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Latest blog posts from The Big Picture

Friday Night Jazz: Louis Armstrong
I have been so crazy busy working on EVERYTHING -- the office, the market, the blog and the book -- that FNJ is one of the things that fell thru the cracks. Well, given what a mad week/month this has been, and how overdue this is, its that time: Without further adieu, Satchmo: ~~~ I'm sure... Read more...
Published 5 hours ago

Bank of Jamaica
The Bank of Jamaica says: > > hat tip Michael Muhlbach Read more...
Published 9 hours ago

10 Bullish Charts, Signals, Indicators
Earlier this week, we discussed several anecdotal pieces of evidence that suggested we were closer to the bottom then the top. Today, we look at specific data and charts that can provide some insight as to how extreme these present levels are. All these suggest to us that we are increasingly... Read more...
Published 11 hours ago

Dow 7884
We look to be retesting the 2002 lows.  Circuit breakers kick in at ~7400 We are moving 10% of our cash into a long index ETF Read more...
Published 14 hours ago

Fix the Credit Problem, Not its Symptoms
Two weeks ago Monday, markets traded down 300 points at the open. The sell-off seemed to be in anticipation of what was widely considered to be a poorly thought-out bailout plan. As it became clear that the $700 billion package was not going to be approved by the House, the Dow Jones Industrial... Read more...
Published 16 hours ago

Volcker: We Need Leadership to Fix the Crisis
Soothing words from former Fed chair Volcker:"The inevitable recession can be moderated. The groundwork can be laid for reconstructing the financial system and the regulatory and supervisory arrangements from the bottom up. The extraordinary interventions by the government (and taxpayer) should... Read more...
Published 17 hours ago

Adjusted Reserves: Welcome to the United States of Argentina
Adjusted Reserves are up 768.1% compounded annually since July 30; Adjusted Monetary Base is also spiking: > charts via Federal Reserve Bank of St. LouisSeinfeld investment advice: Gold, Jerry. Gold! Read more...
Published 17 hours ago

Oil = $81
Wow!  As the markets crater, Crude Oil has really gotten shellacked -- down about 40% from the peak in July.  While the SPX too a full year to lose that much, this has been 4 months:> November Crude Oil Futures via Barcharts Read more...
Published 18 hours ago

Nikkei Falls 10%
The carnage continued as US market weakness spread around the world. The Japanese Nikkei tumbled 11.4% before recovering somewhat. The Nikkei fell to 8115,41, last seen since May 2003. The Topix index fell 7.2% to 840.18. Australia's S&P/ASX 200 fell 7.4% to 4004.90, New Zealand's NZX 50... Read more...
Published a day ago

Gold Higher than the SPX
Eddie Elfenbein points out that Gold is now higher than the S&P 500.S&P 500 at $909. Gold at $930 This is some pretty wild stuff . . . > Gold Weekly (cash contract) > SPX Weekly Read more...
Published a day ago