Card Marketing 101 eBook” PLUS four (4) audio eBook companion files that you can play on any compatible MP3 player, including your Zune Player®, Apple’s iPod® and iTunes®.
HOW TO GET YOUR HANDS ON THIS AMAZING NEW EBOOK FOR LESS THAN THE COST OF A COLLEGE MARKETING COURSE!
As much as the “Business Card Marketing 101 eBook” can help increase the amount of business you receive, the most amazing thing is its Extremely Low Price.Thanks to today’s technology, we are able to offer the incredible new “Business Card Marketing 101 eBook” for the super low suggested retail price of only $9.95!If you want to learn all the AMAZING TIPS, TRICKS AND TECHNIQUES revealed inside the new “Business Card Marketing 101 eBook” order RIGHT NOW before it’s too late. This is a limited time offer and Quantities are extremely limited. So, please order today to ensure that you get a copy!
To Your Success,
HOT MONEY CD-ROMS
Distributor of “Business Card Marketing 101 eBook”
P.S. This is a limited time offer and Quantities are extremely limited.So, please order today to ensure that you get a copy! Don’t delay!
Have you always wondered how some business people seem to attract customers and make money without even seeming to work at it? Have you been looking for the secrets to their success so you can make lots of money, too? If you answered yes to either of these questions then you're in exactly the right place!
You are about to learn the simple, no-brainer secret to making HUGE amounts of money using one of the most basic business tools - your business card. It isn't difficult and it isn't magic, but if you're willing to apply yourself and use the key information in this book, the cash will soon start flooding in!
Can I show you a new and very rarely thought of way to make extra money you have likely been leaving on the table?
Maybe you've looked for complicated, sophisticated ways to achieve success. Maybe you work long hours every day, thinking that hard work alone will lead to amazing wealth.
I'm here to tell you that a simple, basic business tool is the key to making tons and tons of extra unclaimed money you have just been letting slip by in the past! You don't have to take on a complex strategy, and you don't have to spend your entire life focused on work just to get your chance at incredible success!
Every day, people just like you discover the secret of making more money. They are business owners, sales representatives, service providers, even small entrepreneurs running a local, hands-on, home based or Internet marketing business. This diverse group of people all have one thing in common:
They already have access to the most important money making business tool ever created - the business card. So why don't more people make lots of money using this tool?
It's simple.
They don't know how to use it effectively.
That's all about to change, though, thanks to an amazing new system that breaks the mold of "regular business models" and turns the simple business card into a powerful income generator that works for you in ways you've never imagined.
In fact...
Whether You Are An Experienced Business Person Or New Internet Marketer Just Starting Out, You Will Be Able To Use This System To Start Making More Money Right Away!
Now, some would argue that traditional business cards are becoming obsolete, with the tremendous shift to using the Internet, PDA's, and other electronic types of business tools.
They are wrong. And they are right.
The traditional business card is still one of the most effective money making promotional tools out there. Even in this new world of internet commerce, your business card is still the best and least expensive way to promote yourself and make more money.
The bottom line is there's opportunity out there for you to make huge profits!
You see, up until now people have used their business cards in old fashioned ways. They meet someone new, they pass out a business card. They go to a seminar, they pass out a business card. It's almost comical to watch a group of people together, exchanging cards with each other in a flurry of activity that resembles a snow storm whirling around the room.
There is a better way and you're about to find out where to get it...
Now YOU can learn the secrets of usingbusiness cards to promote yourself and makeHUGE amounts of money!
Business Card Marketing 101Has The Information You Need!
Inside this amazing book you will find a complete collection of information you need:
How to design a knockout business card...
Integrating your business card & your web site...
How to distribute your business card effectively...
Making the most of your personal contacts...
This is just a sampling of the vital information you won't find anywhere else. Only Business Card Marketing 101 has the information you need for effective promotion and increased sales!
Now, you can find all sorts of books, articles, and how to guides out there that claim to teach you how to market and promote your business. Some of them even have a few ideas that could work in some circumstances. But NONE of them contain as much practical information as Business Card Marketing 101.
Can you imagine earning enough money to live comfortably?
Do you want to spend more time with your family and less time at work?
Can Someone Like Me Really Make Lots OF Money Just By Using My Business Card More Effectively?
The answer is Absolutely, YES!
