Two Ways: No Rebound for Wall Street?
Strengthen your portfolio in good times and bad.
The agency, which acts for the city much as the Congressional Budget Office does for the federal government, forecasts that New York City banks will lose $4.7 billion this year, and only earn $8 to $9 billion in each of the next 3 years.
New York City's securities industry pays about 10% of the city's taxes. But even if the industry does become profitable by 2010, the city still faces budget shortfalls of nearly $7 billion for fiscal years 2010 and 2011.
Overall, the agency believes job losses will come in at 254,000 from the last quarter of 2008 to the middle of 2010. It's a slight improvement of its previous forecast of 268,600 losses.
See Professor Vitaliy Katsenelson's Stock Love Is in the Air.
From the Bull Pen: Silver continues to be strong. A look at the ETF (SLV) shows follow-through after a breakout above previous resistance ($14). A sell stop can be set 2% below entry.
From the Bear Cave: To say that our economy will return to its previous halcyon days is to deny our system was ever overleveraged. The weakness may be evident in the dollar index. Bears can continue to use the bearish dollar fund (UDN).
Meatloaf tonight! Have a great night, and see ya in the morning!
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