InvestMacro Forex News

Article by Investazor.com

We haven’t touched the Bitcoin subject for a while now. This instrument became of interest for speculators after the incident with Cyprus. It seems that it reacts something like a safe heaven. When the markets are undecided or the risk aversion takes its place in trading the Bitcoin is bought.

Chart: BTCUSD, H4

From the beginning of July the price for Bitcoin in dollars has moved in a pretty clear up trend. In September the line of the trend was breached and a channel has formed. The price started to consolidate, inside the up channel, in a Symmetrical Triangle with a middle price of 1374 per a Bitcoin.

If the price will fall and close on a 4 hours chart under the lower line of the triangle we can expect for the drop to continue to 130.00, where it will find the trend line, or even lower to 120.00 where it will find the 7^th September low (the full target for the downside sits around 110.45$/Bitcoin). On the other hand a breach above the upper line of the pattern could mean that speculators are willing to buy this digital currency, so the price might break above the 148.64 resistance and rally to 162.20, where it will find the trend line.

The volatility for this currency pair could rise tomorrow during the FOMC meeting and press conference.

The post Bitcoin (BTCUSD) Consolidated in a Symmetrical Triangle appeared first on investazor.com.

The EURUSD Retreats to the Support at 1.3325

Ahead of the FOMC release the markets have turned short: their participants were not particularly active and, accordingly, the movement in the EURUSD has not been noted. The pair has tested hesitantly the 1.3385 level, then it was gradually slipped to 1.3325 and found the support here. Today it has climbed to 1.3343.There is nothing to add in general, but we can only note that the inability of the euro to continue its growth after the opening shows the weakness of the bulls. At the same time, the bears have failed to return the pair to the levels below Friday’s close, which is negative for them. It is possible that the euro will make more efforts to break through the resistance.

The GBPUSD Declines to 1.5888

The pair GBPUSD has failed to continue its grow after yesterday’s opening. After a trial of strength at the level of 1.5962 the bulls suddenly lost interest in the pair and leaving it alone with the bears, went about their business. As a result, the pair was decreasing during the day, until the currency rate dropped to 1.5888. Today the bulls has recalled about it, and the rate rose to 1.5912. The overall picture for the GBPUSD is very positive, and the pair looks capable of rising to 1.6110. To do this it would need to overcome the psychological level of 1.6000. The fall towards 1.5766 should be considered as an opportunity to open long positions at the best price.

The USDCHF Partially Played the Losses Incurred While Opening

Yesterday the fall of the USDCHF after opening had not been developed during the whole day, and the dollar recovered to 0.9277. Here the interest in sales has remained, which puts the U.S Dollar under pressure, not letting it up. The results of the FOMC meeting can be only assumed, as well as market reaction to them, but until the picture on the dollar means its farther decline, and only growth above 0.9307-0.9360 will weaken the bearish momentum.

The USDJPY Is Above the 99th Figure Again

Yesterday the bears on the USDJPY tested the level of 98.45, but unsuccessfully. Later, the dollar rose above the 99th figure, but at the level of 99.36 collided with sales and went back to 99.00. The results of the FOMC meeting may trigger strong movements in the USDJPY, but it is hardly possible to predict its direction. Therefore, even if the pair goes actively in one or another direction prior to the announcement of the results, it is wise to refrain from opening new positions on it. Reducing the volume of Fed quantitative easing is positive for the U.S. dollar, but it is better not to neglect the fact that the volume of open short positions on the yen is still at a high level, which retains the risks of the correction development.

provided by IAFT

London Gold Market Report
from Adrian Ash
BullionVault
Tues 17 Sept 08:55 EST

The WHOLESALE price of gold halved an early 1.5% rally lunchtime Tuesday in London, dropping back to $1315 per ounce as world stock markets fell ahead of tomorrow’s long-awaited US Federal Reserve decision.

Silver reversed all of an earlier 1.8% climb, falling back below $22 per ounce.

UK and Eurozone government bonds slipped in price, but US Treasuries rose – pushing interest rates down for a fifth session – after new data said US consumer prices rose less quickly than analysts forecast in August.

 The Dollar slipped back as CPI showed a rise of 1.5% year-on-year, but it held the Euro below Monday’s 3-week highs.

 Sterling traded half-a-cent beneath yesterday’s new 2013 highs, capping gold for UK investors below £830 per ounce.