You see, most books make it sound complicated and difficult to market and promote your business, but the truth is, it's not complicated or difficult at all.
In fact, if you know the simple steps necessary to design the right business card and use it effectively, it is incredibly easy to do.
Let me be very clear about this - you're not going to make huge profits simple by passing out hundreds and hundreds of business cards willy-nilly. You will have to put some effort into the process, but I can promise you it's astonishingly effective and easy to do.
Can you imagine how great it will feel to start earning the income you deserve? What else do you dream about doing with all of the money you'll make?
Don't waste another moment, you can get started on your new life right away.
Table of Contents:
CHAPTER 1: THE MERITS OF BUSINESS CARDS
WHY BUSINESS CARDS?
WHO BENEFITS THE MOST FROM BUSINESS CARDS?
CHAPTER 2: BUSINESS CARDS IN THE INTERNET AGE
SOME BASICS OF ONLINE BUSINESS
HOW DO BUSINESS CARDS FIT IN?
CHAPTER 3: DESIGNING YOUR BUSINESS CARD
DESIGNING FOR CLARITY
DESIGNING FOR COMMUNICATION
DESIGNING FOR EFFECT
CHAPTER 4: PRINTING PITFALLS
HOW MANY CARDS IS ENOUGH?
PRINTING COSTS -- A GENERAL BREAKDOWN
REDUCING YOUR COSTS
CHAPTER 5: BASICS OF WEB SITE MARKETING
ENTRY POINTS
INTEGRATING YOUR BUSINESS CARD AND YOUR WEB SITE
THE COSTS OF DESIGN
CHAPTER 6: MAKING CONTACTS AT WORK
WHAT ARE THE ADVANTAGES OF DISTRIBUTING YOUR CARDS AT WORK?
TWO PRINCIPLES OF PLACEMENT
MAXIMIZING PERSONAL CONTACT
MAXIMIZING POTENTIAL AUDIENCE
CHAPTER 7: MAKING CONTACTS IN YOUR DAILY LIFE
MAXIMIZING PERSONAL CONTACT
PUBLIC SPACES: MAXIMIZING POTENTIAL AUDIENCE
FOOD
ENTERTAINMENT
CHAPTER 8: MAKING USE OF YOUR EXISTING CONTACTS
PLANNED EVENTS
PRE-EXISTING FUNCTIONS
CONVERSATION
DIRECT PROMOTION
CHAPTER 9: SOME UNORTHODOX STRATEGIES
UNORTHODOX PLACEMENT
INTERNET PROMOTION
EVEN MORE UNORTHODOX
CHAPTER 10: BEYOND BUSINESS CARDS
DIRECT PROMOTION
WEB SITE PROMOTION
Here's just some of money making ideas you're going to learn...
How Business Cards Eliminate a Major Drawback of the Internet - learn how to use business cards to reach non-Internet users, dramatically expanding your audience and potential for sales.
Which Elements Make a Business Card Effective? - Of course your contact information is critical, but so is the design, attractiveness, uniqueness, and the finer details that make it memorable.
How To Meld Your Web site and Your Business Card - Your business card and your web site need to match each other in ways that clearly show they belong to the same business - yours. Learn how to combine design elements from both for maximum effectiveness.
I'm sure you can see the power of this eBook. Are you ready to finally take control of your financial success and get your business started making huge amounts of money you never thought of before?
The invaluable information in the “Business Card Marketing 101 eBook” is so amazing and far-reaching, potent, and helpful that you can't help but get excited about what it can do for you!
Everything you need to know is in there, written in clear, everyday language that everyone can understand easily. Whether you have been using business cards for years or are a total beginner, this eBook will get you started making more money right away!
Audio eBookYou deserve to have all the success, sales and customers that you could ever dream of.
Sound good so far? It gets even better! I don’t care how many other eBooks you’ve seen or read about. You’ve never seen an eBook that can match this one. You do not want to miss out on this innovative eBook. Includes the actual “Business Card Marketing 101 eBook” PLUS four (4) audio eBook companion files that you can play on any compatible MP3 player, including your Zune Player®, Apple’s iPod® and iTunes®.
HOW TO GET YOUR HANDS ON THIS AMAZING NEW EBOOK FOR LESS THAN THE COST OF A COLLEGE MARKETING COURSE!
