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Market commentary on the markets and interest rates

January 14, 2015

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Discussion
6 Comments
    Jan 14, 2015 14:30 AM

    Some of my preferred stock purchases are down today with the rest of the market. My 2 closed end preferred stock funds are still moving up very slowly. Look at closed end fund associations internet site to find good closed end fund stocks to buy. I was stopped out at a small profit on a closed end MUNI fund just as was about to raise the limit sell order . What a wild market. Best to all S

      Jan 14, 2015 14:06 PM

      “What a wild market” is truly the understatement of the day, R. Scott!

    Jan 14, 2015 14:05 PM

    This is funny:

    “At the height of the boom in 1980 all of the banks had to be in the
    Oil Patch, and then it turned bad. So bad that there were hearings and one of the problems that non-market people have in a bust is wondering where the money went.

    “There was a particularly aggressive young banker with a new bank in Oklahoma. When the judge asked the question about the money he responded “Well, your honor, we spent it on wine women and song – the rest we just pissed away.”

    “This was quoted in the Wall Street journal on the way to the nasty conclusion in late
    1990. The Fed had to move dramatically to bail out Citigroup and Chase Manhattan.”

    from here:
    http://biiwii.com/wordpress/wp-content/uploads/2015/01/pivotal.events.pdf

    bj
    Jan 14, 2015 14:07 PM

    I think the plunge protection team is peddling as fast as it can–and lower lows are still happening. No surprise about retail sales, people are using the savings in gasoline to pay off bills and buy the necessities.

    What scares me is if China starts buying oil by bypassing the dollar in the trade–starting with oil from Russia. When (or if) King Dollar falls as THE world’s reserve currency, there will be problems at home. Also, history teaches us that a nation that stocks up on industrial commodities, to include oil, is bracing for war.

      Jan 14, 2015 14:17 PM

      China can be at war at any time. The enemies include: US, Japan, Vietnam, Taiwan, India. Used to include USSR but no longer.

        bj
        Jan 14, 2015 14:44 PM

        I tend to agree, but think Vietnam could go either way, since the Communist prevailed in that undeclared war. BTW, Japan and Korea have a long history, and they don’t forget so fast.