Third Quarter Earnings Week
Oct 26, 2009
Posted by Jody Eisenman | Filed under Uncategorized
The market finally started to show signs of weariness recently, as the Dow Jones Industrial Average struggles with the magical 10,000 mark. Meanwhile, aided by a recently weak US dollar, Gold continues to trade above $1000 per ounce. Roughly 1/3 of all the stocks in the S and P 500 report earnings this week, and these reports will go a long way to determining market direction for the near future.
In a continuation to an amazing story, another major individual with connections to Bernie Madoff was found dead this morning. Investor Jeffry Picower, who has been rumored to have profited massively from Madoff, was found dead this morning in his swimming pool. Prior to his demise, Picower was being sued for $7.2 billion by the trustees representing the investors in the Madoff fraud. According to Forbes magazine, Picower was worth in excess of $1 billion dollars. Picower was accused of “requesting” returns from Madoff each year, such that he withdraw over $7 billion according to Irving Picard, the trustee for the liquidation of the estate. The Madoff story apparently has several more chapters to go.