As much as the “Business Card Marketing 101 eBook” can help increase the amount of business you receive, the most amazing thing is its Extremely Low Price.Thanks to today’s technology, we are able to offer the incredible new “Business Card Marketing 101 eBook” for the super low suggested retail price of only $9.95!If you want to learn all the AMAZING TIPS, TRICKS AND TECHNIQUES revealed inside the new “Business Card Marketing 101 eBook” order RIGHT NOW before it’s too late. This is a limited time offer and Quantities are extremely limited. So, please order today to ensure that you get a copy!
To Your Success,
HOT MONEY CD-ROMS
Distributor of “Business Card Marketing 101 eBook”
P.S. This is a limited time offer and Quantities are extremely limited.So, please order today to ensure that you get a copy! Don’t delay!
Daytrading
Day Forex Signal StrategySince officially releasing our Forex Robot last month... We've been inundated with thank you emails. Thousands of you are now making hundreds of dollars a day in Forex, myself included.And I'll show You Our FAP Turbo Results, later in this article. But... Just last week We thought We where in a load of trouble!... Us and other users of FapTurbo software were making thousands of dollars a day at a certain online forex brokerage called XXX Securities. (we cannot mention the name for legal reasons unfortunately.
However... The greedy owner of that brokerage was a so called "market maker". This means a
trading order executed by fapturbo was automatically matched by the broker and NOT entered into the market directly. Such brokers earn alot of money when you loose.
Unfortunateley (for them) fapturbo kept making its customers tons of money and the ONLY way they figured they could stop us was to ban all fapturbo users! Because FapTurbo is so profitable to use, the owner (betting against FapTurbo trades) lost hundreds of thousands of dollars!
And because of this... He banned all of his customers using the FapTurbo software! But before you start worrying... There are hundreds of online forex brokers
that welcome FapTurbo traders...
And there is nothing illegal or immoral about using the FapTurbo software. in FACT FXCM and FXpro for example called us up to congratulate us for the amazing archievement! (you can read tons of success stories in the Members only forum!) Forexmeta even gives out a 500 usd bonus on deposit to FapTurbo traders. To get started now, go to:
CLICK HERE to Visit the FAP Turbo Software Website - Now!!
(scroll down to the bottom, to join) Since FapTurbo does the work, all by itself on 100% autopilot... There is another way we make a huge amount of money... And until now We've kept it a secret. This is a service which competes directly with our own FapTurbo. And it is something which We use to earn roughly 40% of my total income. (this is dynamite!). But We thought why compete when We could offer you (our list) the chance to use this service too. And it won't cost you a single dime.
Here's How... Seven months ago We where introduced to a man called Ernest Miller. He was one of Wall Street's most successful traders in the 90's and up until 2007. But recently the hedge found he worked for, went bankrupt. And so he decided to strike out on his own and created a new exciting service. Around 8 weeks ago, Mike this guy in New York and he told him all about his new business.
It's quite remarkable! For $75,000 per month, this guy sends out stock picks to just an elite few who can afford his advice. The 20 or so clients he has, consist of well known bankers, and CEO's. After being impressed by his "pitch" We too became one of his few clients. And every two weeks or so, a FedEx letter shows up at our company.
This letter comprises of a short note from him (usually one or two pages long) and it tells us all about his latest stock pick. Included at the top of this letter is the ticker symbol, for the stock he believes is about to rocket. So far, over the last 8 weeks, every one of his stock picks he sent us has returned more than 100%. We've been able to personally make $40,000 doing nothing more than signing for a FedEx letter...
Then hurriedly running to my computer and investing online. And usually We buy and sell these stocks within around 4 days. So We make a profit on each pick, well before the next is sent. Here's where it gets interesting...
Last week we told him We had an email list of over 100,000 smart investors, making bucket-loads of cash in forex. (you guys!) I asked him if there was any way We could let you profit from these stock picks too.
He thought long and hard about this... And here's what he came up with: He decided he can send all of you guys his stock picks... On a "Pay on Results" basis. Over the next 3 or 4 months you're going to receive the same stock picks he charges $75,000 per month for. (The same stock picks, We've made $40,000 from!) After you've had the chance to make $100,000 from these "trial" stock picks... He will send you an invoice for $30,000... to continue using his service.
