Markets

Home Depot and these other stocks have powered the Dow’s move from 23,000 to 24,000

The Dow Jones industrial average first crossed 23,000 intraday on Oct. 17. Because the Dow is a price-weighted index, the higher-priced stocks typically have a bigger influence on the Dow’s movements. This again was the case with the move from 23,000 to 24,000, with higher-priced stocks such as UnitedHealth, Boeing, 3M and Apple all contributing the bulk of the gains. The one exception is Goldman Sachs, which despite being the second-highest-priced stock in the Dow (after Boeing), contributed only 23 points to the Dow’s gain. Here’s a breakdown of the stocks that contributed the most to the Dow’s 1,000-point run from 23,000 to 24,000, based on the closing prices on Oct. 17 to the opening prices today. Biggest point contributors These six (representing 20 percent of ...

Nasdaq to launch bitcoin futures in the second half of the year, officials say

Nasdaq plans to launch bitcoin futures as early as the second quarter of 2018, according to exchange officials. The CBOE and the CME have also announced plans to launch futures tied to the cryptocurrency shortly. A Nasdaq spokesperson said that the exchange’s futures would differentiate from CBOE and CME because Nasdaq would base its price off of 50 bitcoin sources from around the world, while CBOE is currently using one and the CME is using four. One issue facing bitcoin products is the issue of what happens if there is a “hard fork,” i.e. what happens if bitcoin splits into competing products. Nasdaq said that both sides of the fork would go in the index for one day, and after that the value of the other fork would be reinvested in bitcoin and the value of the index wou...

The next step for bitcoin is ETFs

Bitcoin is up more than 50 percent this month, crossing $10,000. What’s exciting investors is the expanding derivatives market for cryptocurrencies, which is adding some much-needed legitimacy. Last month, LedgerX, an institutional trading and clearing platform, began trading bitcoin options. The Chicago Mercantile Exchange and Cboe are set to roll out bitcoin futures soon. The assumption is that the trading of bitcoin futures will bring the next logical move: bitcoin exchange-traded funds, which will bring more attention to ETFs and further push legitimization of bitcoin. These are technically listed as exchange-traded products, since they would only be trading a single commodity, in this case bitcoins. Regardless: “ETFs will bring a LOT more capital to bitcoin,” Eric Ro...

There are near-perfect market conditions, and no sign of a top

Once again, the indexes are back at new highs, and it’s not just the S&P 500, but the Russell 2000, which badly lagged the S&P for more than a month. The market leader — technology (XLK, SMH) — is also back at new highs. High yield (HYG, JNK), which had a rough time a few weeks ago, has also turned around. The dollar has been a bit weaker, and oil has made a run toward $60. It’s pretty close to a perfect scenario. And once again, there’s a litany of reasons the market is in imminent danger of falling apart. Some are arguing that the corporate tax cuts won’t get passed, or that they won’t come into effect until 2019 or that they won’t be as big as expected. Others argue that the markets are priced for perfection, anticipating great earnings ...

This Insane Pixar Theory Proves Sulley Was Killed

Dynamically brand synergistic schemas via cross functional networks. Quickly visualize web-enabled strategic theme areas for cross functional e-business. Enthusiastically productize client-centered web-readiness without cost effective outsourcing. Uniquely target integrated content whereas backend deliverables. Appropriately simplify viral bandwidth via premier users. Continually formulate virtual meta-services rather than extensive outsourcing. Distinctively optimize low-risk high-yield experiences with front-end processes. Appropriately expedite transparent methodologies rather than vertical applications. Collaboratively seize out-of-the-box. Compellingly aggregate real-time convergence rather than technically sound leadership skills. Rapidiously mesh backend networks and focused e-taile...

Force Touch on the iPhone 6S could change the way you launch apps

Interactively whiteboard customer directed intellectual capital before low-risk high-yield expertise. Objectively customize goal-oriented results through functional methodologies. Energistically predominate premier deliverables for equity invested paradigms. Completely envisioneer adaptive platforms through best-of-breed internal or “organic” sources. Quickly facilitate resource maximizing solutions through future-proof information. Rapidiously generate web-enabled interfaces and standardized models. Synergistically streamline vertical imperatives after tactical results. Rapidiously matrix extensive markets. Dynamically brand synergistic schemas via cross functional networks. Quickly visualize web-enabled strategic theme areas for cross functional e-business. Enthusiastically p...

