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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Cogito Ergo Sum who wrote (61286)	2/18/2010 2:01:51 AM
From: Haim R. Branisteanu	Respond to of 218705

Every penny the dollar gains against the euro knocks 1 cent a share from Hartford, Connecticut-based United Technologies’ earnings on a full-year basis, Hayes said at a Feb. 11 Cowen & Co. conference. A $275 million contingency buffer set when the company made its 2010 forecasts already has shrunk to about $200 million in part because of the stronger dollar, Chief Executive Officer Louis Chenevert said yesterday at a Barclays conference. Chenevert repeated an earnings target of $4.40 to $4.65 a share. A Threat to Recovery - “The higher dollar is already hurting some American companies and is going to choke off the recovery,” Robert Mundell, a Columbia University professor and Nobel laureate in economics for his work on exchange rates, said in a Bloomberg Television interview yesterday. bloomberg.com Before the dollar began to strengthen in December, Goldman Sachs Group Inc. predicted earnings of technology companies would benefit by 200 to 300 percentage points from currency. Now earnings may be hurt by 20 to 50 basis points, David Bailey, a New York-based analyst for Goldman Sachs, wrote in a Feb. 12 report. A basis point is equal to 0.01 percentage point. Currency Forecasts - The currency outlook already contributed to stock-price declines this year of 13 percent at Google Inc. and 14 percent at Amazon.com Inc., said Mark Mahaney, an analyst for Citigroup Inc. in San Francisco. Google made 53 percent of its $23.7 billion in revenue in 2009 from outside the U.S., while 48 percent of Amazon.com’s $24.5 billion in sales were from outside North America. “Part of the down trend in tech has purely been due to the euro,” Mahaney said.

To: Cogito Ergo Sum who wrote (61286)	2/18/2010 6:56:37 AM
From: prometheus1976	Read Replies (2) \| Respond to of 218705

That it is...and while Niagara Falls itself is stunning,the town itself is a garish tourist trap. Niagara-on -the Lake is very beautiful with great food and wineries.. regards,P1976 peller.com

To: Cogito Ergo Sum who wrote (61286)	2/18/2010 7:30:38 PM
From: TobagoJack	Read Replies (1) \| Respond to of 218705

just in in-tray, per GREED n fear · In GREED & fear’s view the real crisis over Greece and the rest of the PIIGS lies in the future not the past. It is clear that German public opinion, and therefore the German political process, will not tolerate a crude bailout of Greece. The level of fiscal austerity being demanded of Greece is in GREED & fear’s view wholly incompatible with the reality of Greek democracy. · Macro traders should keep on the long recommended PIIGS spread trade. Investors should also assume that there will be further negative pressures on the euro, which implies continuing strength in the US dollar. The future of the euro as a hard or soft currency will be determined by whether Europe’s politicians opt for the hard or soft option on the Greek crisis. · Investors need to remember that this is a crisis not centred on Washington. GREED & fear remains sceptical whether Germany will really opt for the bailout option or even the fudge. And if it does not the deflationary consequences will come as a real shock to markets. · GREED & fear remains convinced that sell-offs caused by Greece and the like represent great buying opportunities in Asia since this further assures a continuing environment of very low interest rates in the West which can only generate excess liquidity bound for Asia. · The incremental tightening cycle in China is now well underway with the second reserve requirement hike announced on 12 February. This means that such tightening is increasingly discounted. GREED & fear will retain long term investments in the China property sector, banking sector and insurance sector in the long-only thematic portfolio. · All roads still point to an asset bubble in China, most particularly if the currency’s appreciation continues to be suppressed. With investors now worrying about tightening rather than bubbles, there is room for investors to start celebrating “neither too hot nor too cold” again, when they stop fretting about tightening and before they start worrying about bubbles again! · The recent slowdown in China property sales is positive in the sense that it gives a reason for PRC policymakers not to do more sector-based tightening. GREED & fear remains convinced that the PRC needs the property development cycle to drive economic growth in 2010. · America has experienced over the past decade the worst macroeconomic growth since the 1930s, in terms of real GDP growth, personal consumption growth, income growth and employment growth. It is inevitable that at some point hopes of a normal cyclical recovery in America are going to be properly demolished. It is also, unfortunately, quite likely that the current decade is going to end up with even worse statistics than the decade that has just ended. · It is only a matter of time before the markets’ focus on fiscal deterioration in Euroland switches to the growing fiscal predicament in America. But in GREED & fear’s view the crisis will come first in Europe. In the meantime, the seeming inevitability of a systemic government debt crisis in the West remains the fundamental reason to remain long gold. CLSA CLEAN & GREEN: Please consider our environment before printing this email. The content of this communication is subject to CLSA Legal and Regulatory Notices These can be viewed at clsa.com or sent to you upon request.