The logic is... That if he's just made you $100,000 you'll have no quibbles in paying him $30,000 to continue making money! Which means starting next week, you're going to receive a stock pick from us (picked by Ernest). And so for the next 3 or 4 months... You'll be able to start making tens of thousands of dollars on each stock pick We send... Without risking a penny of your own money. Investing in these picks is easy. You just need an online brokerage account.
And don`t forget to check by the fapturbo forum (members only) to exchnage yourself with other happy money makers! Thanks! Steve, Mike & Uli CLICK HERE to Visit the FAP Turbo Software Website - Now!! P.S. To work out if you've had the chance to make $100,000... Ernest will assume you're investing $10,000 in each pick he sends.
(Although you can start with as little as $200) Furthermore... If you invest more than $10,000 in each pick... We'll still only assume you invested $10,000. So if you instead decide to invest $20,000 in each pick, you will have made $200,000 by the time your 'free trial' runs out! Trading
However... The greedy owner of that brokerage was a so called "market maker". This means a
trading order executed by fapturbo was automatically matched by the broker and NOT entered into the market directly. Such brokers earn alot of money when you loose.
Unfortunateley (for them) fapturbo kept making its customers tons of money and the ONLY way they figured they could stop us was to ban all fapturbo users! Because FapTurbo is so profitable to use, the owner (betting against FapTurbo trades) lost hundreds of thousands of dollars!
And because of this... He banned all of his customers using the FapTurbo software! But before you start worrying... There are hundreds of online forex brokers
that welcome FapTurbo traders...
And there is nothing illegal or immoral about using the FapTurbo software. in FACT FXCM and FXpro for example called us up to congratulate us for the amazing archievement! (you can read tons of success stories in the Members only forum!) Forexmeta even gives out a 500 usd bonus on deposit to FapTurbo traders. To get started now, go to:
CLICK HERE to Visit the FAP Turbo Software Website - Now!!
(scroll down to the bottom, to join) Since FapTurbo does the work, all by itself on 100% autopilot... There is another way we make a huge amount of money... And until now We've kept it a secret. This is a service which competes directly with our own FapTurbo. And it is something which We use to earn roughly 40% of my total income. (this is dynamite!). But We thought why compete when We could offer you (our list) the chance to use this service too. And it won't cost you a single dime.
Here's How... Seven months ago We where introduced to a man called Ernest Miller. He was one of Wall Street's most successful traders in the 90's and up until 2007. But recently the hedge found he worked for, went bankrupt. And so he decided to strike out on his own and created a new exciting service. Around 8 weeks ago, Mike this guy in New York and he told him all about his new business.
It's quite remarkable! For $75,000 per month, this guy sends out stock picks to just an elite few who can afford his advice. The 20 or so clients he has, consist of well known bankers, and CEO's. After being impressed by his "pitch" We too became one of his few clients. And every two weeks or so, a FedEx letter shows up at our company.
This letter comprises of a short note from him (usually one or two pages long) and it tells us all about his latest stock pick. Included at the top of this letter is the ticker symbol, for the stock he believes is about to rocket. So far, over the last 8 weeks, every one of his stock picks he sent us has returned more than 100%. We've been able to personally make $40,000 doing nothing more than signing for a FedEx letter...
Then hurriedly running to my computer and investing online. And usually We buy and sell these stocks within around 4 days. So We make a profit on each pick, well before the next is sent. Here's where it gets interesting...
Last week we told him We had an email list of over 100,000 smart investors, making bucket-loads of cash in forex. (you guys!) I asked him if there was any way We could let you profit from these stock picks too.
He thought long and hard about this... And here's what he came up with: He decided he can send all of you guys his stock picks... On a "Pay on Results" basis. Over the next 3 or 4 months you're going to receive the same stock picks he charges $75,000 per month for. (The same stock picks, We've made $40,000 from!) After you've had the chance to make $100,000 from these "trial" stock picks... He will send you an invoice for $30,000... to continue using his service.
The logic is... That if he's just made you $100,000 you'll have no quibbles in paying him $30,000 to continue making money! Which means starting next week, you're going to receive a stock pick from us (picked by Ernest). And so for the next 3 or 4 months... You'll be able to start making tens of thousands of dollars on each stock pick We send... Without risking a penny of your own money. Investing in these picks is easy. You just need an online brokerage account.