 “Our US economists’ expectations for a ‘dovish’ taper,” says a note from Goldman Sachs analysts, “[plus] gold’s recent decline will likely limit the downside to gold prices heading into the September FOMC.”

 The Fed will tomorrow cut $10 billion off its current monthly quantitative easing program of $85bn in bond purchases, a Reuters poll of economists says.

 Betting on the futures market, however, says the US central bank is now likely to keep interest rates near zero for longer, with prices giving odds of only 55% to a first hike in December 2014.

 But “in the past couple of weeks,” says Commerzbank chart analyst Axel Rudolph, the price of gold “has reasserted its downtrend.”

 Late Monday’s low of $1304 was near both a “50% retracement of the June-to-August rally…and also [a] 50% retracement of the 2008-11 advance,” on Rudolph’s charts.

 “Failure at the August low [$1272] will confirm that another interim top has been formed [putting] the 1200/1100 region back in play.”

 “Price action remains weak,” agrees chart analysis from Scotia Mocatta’s dealing team, pointing to resistance at $1348 and support at $1273.

 Gold investment “is in bear market,” says a note from Credit Suisse analysts, “in which rallies should be sold.

 “[This is] not a bull market that is just taking a nap.”

 Gold Eagle coin sales from the US Mint are on track for the slowest September in five years according to online data, and are running at just 20% of this month in 2012.

 Figures for Silver Eagles, in contract, are running equal to last September’s strong sales.

 Gold needed to back exchange-traded funds meantime remained steady on Monday, with the giant SPDR Gold Trust’s ETF holdings staying at 911 tonnes – two tonnes above August’s four-and-a-half-year low.

 Over in India – where the central bank today imposed new rules on India’s gold loan industry – “Fresh buying is not happening,” Bloomberg quotes Haresh Soni of the All India Gems & Jewellery Trade Federation, “because there is a liquidity crunch and consumer spending has come down.”

 The current festival season, which peaks with Dhanteras and Diwali in November, typically sees the peak for India’s gold investment and jewelry demand.

 But thanks to the weak Rupee, plus high domestic prices caused by the government’s fight against gold imports, “Some consumers are delaying purchases for marriages until prices stabilize,” says Soni.

 To try and fight gold smuggling spurred by 10% import duties and other blocks on legal flows, India’s Directorate General of Revenue Intelligence “has sounded an alert to all international airports and other transit points,” reports the Times of India today, “[to] check smuggling of gold.”

Adrian Ash

BullionVault

Gold price chart, no delay | Buy gold online

Adrian Ash is head of research at BullionVault, the secure, low-cost gold and silver market for private investors online, where you can buy gold and silver in Zurich or Singapore for just 0.5% commission.

(c) BullionVault 2013

Please Note: This article is to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it.

By www.CentralBankNews.info     Turkey’s central bank held its policy rates steady but said it would “maintain the cautious monetary policy stance and implement additional monetary tightening at the appropriate frequency until the medium term inflation outlook is in line with the medium term targets.”
    The Central Bank of the Republic of Turkey (CBRT) has been tightening its policy since May when its lira currency started to weaken as the strong inflow of capital began to reverse as in some other major emerging markets, such as India, Brazil and Indonesia.
    But while its has kept its policy rate steady at 4.50 percent since May, it has raised the overnight lending rate, the ceiling in its interest rate corridor, most recently by 50 basis points in August to 7.75 percent prevent a decline in the currency from fueling inflation.
    “Inflation is expected to fall further in the forthcoming period,” the central bank said, but added that “core inflation indicators are likely to hover above the inflation target for some time due to the exchange rate volatility observed during the recent months.”
   Turkey’s headline inflation rate eased to 8.17 percent in August from 8.88 percent in July and 8.3 percent in July, above the central bank’s 5.0 percent target.