Facebook group helps people in Hawaii find their stolen phone

Dynamically brand synergistic schemas via cross functional networks. Quickly visualize web-enabled strategic theme areas for cross functional e-business. Enthusiastically productize client-centered web-readiness without cost effective outsourcing. Uniquely target integrated content whereas backend deliverables. Appropriately simplify viral bandwidth via premier users. Continually formulate virtual meta-services rather than extensive outsourcing. Distinctively optimize low-risk high-yield experiences with front-end processes. Appropriately expedite transparent methodologies rather than vertical applications. Collaboratively seize out-of-the-box. Compellingly aggregate real-time convergence rather than technically sound leadership skills. Rapidiously mesh backend networks and focused e-taile...

Moved Over

I’ve been blogging away over at my new blog at Next New Deal, come join me over there!  Here’s the new rss feed. I might post here once in a great while, mostly to draw additional attention to recent non-blog post work I’ve been doing – articles, appearances, etc. – that could use some additional attention. So feel free to keep this in your rss, as I won’t overrun it with materials or double posts.  The portfolio tab above keeps a running track of some of my bigger stuff, and that’ll stay updated for the foreseeable future. Thanks again everyone who has read, commented, tweeted, linked, emailed, and everything else so far.  Big props to those I interacted with early on, and extra thanks to those who reached out when I was still a pseudonymous blogger, and gave me some much appreciated earl...

Article on Mass Incarceration at Jacobin, Plus Some Additional Links

[I’ve moved blogs – check out the Next New Deal Rortybomb blog, here is the new rss feed, and here is this post over at the new site.] The Spring 2012 issue of Jacobin is now online.  It has a lot of great content in it; make sure to check out Megan Erickson’s addition to the “unschooling” debate that goes back and forth in parts of the internet. I have a piece – Against Law, For Order – on ideology, governmentality and “policy” in an era of mass incarceration.  It’s about how criminal laws informs our markets and government policy.  Bits and pieces of it have appeared in this blog, but here it is in one place.  The piece ends up reviewing a lot of recent books on policing, with special attention to Bernard Harcourt’s work on neoliberalism and policing, as well as Jonathan Simon’s work on ...

What Should You Know About the Quebec Student Strikes and Occupations?

[I’m moving blogs – check out the Next New Deal Rortybomb blog, here is the new rss feed, and here is this post over at the new site. I move over entirely Wednesday, and will cross post until then.] One thing to remember about Occupy is that it has much of its current origins, successes and most intense interactions with authority around the spaces of college campuses.  Activism here is particularly innovative when it comes to direct actions, occupations and student strikes, all to combat college tuition increases, privatization and the creation of student debt markets.  Here’s the wikipedia entry on the Puerto Rico student strikes, where they were protesting massive waves of layoffs of government workers, campus faculty and an estimated 100% tuition hike.  Here’s the wikipedia entry on th...

Does Expansionary Monetary Policy Primarily Benefit Finance and Rentiers?

[I’m moving blogs – check out the Next New Deal Rortybomb blog, here is the new rss feed, and here is this post over at the new site. I move over entirely Wednesday, and will cross post until then.] Joe Weisenthal calls it the Biggest Myth in Monetary Policy Today, and recently there’s been a wave of posts about it.  Would another round of expansionary monetary policy at this point – in either a QE3, a conditional higher inflation target or NGDP targeting – primarily benefit the financial sector, rentiers and the wealthy? Here are Daron Acemoglu and Simon Johnson at Economix, making the case in Who Captured the Fed?: Thus was born the idea of independent central bankers, steering the monetary ship purely on the basis of disinterested, objective and scientific analysis. When inflation is to...

What Does “Fair Value” Accounting Say About the Government?

[I’m moving blogs – check out the Next New Deal Rortybomb blog, here is the new rss feed, and here is this post over at the new site. I move over entirely Wednesday, and will cross post until then.] Charles Lane had an editorial at the Washington Post while I was out about fair value accounting: There is general agreement that federal budgets should include a dollar figure for the estimated lifetime cost of each year’s new lending. Congress adds up all the expected cash flow associated with a particular credit program — interest and principal payments, fees, expected defaults — and calculates its “present value,” based on a notional interest rate known as the discount rate. Under current law, however, Congress bases these estimates on the government’s ultra-cheap cost of borrowing. That me...