And don`t forget to check by the fapturbo forum (members only) to exchnage yourself with other happy money makers! Thanks! Steve, Mike & Uli CLICK HERE to Visit the FAP Turbo Software Website - Now!! P.S. To work out if you've had the chance to make $100,000... Ernest will assume you're investing $10,000 in each pick he sends.
(Although you can start with as little as $200) Furthermore... If you invest more than $10,000 in each pick... We'll still only assume you invested $10,000. So if you instead decide to invest $20,000 in each pick, you will have made $200,000 by the time your 'free trial' runs out! Trading
Automated Money With Forex
Automated Money With Forex
Since officially releasing our Forex Robot last month... We've been inundated with thank you emails. Thousands of you are now making hundreds of dollars a day in Forex, myself included.And I'll show You Our FAP Turbo Results, later in this article. But... Just last week We thought We where in a load of trouble!... Us and other users of FapTurbo software were making thousands of dollars a day at a certain online forex brokerage called XXX Securities. (we cannot mention the name for legal reasons unfortunately.
However... The greedy owner of that brokerage was a so called "market maker". This means a
trading order executed by fapturbo was automatically matched by the broker and NOT entered into the market directly. Such brokers earn alot of money when you loose.
Unfortunateley (for them) fapturbo kept making its customers tons of money and the ONLY way they figured they could stop us was to ban all fapturbo users! Because FapTurbo is so profitable to use, the owner (betting against FapTurbo trades) lost hundreds of thousands of dollars!
And because of this... He banned all of his customers using the FapTurbo software! But before you start worrying... There are hundreds of online forex brokers
that welcome FapTurbo traders...
And there is nothing illegal or immoral about using the FapTurbo software. in FACT FXCM and FXpro for example called us up to congratulate us for the amazing archievement! (you can read tons of success stories in the Members only forum!) Forexmeta even gives out a 500 usd bonus on deposit to FapTurbo traders. To get started now, go to:
CLICK HERE to Visit the FAP Turbo Software Website - Now!!
(scroll down to the bottom, to join) Since FapTurbo does the work, all by itself on 100% autopilot... There is another way we make a huge amount of money... And until now We've kept it a secret. This is a service which competes directly with our own FapTurbo. And it is something which We use to earn roughly 40% of my total income. (this is dynamite!). But We thought why compete when We could offer you (our list) the chance to use this service too. And it won't cost you a single dime.
Here's How... Seven months ago We where introduced to a man called Ernest Miller. He was one of Wall Street's most successful traders in the 90's and up until 2007. But recently the hedge found he worked for, went bankrupt. And so he decided to strike out on his own and created a new exciting service. Around 8 weeks ago, Mike this guy in New York and he told him all about his new business.
It's quite remarkable! For $75,000 per month, this guy sends out stock picks to just an elite few who can afford his advice. The 20 or so clients he has, consist of well known bankers, and CEO's. After being impressed by his "pitch" We too became one of his few clients. And every two weeks or so, a FedEx letter shows up at our company.
This letter comprises of a short note from him (usually one or two pages long) and it tells us all about his latest stock pick. Included at the top of this letter is the ticker symbol, for the stock he believes is about to rocket. So far, over the last 8 weeks, every one of his stock picks he sent us has returned more than 100%. We've been able to personally make $40,000 doing nothing more than signing for a FedEx letter...
Then hurriedly running to my computer and investing online. And usually We buy and sell these stocks within around 4 days. So We make a profit on each pick, well before the next is sent. Here's where it gets interesting...
Last week we told him We had an email list of over 100,000 smart investors, making bucket-loads of cash in forex. (you guys!) I asked him if there was any way We could let you profit from these stock picks too.
He thought long and hard about this... And here's what he came up with: He decided he can send all of you guys his stock picks... On a "Pay on Results" basis. Over the next 3 or 4 months you're going to receive the same stock picks he charges $75,000 per month for. (The same stock picks, We've made $40,000 from!) After you've had the chance to make $100,000 from these "trial" stock picks... He will send you an invoice for $30,000... to continue using his service.
