Andrei Pehar, Sr. Currency Strategist, fxKnight.com
Known as the "Black Knight" in trading circles, Andrei is a private fund manager, consultant to management, and a sought-after speaker, trainer, and coach for professional traders and individual investors alike. He played in professional chess tournaments at a young age, earning a rating in the U.S. Chess Federation, and went on to further hone his strategic skills by studying Japanese martial arts, bringing with him a unique perspective to the financial markets.
His client list includes prestigious names such as UBS, Tower Asset Management (named by Bloomberg as top asset manager), Clifford Associates (investment counselors since 1915, officially acknowledged as the oldest in the United States), and several other high profile firms specializing in investment and wealth management for musical artists, sports celebrities, and other ultra high net worth individuals and trusts. He is currently working on a book which will, for the first time, introduce retail traders to institutional trading strategies and techniques.
Click Here to view videos by fxKnight
Known as the "Black Knight" in trading circles, Andrei is a private fund manager, consultant to management, and a sought-after speaker, trainer, and coach for professional traders and individual investors alike. He played in professional chess tournaments at a young age, earning a rating in the U.S. Chess Federation, and went on to further hone his strategic skills by studying Japanese martial arts, bringing with him a unique perspective to the financial markets.
His client list includes prestigious names such as UBS, Tower Asset Management (named by Bloomberg as top asset manager), Clifford Associates (investment counselors since 1915, officially acknowledged as the oldest in the United States), and several other high profile firms specializing in investment and wealth management for musical artists, sports celebrities, and other ultra high net worth individuals and trusts. He is currently working on a book which will, for the first time, introduce retail traders to institutional trading strategies and techniques.
Click Here to view videos by fxKnight
US Senate Passes Bailout Bill − Markets Unimpressed
Posted 10-02-2008 at 08:59 PM by fxKnight.com
Thu, Oct 2 2008, 03:55 GMT
by Andrei Pehar
The United States Senate today approved the revised and expanded $700 billion dollar bailout bill with a vote of 74 to 25. Now the bill returns to the House of Representatives for a re-vote on Friday, before heading to President Bush to be signed into law.
The bill includes tax breaks for corporations, as well as certain individuals in special situations such as disaster victims and mental health patients. No doubt it will soon be sold to the public (which previously phoned the offices of elected offices with a 30-to-1 disapproval ratio) as a tax relief package for the average worker hit by the turbulent economy.
Will it work?
That remains to be seen - and will most likely take several months, if not years. Certainly, there will likely be a rally lasting a couple days, but whether it can be sustained in the face of the 9th straight month of job losses in a row or threats of failure from additional banks, and even super-corporations such as GE.
Underneath, many of the fundamental factors behind this crisis - falling home prices, the need for credit as wages rise slower than living expenses, a lack of liquidity, the threat of inflation, a national deficit which will only increase as a result of this bill's passage - still remain. One wonders whether the outcome of today's vote was more in response to the 777.68 point drop of the Dow following Monday's rejection of the first draft of this bailout package.
In Asia, the NIKKEI rose slightly in anticipation of the vote, then slid slowly by more than 112 points following the announcement of the results. The Hang Seng followed it down, dropping 80 points and confirming that the initial market reaction is one of skepticism.
Back in the US, Dow futures are currently trading below resistance at 10848, suggesting a re-test of support at 10547 if it can hold. A break below that brings one a step closer to 9912. If price can manage to get back above 10848, then the next resistance is at 11091.
Most likely, the larger movements will take place on Friday - when we get the non-farm payroll numbers (widely expected to post a loss of 100,000 jobs) and the results of the re-vote in the House.
by Andrei Pehar
The United States Senate today approved the revised and expanded $700 billion dollar bailout bill with a vote of 74 to 25. Now the bill returns to the House of Representatives for a re-vote on Friday, before heading to President Bush to be signed into law.
The bill includes tax breaks for corporations, as well as certain individuals in special situations such as disaster victims and mental health patients. No doubt it will soon be sold to the public (which previously phoned the offices of elected offices with a 30-to-1 disapproval ratio) as a tax relief package for the average worker hit by the turbulent economy.
Will it work?
That remains to be seen - and will most likely take several months, if not years. Certainly, there will likely be a rally lasting a couple days, but whether it can be sustained in the face of the 9th straight month of job losses in a row or threats of failure from additional banks, and even super-corporations such as GE.
Underneath, many of the fundamental factors behind this crisis - falling home prices, the need for credit as wages rise slower than living expenses, a lack of liquidity, the threat of inflation, a national deficit which will only increase as a result of this bill's passage - still remain. One wonders whether the outcome of today's vote was more in response to the 777.68 point drop of the Dow following Monday's rejection of the first draft of this bailout package.
In Asia, the NIKKEI rose slightly in anticipation of the vote, then slid slowly by more than 112 points following the announcement of the results. The Hang Seng followed it down, dropping 80 points and confirming that the initial market reaction is one of skepticism.
Back in the US, Dow futures are currently trading below resistance at 10848, suggesting a re-test of support at 10547 if it can hold. A break below that brings one a step closer to 9912. If price can manage to get back above 10848, then the next resistance is at 11091.
Most likely, the larger movements will take place on Friday - when we get the non-farm payroll numbers (widely expected to post a loss of 100,000 jobs) and the results of the re-vote in the House.
Total Comments 0
Comments
Recent Blog Entries by fxKnight.com
- Crude Oil: A Key Level to Watch (11-20-2008)
- Has the Aussie Found Bottom? (10-22-2008)
- The Long−term Outlook for Gold (10-15-2008)
- Next Levels to Watch for the EUR/USD (10-09-2008)
- US Senate Passes Bailout Bill − Markets Unimpressed (10-02-2008)