     While the lira currency fell sharply in May and then again in August, it has strengthened since Sept. 5. From early May through Sept. 5 the lira depreciated by 13.5 percent against the U.S. dollar, falling to 2.07 per dollar, but since then it has strengthened, trading at 2.0 today.
    Last week the central bank governor said in Geneva, Switzerland, that the lira exchange rate would be 1.92 to the dollar by the end of the year, defending his earlier prediction.
    The central bank said today that it would continue to adjust the composition of lira liquidity and that “in order to contain the repercussions of uncertainty in global monetary policies on the domestic economy, increasing the predictability of the Turkish lira liquidity policy is deemed important.”
    Domestic demand and exports are continuing to grow at a moderate pace, the central bank said, adding that weak capital flows, the cautious monetary policy stance and other macroprudential measures should gradually bring down loan rates to “more reasonable levels.”
    “Accordingly, a gradual decline in the current account deficit, excluding gold trade, is expected to continue,” the central bank said.
    Turkey’s Gross Domestic Product rose by 2.1. percent in the second quarter from the first quarter for annual growth of 4.4 percent, up from 2.9 percent in the first.
    The current account deficit rose to $5.786 billion in July from $4.626 billion in June but down from a recent high of $8.209 billion in April.

    www.CentralBankNews.info

By HY Markets Forex Blog

Europe stocks were seen trading flat on Tuesday ahead of the highly-anticipated Federal Reserve’s (Fed) meeting, with analysts expecting an announcement of the scale-back of the bank’s asset-purchasing program. The meeting is expected to start later in the day.

Futures of the European Euro Stoxx 50 dropped 0.07% lower at 2,874.50 at the time of writing, while futures for the German DAX lost 0.09% to 8,608.30 at the same time. Futures for the French CAC 40 declined 0.09% to 4,138.80 and the UK FTSE futures edged 0.15% lower to 6,582.50.

The Federal Reserve’s (Fed) two-day meeting is expected to start later today. Investors and Analysts are focused closely to pick up any hints on when the central bank will begin to scale-back its $85 billion monthly asset-purchasing program. Analysts are expecting the Fed’s meeting to announce a $10-billion scale-back on its current monthly stimulus program.

Markets are still mixed on the issue, however some economists predict the Fed will postpone its decision until December.

Europe Stocks – Economic News

In Europe, the ZEW German Economic Sentiment index for September is expected to show an improvement in the region’s economy. Analysts are predicting a rise from last month’s reading of 42 point to 45 points. The ZEW is expected to show a rise to 20 points from the previous recorded 18.3.

The ZEW Economic sentiment for the Eurozone as whole is expected to show a rise to 47.2 points in September.

July’s current account data for the Eurozone as whole is expected to show a seasonally-adjusted surplus of €18.3 billion, up from June’s recorded €16.9 billion.

Meanwhile in Spain, the government is expected to auction Treasury bills maturing in 6 and 12 months to raise a target of €4.5 billion.

The post Europe Stocks Trades Flat; Fed Meeting In Spotlight appeared first on | HY Markets Official blog.

Article provided by HY Markets Forex Blog

By HY Markets Forex Blog

Majority of the Asian Stocks were seen dragged lower on Tuesday, following the upbeat performance seen, driven by Larry Summers withdrawal as a candidate at the US Federal Reserve (Fed). However, the highly anticipated Federal Reserve Meeting due later in the day has been the main focus for investors.

The Fed policymakers are expected to scale-back on the US central bank’s $85 billion monthly bond-buying program by $10 billion minimum.

However, a large group of economist is predicting the Fed will postpone trimming its stimulus program until December.

Asian Stocks – Japan

Japan’s benchmark Nikkei 225 lost 0.65% to 14,311.67 on Tuesday, as the Japanese stock market was closed on Monday for public holidays.

While the country’s yen weakened on Tuesday. The greenback was seen edging 0.09% higher at ¥99.13, as the country’s stocks dropped lower and gave a boost to the exporters.

Furukawa, saw the most gains on the index, advancing 5.8% higher, as KDDI Corporation, mobile communication provider plunged 6.5%.

While Daiichi Sankyo, pharmaceutical company lost 6.8%, following the news that the US Food& Drug Association will be blocking imports of medicine made at the newest plant of Daiichi Sankyo.

Tokyo’s broader Topix index dropped 0.16% to 1,183.41.

Asian Stocks – China

China’s session saw losses as well on Tuesday, with Hong Kong’s Hang Seng retreating 0.35% to 23,169 at the time of writing and the same time the mainland biggest Shanghai Composite lost 1.46% to 2,199.42.

Bank of East Asia saw the most gains throughout the day, advancing 3.8% higher, while CNOOC, China’s largest offshore oil driller, lost more than 0.8% during the session, after the company gained approval to list on Toronto’s stock exchange.