The logic is... That if he's just made you $100,000 you'll have no quibbles in paying him $30,000 to continue making money! Which means starting next week, you're going to receive a stock pick from us (picked by Ernest). And so for the next 3 or 4 months... You'll be able to start making tens of thousands of dollars on each stock pick We send... Without risking a penny of your own money. Investing in these picks is easy. You just need an online brokerage account.
And don`t forget to check by the fapturbo forum (members only) to exchnage yourself with other happy money makers! Thanks! Steve, Mike & Uli CLICK HERE to Visit the FAP Turbo Software Website - Now!! P.S. To work out if you've had the chance to make $100,000... Ernest will assume you're investing $10,000 in each pick he sends.
Since officially releasing our Forex Robot last month... We've been inundated with thank you emails. Thousands of you are now making hundreds of dollars a day in Forex, myself included.And I'll show You Our FAP Turbo Results, later in this article. But... Just last week We thought We where in a load of trouble!... Us and other users of FapTurbo software were making thousands of dollars a day at a certain online forex brokerage called XXX Securities. (we cannot mention the name for legal reasons unfortunately.
However... The greedy owner of that brokerage was a so called "market maker". This means a
trading order executed by fapturbo was automatically matched by the broker and NOT entered into the market directly. Such brokers earn alot of money when you loose.
Unfortunateley (for them) fapturbo kept making its customers tons of money and the ONLY way they figured they could stop us was to ban all fapturbo users! Because FapTurbo is so profitable to use, the owner (betting against FapTurbo trades) lost hundreds of thousands of dollars!
And because of this... He banned all of his customers using the FapTurbo software! But before you start worrying... There are hundreds of online forex brokers
that welcome FapTurbo traders...
And there is nothing illegal or immoral about using the FapTurbo software. in FACT FXCM and FXpro for example called us up to congratulate us for the amazing archievement! (you can read tons of success stories in the Members only forum!) Forexmeta even gives out a 500 usd bonus on deposit to FapTurbo traders. To get started now, go to:
CLICK HERE to Visit the FAP Turbo Software Website - Now!!
(scroll down to the bottom, to join) Since FapTurbo does the work, all by itself on 100% autopilot... There is another way we make a huge amount of money... And until now We've kept it a secret. This is a service which competes directly with our own FapTurbo. And it is something which We use to earn roughly 40% of my total income. (this is dynamite!). But We thought why compete when We could offer you (our list) the chance to use this service too. And it won't cost you a single dime.
Here's How... Seven months ago We where introduced to a man called Ernest Miller. He was one of Wall Street's most successful traders in the 90's and up until 2007. But recently the hedge found he worked for, went bankrupt. And so he decided to strike out on his own and created a new exciting service. Around 8 weeks ago, Mike this guy in New York and he told him all about his new business.
It's quite remarkable! For $75,000 per month, this guy sends out stock picks to just an elite few who can afford his advice. The 20 or so clients he has, consist of well known bankers, and CEO's. After being impressed by his "pitch" We too became one of his few clients. And every two weeks or so, a FedEx letter shows up at our company.
This letter comprises of a short note from him (usually one or two pages long) and it tells us all about his latest stock pick. Included at the top of this letter is the ticker symbol, for the stock he believes is about to rocket. So far, over the last 8 weeks, every one of his stock picks he sent us has returned more than 100%. We've been able to personally make $40,000 doing nothing more than signing for a FedEx letter...
Then hurriedly running to my computer and investing online. And usually We buy and sell these stocks within around 4 days. So We make a profit on each pick, well before the next is sent. Here's where it gets interesting...
Last week we told him We had an email list of over 100,000 smart investors, making bucket-loads of cash in forex. (you guys!) I asked him if there was any way We could let you profit from these stock picks too.
He thought long and hard about this... And here's what he came up with: He decided he can send all of you guys his stock picks... On a "Pay on Results" basis. Over the next 3 or 4 months you're going to receive the same stock picks he charges $75,000 per month for. (The same stock picks, We've made $40,000 from!) After you've had the chance to make $100,000 from these "trial" stock picks... He will send you an invoice for $30,000... to continue using his service.
The logic is... That if he's just made you $100,000 you'll have no quibbles in paying him $30,000 to continue making money! Which means starting next week, you're going to receive a stock pick from us (picked by Ernest). And so for the next 3 or 4 months... You'll be able to start making tens of thousands of dollars on each stock pick We send... Without risking a penny of your own money. Investing in these picks is easy. You just need an online brokerage account.
