Word: euros
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Europe's dream of promoting the euro as a competitor to the U.S. dollar may get a boost from SADDAM HUSSEIN. Iraq says that from now on, it wants payments for its oil in euros, despite the fact that the battered European currency unit, which used to be worth quite a bit more than $1, has dropped to about 82[cents]. Iraq says it will no longer accept dollars for oil because it does not want to deal "in the currency of the enemy...
...Well, the markets want Bush. The coming of a tight but uninspiring election has been only a small portion of the dark uncertainty that has plagued the indexes past several months. But as the day has approached and other gloomy prospects, like earnings and the euro, have receded a little, there has been more attention paid. And more rooting...
EUROSTRATEGY Last Wednesday the euro hit an all-time low of 0.83 against the dollar, a 29% drop since its inception. If you believe the dollar is overvalued and subscribe to the prevalent view among currency analysts that the trend will reverse in the next 8 to 10 months, now is the time to buy cheap. For instance, EVERBANK.COM offers FDIC-insured deposit accounts and CDs denominated in euros and 29 other currencies. It's a way to diversify your portfolio--but note that it can be risky...
...which point it hesitated, and may now have officially taken on the look of a bargain. The index closed Monday at 10,835, and for the near term could be on its way up. Sure, oil prices loom, the euro drags, the Middle East smolders, and the word "stagflation" is on at least a few lips, but for now that's troubling the NASDAQ far more - over there they're worried about the damming effect an economic slowdown will have on the river of cash that made the techs what they were...
...bring all this up? The NASDAQ is down 20% since Sept. 1, more than wiping out a brisk August rally. Other indexes have fared better, but you pretty much had to be an oil sheik to have made money last month. The euro is falling. The economy is slowing. The dotbombs are exploding, and companies are warning of weak quarterly results. Dell is the latest. Everyone has the jitters...