In Australia, Sydney’s benchmark index, the S&P/ASX 200 gained 0.19% at 5,257.90.

TPG Telecom saw the most gains in the session, rising 13.2%. While the Australian Infrastructure Fund lost 17.7%.

The South Korean Kospi Index lost 0.39% lower at 2,005.58.

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The post Asian Stocks Dragged Lower By Fed Fears appeared first on | HY Markets Official blog.

Article provided by HY Markets Forex Blog

By Profit Confidential

Everything in capital markets is basically on hold until there is certainty regarding monetary policy and the prospects of a reduction in quantitative easing (QE).

The stock market reaction to the Federal Reserve’s last monetary policy statement wasn’t good, and there was seemingly a misinterpretation by institutional investors as to what the central bank’s actual intentions were for reducing QE. But stocks recovered, and the equity market remains resilient.

Over the last several months, equities actually sold off on good news. This is the market’s counterintuitive reasoning: better economic news increases the likelihood that monetary policy will be tightened, so investors sell off.

But the economic news I’m reading lately isn’t that robust. In fact many key statistics are coming in well below Wall Street consensus.

But capital markets aren’t as interested; it’s all about monetary policy and then the upcoming earnings season—certainty from the Fed first, then certainty from corporations.

I repeat my view that there isn’t a lot of new action to take, particularly in equities. The stock market is right at its high; it hasn’t really had a meaningful correction in ages and is very much due for a break.

In terms of portfolio strategy, I’m still a big fan of dividend-paying blue chips, peppered with a few aggressive positions. The healthiest part of the stock market remains well-capitalized large corporations that have more cash than they know what to do with. The prospects for increasing dividends in 2014 are robust. (See “Why I Like This Blue Chip So Much [55th Dividend Increase Just Announced].”)

In terms of monetary policy, we know that short-term interest rates aren’t going to go any lower. A reduction in the amount of QE would be ideal, and it’s always good to have central banks out of capital markets. But the U.S. economy, while having come a long way from just a couple of years ago, isn’t strong enough yet to power itself. It’s highly likely the Federal Reserve will be very active with continued monetary policy easing well into next year.

Financial results from corporations are always critical and there’s been genuine worry in capital markets about rising longer-term interest rates and their effect on economic growth. Clearly, the marketplace must be left to find its own equilibrium, and I expect this upcoming earnings season will actually turn out to be quite solid—albeit, far from robust.

Everything trades off the Fed and its monetary policy moves. But with the degree of intervention by the central bank being so large, small adjustments in monetary policy won’t actually do anything for the Main Street economy. Interest rates have been artificially too low for too long.

Article by profitconfidential.com

By Profit Confidential

Online video streaming provider Netflix, Inc. (NASDAQ/NFLX) is currently trading at more than $300.00, well above its initial public offering (IPO) price of $15.00 and continuing to reach record highs. After trading at $994.98 on August 9, priceline.com Incorporated (NASDAQ/PCLN) is expected to become the first $1,000 stock (ex-Berkshire Hathaway). Google Inc. (NASDAQ/GOOG) is another powerful stock that recently traded in excess of $900.00, more than 10 times its IPO of $85.00.

These 10-bagger stocks have returned significant gains for shareholders, but what is it that makes an Internet stock likely to be a 10-bagger?

The first thing you will notice is that these are not the kind of fly-by-night issues we saw in the late 90s, many of which have long gone the delisting route.

Stocks that have long-term price appreciation potential have generally been the first to the game in their area of business. This is not always the case, but it’s something I see a lot.

Take Netflix, for instance. When the former bricks-and-mortar video rental company Blockbuster failed to recognize the growing importance of the Internet—especially when high-speed connections became the norm, replacing the archaic dial-up Internet service—I knew the company was dead.

At that time, back in 2002, small start-up Netflix emerged on the video scene and offered a delivery service that would allow customers to receive DVDs via the postal service. Blockbuster failed to respond. But hey, why not? The company did have those stale-looking blue and yellow stores situated across the nation and everyone seemed happy. But then with faster high-speed Internet connections, Netflix made a game-changing move and offered the ability for customers to watch movies and shows on demand via the Internet in the comfort of their homes. Blockbuster was dead. There are rivals emerging, but for now, Netflix remains the company to catch in this Internet space. (Read “Now That the Video Streaming Wars Have Begun, Who Will Win?”)