And don`t forget to check by the fapturbo forum (members only) to exchnage yourself with other happy money makers! Thanks! Steve, Mike & Uli CLICK HERE to Visit the FAP Turbo Software Website - Now!! P.S. To work out if you've had the chance to make $100,000... Ernest will assume you're investing $10,000 in each pick he sends.
About IIPC
International Islamic Propagation Center (IIPC) was established in 1985 by Brother Mohammad Shaikh. The purpose of this center is the study and propagation of Al-QURAN throughout the world, without sectarian, political, historical or any other bias and affiliation. The Study is done with the sole trust on Allah, the author of the book “Al-Quran” and the belief that only He can guide to the straight path. IIPC invites all seekers of truth to view the lectures on what Al-Quran says about various topics, which are available on DVDs & Audio CDs along with their reference booklets. The multimedia educational material is available upon request directly from IIPC in Karachi, Pakistan or through its website www.iipc.tv These lectures are designed to inspire, teach and move people closer to the message of Allah and His Rasool (messenger) Mohammad (pbuh). We invite you to join hands with us and become Ansarullah (helpers of Allah) by sharing these lectures with others and through Sadqa (Charity) and Zakat (justification) so that we can deliver the message throughout the world.
IIPC TV is a free-to-air, English language, Islamic satellite television channel that will broadcast Islamic programs based on the authentic teachings of Al-Qur’an to worldwide audiences, particularly to expatriate Muslim communities, people of other faiths and general public in non Muslim lands. The channel started test transmission in October 2006 and since then has broadcast live and recorded content through the Internet to global audiences on a 24 hour basis through its online portal www.iipc.tv .
Due to changing demographics and shifting opinions about Islam and the overt misinformation and misrepresentation in mainstream media about the faith there is an urgent need for Islamic awareness through Muslim media development with global outreach.
The owner and founder of the channel is Brother Mohammad Shaikh,a leading researcher and expounder of Islam and comparative religion and student of the late Shaikh Ahmed Deedat, renown South Africa scholar of comparative religion. Brother Shaikh has himself many years of experience in the media field as lecturer, who directs and overseas production of his own video content and the channel will feature educational and informational programs, lectures, documentaries, news as well as entertainment all in line with Islamic ethos, and reflecting the diversity of thought within the Muslim world.
Speakers in the channel include leading lights like: Shaikh Ahmed Deedat, Mohammad Shaikh, Gary Miller, Dr Zakir Naik, Yusuf Estes, Abu Ameena Bilal Philips, Muarice Bucaille, Yusuf Islam and many more.
Apart from broadcasting pre-recorded content obtained from prominent scholars, IIPC TV will also develop its own content through its state of the art recording equipment and studio facilities which it already posses.
IIPC TV is a free-to-air, English language, Islamic satellite television channel that will broadcast Islamic programs based on the authentic teachings of Al-Qur’an to worldwide audiences, particularly to expatriate Muslim communities, people of other faiths and general public in non Muslim lands. The channel started test transmission in October 2006 and since then has broadcast live and recorded content through the Internet to global audiences on a 24 hour basis through its online portal www.iipc.tv .
Due to changing demographics and shifting opinions about Islam and the overt misinformation and misrepresentation in mainstream media about the faith there is an urgent need for Islamic awareness through Muslim media development with global outreach.
The owner and founder of the channel is Brother Mohammad Shaikh,a leading researcher and expounder of Islam and comparative religion and student of the late Shaikh Ahmed Deedat, renown South Africa scholar of comparative religion. Brother Shaikh has himself many years of experience in the media field as lecturer, who directs and overseas production of his own video content and the channel will feature educational and informational programs, lectures, documentaries, news as well as entertainment all in line with Islamic ethos, and reflecting the diversity of thought within the Muslim world.
Speakers in the channel include leading lights like: Shaikh Ahmed Deedat, Mohammad Shaikh, Gary Miller, Dr Zakir Naik, Yusuf Estes, Abu Ameena Bilal Philips, Muarice Bucaille, Yusuf Islam and many more.
Apart from broadcasting pre-recorded content obtained from prominent scholars, IIPC TV will also develop its own content through its state of the art recording equipment and studio facilities which it already posses.
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