Here are some of the stories I’m reading this morning. Some of the stories I’ve linked here are contradictory, but this is one confused market. We’ll have to see what happens when overhead resistance is tested this week.
The COT report has now reached a maximum bullish level on the commercial contracts. In the past this has always marked major bottom turning points.
The spot price of gold is higher in Europe Monday after Chinese buyers returned to the market overnight following a week-long holiday, and industry participants expect the yellow metal to extend its gains as physical demand for bullion escalates.
German Chancellor Angela Merkel and French President Nicolas Sarkozy said after talks on Sunday that they aimed to come up with a sustainable answer for Greece’s debt problems and agree how to recapitalize European banks.
A string of stronger-than-projected statistics — capped by the news on Oct. 7 of a 103,000 rise in payrolls last month — has prompted economists at Goldman Sachs Group Inc. and Macroeconomic Advisers LLC to raise their growth forecasts for third quarter growth to 2.5% from about 2%. That’s nearly double the second quarter’s 1.3% rate and would be the fastest growth in a year.
LET’S face it: economic forecasting is an act of sheer hubris. Which, of course, only incites people to do it.
Between June 2009, when the recession officially ended, and June 2011, inflation-adjusted median household income fell 6.7 percent, to $49,909, according to a study by two former Census Bureau officials. During the recession — from December 2007 to June 2009 — household income fell 3.2 percent.