Similar situations emerged in the case of priceline.com, as it became one of the first providers of online travel services on the Internet and has since become the leader of the pack.

Google was a bit of a surprise, coming up from behind Yahoo! Inc. (NASDAQ/YHOO) by offering an impressive online ad service that took the Internet advertising world by storm. Google recognized the importance of the Internet, and instead of following the established banner advertising service, the company decided to develop its own online ad service for clients.

The reason these companies became 10-baggers was their understanding of the dynamics of the space they operated in and their ability to find innovative ways to make that space better. And this is one of the key aspects you should look for when researching a new Internet company for a long-term investment.

Article by profitconfidential.com

By Profit Confidential

Last week I wrote about how auto loans have reached their highest level since the third quarter of 2007 and how easy access to these loans was pushing car sales higher. (See “Scary Story on the Booming Auto Sales No One is Talking About.”)

Yes, ballooning auto loans are a problem, but there is a bigger ticking debt time bomb…

Student debt in the U.S. economy is taking the shape of a bubble.

The U.S. government has effectively become the biggest creditor to students. It has gotten to a point where it is forcing the big banks to move away from issuing student debt.

Take JPMorgan Chase & Company (NYSE/JPM), for example. This bank has decided that it will stop accepting student loans applications on October 21of this year. Richard Hunt, President of the Consumer Bankers Association, said that the government giving student debt is creating “less competition in the marketplace.” (Source: “JPMorgan to stop making student loans: company memo,” Reuters, September 5, 2013.)

Sure, on the surface it’s a good idea. The government issuing student debt promotes education. But there’s a problem. Student debt in the U.S. economy has increased significantly. It currently sits around the $1.0-trillion mark—with a majority of that student debt guaranteed by the U.S. government. If we see defaults on this student debt, we will see the U.S. government rapidly increasing its national debt as it deals with the student debt fiasco.

We are already seeing a sharp increase in the delinquency rate on student debt. According to the Federal Reserve Bank of New York, in the second quarter of 2013, the 90-day-plus delinquency rate on student debt was almost 11%. (Source: Federal Reserve Bank of New York, August 2013.)

We all know the jobs market in the U.S. economy is dismal. Considering this, I ask one question: will graduates from colleges be able to pay off the debt they have incurred if they will most likely only be able to find a job in a low-wage-paying sector?

I can see the delinquency rate on student debt skyrocketing.

Too few are concerned about the student debt crisis in the U.S. Sure, politicians think it’s a great idea—students getting an education with the government’s help—just like the politicians thought making mortgage lending easier was a great idea during the early to mid-2000s.

As it stands now, our national debt is just under $17.0 trillion, and the government is expected to use the entire line of credit available to it by October.

We are going through the same motions again: the Secretary of the Treasury has asked Congress to increase the national debt limit or the U.S. government will face default.

The student debt crisis is only one of many “costs” the government will need to make good on. What to do about the cities and states in the U.S. economy facing bankruptcy has not been dealt with. Nor do we know the real costs of “Obamacare.”

With U.S. gross domestic product (GDP) running at $16.6 trillion and the U.S. national debt headed towards $20.0 trillion over the next five years, we are already projecting a debt-to-GDP multiple of 120% for the U.S. economy—that is if nothing goes wrong, like the student debt time bomb blowing up in our faces, an unexpected war, or a natural catastrophe.

But have no fear, the price of gold is telling us all is well… Yah, right.

Michael’s Personal Notes:

It has been very well documented in these pages how the demand from India and China for gold bullion is increasing. We have also seen central banks buying the precious metal to protect their reserves.

But when I look at other side of the equation, the supply side, the case for higher gold bullion prices becomes even stronger.

The biggest sources of gold bullion are obviously the gold producers—the companies that actually do the “dirty work,” digging the ground and extracting gold bullion. When the price of gold bullion declines, it gives them less incentive to produce at higher-cost mines as profitability is at stake.

In April of this year, and then later in June, we saw gold bullion prices decline significantly in value in the face of strong demand for the precious metal. That price action caused a new trend to start among gold producers—they’ve started to cut their exploration budgets.

