CHARTING THE MARKETS
Here's a new section showing some recent news events and accompanying
market shifts. Coincidence? You decide.
(See also our Intermarket Review on page 82.)
1. BusinessWeek features Enron CEO Jeffrey K. Skilling in its cover story of December 17, 2001, called "The Fall of Enron."
2. President George W. Bush makes State of the Union speech, advancing the theme "Axis of Evil" and broadening the war on terrorism. Global Crossing files for Chapter 11 bankruptcy protection.
3. Argentina and Venezuela begin floating currencies to combat financial crisis. Accounting fears grow in US as reporting irregularities from Tyco, General Electric, and other companies rattle investors.
4. US Federal Reserve board chairman Alan Greenspan claims US economy is pulling out of recession. Saudi Arabia sponsors Middle East peace plan. GM raises profit forecasts.
5. WorldCom CEO Bernard Ebbers is forced out of office. Israel strikes against Palestinian terrorists in West Bank with controversial invasion of refugee camps. US dollar begins to slide.
6. President Bush sets hard terms for Palestinian/Israeli peace. Workers Party candidate gains ground in Brazilian presidential campaign -- Brazilian bonds and currency suffer. France Telecom credit downgraded to near-junk status. WorldCom becomes biggest bankruptcy in corporate history. Bush promises to crack down on corporate crooks.
7. IMF offers $30 billion bailout of Brazil. UN dismisses massacre claims from Israel's invasion into West Bank. Nestle acquires Chef America.
Originally published in the November 2002 issue of Technical Analysis of STOCKS & COMMODITIES magazine. All rights reserved. © Copyright 2002, Technical Analysis, Inc.