Friday, January 22, 2010

Euro Up and US Equities Down

Euro Up, and US Stocks down, thats a good sign for the bears....God forbid we have 2 days in a row in the red though!

CCARD credit act is about to rear it's ugly head

For many small business, especially those providing renewable energy systems--the "CARD" act, will be hurtful in the near term and the long long. Short term loans that enable consumers to obtain a renewable energy system but not pay any out of pocket until they receieve tax credits back, make it possible for many people to get these systems that have a 15% to 70% annual rate of return.

On February 22, 2010, the Credit Card Accountability Responsibility and Disclosure Act of 2009 or Credit CARD Act of 2009 will go into effect.

To make up for expected banking losses of up to $50B (say 35 of the tallest building in the world), credit card issuers are taking action now, before the act goes into effect:

* Jacking up APRs,
* cutting credit limits,
* changing fixed rates to variable rates,
* eradicating or severely limiting promotional rates and lastly,
* but most interestingly,
* introducing new fees.

You best read all that "junk mail" coming to you from credit companies or you might be surprised with some nasty fees. Best yet...get rid of all short term debt that is not in some way making you more money.

So prior to this, consumers were being nickeled and dimed for up to 35 of the largest buildings in the world ($50B).

Off to work AGAIN today. Will try to crank up some charts this weekend, not sure that a "trend change" can be justified just by 1 day action though.

Let's see what Chart of Charts has to say after the close today.

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