Graham Ehm, Executive Vice President of South African-based AngloGold Ashanti Limited (NYSE/AU), one of the biggest gold producers in the global economy, stated the company is looking to save $500 million over the next 18 months, as capital expenditures will only be going towards their highest-quality assets. (Source: Mining Weekly, August 5, 2013.)

In its second-quarter corporate earnings report, Newmont Mining Corporation (NYSE/NEM), another massive gold producer, said the company reduced its exploration spending by $362 million from the same period in 2012. (Source: Newmont Mining Corporation, July 25, 2013.)

How does this all come into play with the gold bullion prices?

When gold producers invest less in exploring for new projects, the overarching effect is less future production, which leads to less supply. We’ve heard from senior gold producers about cutting costs; just imagine how severe the pain is for gold producers who have significantly higher costs!

If the prices of gold bullion remain suppressed, we could potentially see many gold producers shut down mines that produce the precious metal above the spot price, the end result of which will be an even smaller supply of gold bullion.

Where do I think gold bullion prices are going next? The “technical” damage done to gold bullion price charts in April and June was very significant. It can take some time for gold bullion prices to recover, especially as price manipulation continues, but if we continue to see supply decrease and demand increase, “regression to the mean” may happen a lot quicker than most expect.

What He Said:

“Over the past few weeks I’ve written about subprime lenders and how their demise will hurt the U.S. housing market, the economy and the stock market. There’s no escaping the carnage headed our way because the housing market and subprime business are falling apart. The worst of our problems, because of the easy money made available to borrowers, which fueled the housing boom that peaked in 2005, have yet to arrive.” Michael Lombardi in Profit Confidential, March 22, 2007. At the same time Michael wrote this, former Fed Chief Alan Greenspan was quoted as saying “the worst is over for the U.S. housing market and there will be no economic spillover effects from the poor housing market.”

Article by profitconfidential.com

By Profit Confidential

It has been very well documented in these pages how the demand from India and China for gold bullion is increasing. We have also seen central banks buying the precious metal to protect their reserves.

But when I look at other side of the equation, the supply side, the case for higher gold bullion prices becomes even stronger.

The biggest sources of gold bullion are obviously the gold producers—the companies that actually do the “dirty work,” digging the ground and extracting gold bullion. When the price of gold bullion declines, it gives them less incentive to produce at higher-cost mines as profitability is at stake.

In April of this year, and then later in June, we saw gold bullion prices decline significantly in value in the face of strong demand for the precious metal. That price action caused a new trend to start among gold producers—they’ve started to cut their exploration budgets.

Graham Ehm, Executive Vice President of South African-based AngloGold Ashanti Limited (NYSE/AU), one of the biggest gold producers in the global economy, stated the company is looking to save $500 million over the next 18 months, as capital expenditures will only be going towards their highest-quality assets. (Source: Mining Weekly, August 5, 2013.)

In its second-quarter corporate earnings report, Newmont Mining Corporation (NYSE/NEM), another massive gold producer, said the company reduced its exploration spending by $362 million from the same period in 2012. (Source: Newmont Mining Corporation, July 25, 2013.)

How does this all come into play with the gold bullion prices?

When gold producers invest less in exploring for new projects, the overarching effect is less future production, which leads to less supply. We’ve heard from senior gold producers about cutting costs; just imagine how severe the pain is for gold producers who have significantly higher costs!

If the prices of gold bullion remain suppressed, we could potentially see many gold producers shut down mines that produce the precious metal above the spot price, the end result of which will be an even smaller supply of gold bullion.

Where do I think gold bullion prices are going next? The “technical” damage done to gold bullion price charts in April and June was very significant. It can take some time for gold bullion prices to recover, especially as price manipulation continues, but if we continue to see supply decrease and demand increase, “regression to the mean” may happen a lot quicker than most expect.

What He Said:

“Over the past few weeks I’ve written about subprime lenders and how their demise will hurt the U.S. housing market, the economy and the stock market. There’s no escaping the carnage headed our way because the housing market and subprime business are falling apart. The worst of our problems, because of the easy money made available to borrowers, which fueled the housing boom that peaked in 2005, have yet to arrive.” Michael Lombardi in Profit Confidential, March 22, 2007. At the same time Michael wrote this, former Fed Chief Alan Greenspan was quoted as saying “the worst is over for the U.S. housing market and there will be no economic spillover effects from the poor housing market.”

Article by profitconfidential.com