Red-Hot Resources

"Luck is not chance, it’s toil; fortune’s expensive smile is earned.”

Friday, October 19, 2007

News for Friday

Some news you can use ...

Wachovia Earnings Miss Estimates on Trading Losses, Home-Loan Writedowns Wachovia Corp., the bank that's spending more on acquisitions than its biggest U.S. rivals, said earnings dropped for the first time in six years after trading losses and writedowns for home loans.

XX Sean's note -- it looks like we added the UltraShort Financials (SKF) in Red-Hot Resources at the right time on Tuesday. On the other hand, we're still waiting for the UltraShort QQQ to work out.


Canada's Dollar Rises to a 33-Year High as September Inflation Accelerates Canada's dollar rose to the highest since June 1974 after a government report showed higher-than- forecast consumer prices last month, increasing speculation that the Bank of Canada may increase interest rates.

Paulson, Lagarde, Divided on Dollar, Unite to Seek Higher Yuan From China China is facing broader pressure to let the yuan strengthen as finance ministers and central bankers from the Group of Seven nations meet today.


Crude Oil Tops $90 for First Time After Dollar Extends Decline Versus Euro Crude oil surpassed $90 a barrel for the first time and is set for the biggest weekly gain since March after the dollar traded near a record low against the euro, enhancing the appeal of commodities as an investment.

Aluminum Will Rise 30 Percent by 2009 on Chinese Imports, Bernstein Says Aluminum will rise 30 percent by 2009 because China, the world's largest consumer and producer of the metal, will become a net importer of the commodity, Sanford C. Bernstein Ltd. said.

Baosteel Says Iron Miners Can't Keep Pace With Demand as Steel Output Rose Baosteel Group Corp., China's biggest steelmaker, said iron ore supplies are lagging behind demand from the country's mills, indicating it may struggle to hold down prices in talks with mining companies led by BHP Billiton Ltd.

Wheat Gains in Chicago as U.S. Says Crop Area May Rise Less Than Expected Wheat futures in Chicago rose for a second day after U.S. government forecasts raised concerns that farmers may plant less of the crop than expected. Corn and soybean futures were little changed.
Check out my new gold and energy blog at