vineri, 16 septembrie 2011


There are nine strategies for perception management. These include:
Preparation — Having clear goals and knowing the ideal position you want people to hold.
Credibility — Make sure all of your information is consistent, often using prejudices or expectations to increase credibility.
Multichannel support — Have multiple arguments and fabricated facts to reinforce your information.
Centralized control — Employing entities such as propaganda ministries or bureaus.
Security — The nature of the deception campaign is known by few.
Flexibility — The deception campaign adapts and changes over time as needs change.
Coordination — The organization or propaganda ministry is organized in a hierarchical pattern in order to maintain consistent and synchronized distribution of information.
Concealment — Contradicting information is destroyed.
Untruthful statements — Fabricate the truth.




The housing market is gasping for air, and home prices are down to 2003 levels, according to the S&P/Case-Shiller Home Price Indices

Rents are actually rising, according to the latest inflation data from the Labor Department. Last year, rents were essentially flat, but they have been rising steadily since the end of 2010. In

The reason is simply a matter of increasing demand for rental properties. In a better economy, the people who are now renting might be looking to buy a house. Many people do not have the financial capacity to get a mortgage. Interest rates are at historic lows, but lenders are making prospective borrowers go through ever more hoops to qualify for loans.


esterday we got coordinated central bank action to ease USD funding pressures in Europe. Now we have “informal” (read: extremely urgent emergency) two-day meeting of the Eurogroup finance ministers with US Treasury’s Geithner in attendance. 

his European colleagues that they “leverage up” the EFSF to sufficient size to get ahead of the pressures of the sovereign debt debacle, similar to the way the TALF program was employed to leverage public sector funds in the US.


keep markets orderly and banks from failing across the EU, we’ll eventually need to see a sufficiently large package/commitment to stop the chronic return of funding difficulties, default risks, defunct regional  bond markets


he “best” solution of course is a single EU finance ministry and the ability for it to issue EuroBonds – but that too big a step, at least for this weekend’s meeting. But this weekend could give us an indication whether the EU leadership is going to retrench and put more effort in moving in this direction, or whether we get more of the same (an alphabet soup of kick the can liquidity measures or simply the hope that the EFSF can be inflated to sufficient size to suffice).Remember my basic tenet that either it is Lehmanesque crisis time, or we get the Eureka moment that the solution is a de facto QE that continues to weigh heavily on the EURUSD. 

we have to anticipate the coming FOMC meeting on Wednesday


the EcoFin meeting in Poland will decide on the direction of financial markets. The move should be sharp but at this stage we are unclear as to the direction

his is the first time Geithner has attended such a meeting, showing how much the European situation is preoccupying US officials.

a Eurobond. Clearly this solution is being given an icy reception in Germany, meaning that such a proposal would only become more realistic if the situation in Europe became desperate. We are not quite at this point yet

oversold situation in 2008 for the DAX, we could expect the German benchmark to rally another 8 to 10% pretty quickly.
We therefore expect DAX to tackle the “congestion area” next week. We wi To the upside, should we clear the 5,750-5,550 zone, the German benchmark should get a clear run towards 6,100-6,000 where shorts would be in order.
The S&P 500 has been well supported throughout the week despite the negative macro data. The FOMC meeting on Friday is clearly in sight and should continue to provide some support provided that no major adverse news hits equity markets during the trading week next week.

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