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Obbligazioni perpetue e subordinateTutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2
giovedì, 20 ottobre 2011 - 13:05
L’esecutivo tedesco taglia le stime. Secondo il governo tedesco la crescita del Pil dal 2,9% del 2011 l’anno prossimo si attesterà all’1%. Mentre il primo dato non si discosta troppo del +3% stimato in precedenza, il secondo registra un netto calo rispetto al +1,8% del precedente pronostico. Per ulteriori informazioni visita il sito di Finanza.com
Weil ends his piece with a simple sentence: "Dexia's demise is only the start." We couldn't agree more.
ma lascia speranze per il breve
Market Climate
As of last week, the Market Climate in stocks remains negative, but has deteriorated significantly from the more benign negative levels that we've seen in recent weeks. Generally speaking, the worst market plunges tend to feature three things - overvaluation, negative market action, and a short-term overbought condition. You rarely see the three together, because establishing that sort of condition requires a strong rally against both overvaluation and negative internals. That's about where we are, though we can't rule out a modest extension for a bit - mostly because advisory bearishness is reasonably elevated as of last week. That said, the drop in the CBOE volatility index late last week suggests an abandonment of bearish views, and more generally, just as early shifts toward advisory bullishness at the beginning of bull markets are often accurate and followed by further gains, early shifts toward advisory bearishness at the beginning of bear markets are also often accurate and followed by further losses. Overall, market conditions remain negative, and Strategic Growth and Strategic International Equity remain well hedged. In Strategic Total Return, we continue to have about 18% of assets in precious metals shares, representing the largest driver of day-to-day fluctuations, with less than 4% of assets in utility shares and foreign currencies, and a bond duration of about 1.5 years in Treasury securities.