New PowerShares ETF to See Which Way the Wind Blows

IndexUniverse submits:

By Murray Coleman

Less than two weeks after the first wind energy exchange-traded fund hit the market, a more concentrated and at least initially more expensive alternative is set to launch.

That Was Ugly

Hickey and Walters (Bespoke) submit:

Mid-Year Price Changes of Major Commodities

Hickey and Walters (Bespoke) submit:

Now that the year is halfway over, below we highlight the year to date percent change of ten major commodities.  As everyone knows, commodities have had quite a run so far in 2008.  While oil has been the major focus, natural gas and corn have risen more than crude.  Natural gas is up 78.8% so far this year, while corn is up nearly 60%.  Oil is up 46% after starting the year at $96/barrel.  Trailing oil is platinum, copper, silver, wheat, coffee and gold. 

Oranges are the only commodity of the ten listed that are down on the year (-17.58%).  If the US consumer is going to survive the second half of the year, these commodities are going to have to stop going up... and fast.

Adjusted for Income & Fuel Efficiency Increases, Gas Today is Almost 50% Below Record High

Yesterday's CD post of a graph of 1,000 gallons of gas as a percent of per-capita disposable income (top graph above) shows that we're still nowhere near record highs for gasoline, when measured as a share of income.

Mark J. Perry submits:

Yesterday's CD post of a graph of 1,000 gallons of gas as a percent of per-capita disposable income (top graph above) shows that we're still nowhere near record highs for gasoline, when measured as a share of income.

Dancing with the Bear Market

Ockham Research submits:

Since hitting an all time high of 14279.96 on October 11 of last year, the Dow Jones Industrial Average [DJIA] will close the second quarter of 2008 officially having entered bear market territory–enduring a 20% decline. The broader market index–the Standard & Poor’s 500–is off 18.4% from its high on that date, while the Nasdaq Composite–which peaked later in October–has declined 19.4% from its most recent high and the Russell 2000 (small cap) index is off 19% from its high of last summer. I don’t think anyone would argue at this point that we in a bear market.

Furthermore, if you look at the peak-to-trough numbers of some of the formerly high-flying equity markets around the world, the recent performance of U.S. equities looks downright docile in comparison. For virtually every major global equity market, the first half of 2008 has been a painful ride.

The Next Phase Of The Financial Crisis

Larry MacDonald submits:

U.S. banks are now struggling to raise capital, according to reports from the Wall Street Journal, investment managers such as Sprott Asset Management, and financial blogs such as Naked Capitalism (see links below). This shows up in the concessions being made to get deals done and regulators' efforts to increase inflows.

Of note: i) stock and rights offerings at substantial discounts to market prices, ii) offerings with ratchet clauses entitling new investors to be compensated with more shares if a subsequent share issue is done below their purchase price, and iii) Federal Reserve pushing to remove limits on stakes taken by private-equity investors.

Lehman the Teenager

Hickey and Walters (Bespoke) submit:

After another dismal day, Lehman Brothers (LEH) closed below $20 per share for the first time since May 2000.  As shown below, its descent over the last year or so has not been pretty.  From its high of $85.80 in February of last year, the stock is now down 76.9%.

click to enlarge

Tuesday Outlook: Oversold Conditions Remain

David Fry (ETF Digest) submits:

Yesterday went about as one might expect with conditions short-term oversold at the opening bell. So we had our rally based more on these conditions and a dash of hope more than any positive news.

Tuesday Outlook: Commodities, Emerging Markets

David Fry (ETF Digest) submits:

<< Return to page  - Oversold Conditions Remain

What's the Story on Amgen Shorts?

Mike Huckman submits:

When combing through Barron's over the weekend I always make it a point to check out the "Short Interest" tables when they appear. I'm curious, in particular, about the ups and downs in Dendreon (DNDN). Right now it's 39th on Barron's list of the Top-40 largest short positions.

To take a small step back, the short interest is a barometer of bearish investors in a stock. These are people (oftentimes hedge funds) who think shares are gonna go down and position themselves to make money if/when they do.

eBay Spooked by French Court's $61 Million Luxury Brand Ruling

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