Quote of the Day

From the UK paper The Telegraph:

"Draghi's insistence that the fiscal contract eurozone leaders are attempting to thrash out at their latest summit will be sufficient in itself to restore confidence is cloud cuckoo land. He cannot sincerely believe it. The problem in the eurozone is not fiscal indiscipline, though there has certainly been a lot of it, but current account imbalances entrenched by big differences in competitiveness. These cannot be made to go away with repeated rounds of growth stifling austerity, and as for Mr Draghi's claim that it is possible to have both fiscal austerity and decent growth provided competitiveness is improved, it's simply naive to believe that's what is going to happen in practice. In fact, most of the evidence from the eurozone periphery is that it is continuing to lose competitiveness against the surplus north, with Germany progressively improving its share of an ever-shrinking market. As long as that goes on, the debt problem is going to get worse, not better. This weekend's summit will do little to solve the fundamentals of this crisis. Only a fully functioning fiscal and political union, with tax and spending decisions centralised in one authority across all 17 nations can do that. Even turbo-charged by financial and economic crisis, that's a very long road indeed."

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Style, strategy and marketing savvy - December 8 - 2011

Anyone who knows me for long knows that I'm passionate about branding and its importance to marketing success. The same principles that hold true for businesses also apply to people. Whether you're a business owner, entrepreneur or 'just an employee,' and whether or not you ever plan to own your own business, building "brand you" is nevertheless essential to your professional success and the future of your career.

View online at www.12monthsofmarketing.net/3dec2011.html

In this issue:

- How and why to build "brand you"
- Ten secrets of successful leaders
- Marketing insights: Do you know what you're really selling?
- Ten sloppy social media mistakes
- Marketing insights: Email is essential to your success
- Most read on the blog: Four ways to sell more gift cards this holiday season


***

Elizabeth Kraus

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Draghi Pours Cold Water On ECB Bond Purchases

The market is lower in early trading after a disappointing reaction to comments by ECB Pres. Draghi, who implied that the ECB would not step up its bond buying program beyond what has been discussed already. It's unclear to me why he is taking this tone, unless he is trying to get other players to get more involved. The EU summit is tomorrow (tonight actually) and maybe this is posturing ahead of it. We still don't know to what extent the IMF may get involved.

The ECB also cuts its main lending rate 25 bps to 1.00%. Draghi said there was no talk of 50 bps, and that the vote was not unanimous. The ECB also lowered its marginal lending facility to 1.75% from 2.00%. The Bank of England held its rate steady at 0.50%. And the Danish central bank cut its rate from 1.20% to 0.80%. So the liquidity spigot in Europe is opening, but I'm not sure even a fire hose can help more than just a temporary stop-gap.

The euro is lower on the rate cut news, and that is weighing on commodities also. Gold prices are lower near $1715, and oil prices are down to $98.75.

In the U.S., jobless claims fell more than expected to 381,000, but folks are already complaining that this figure was seasonally adjusted and is thus skewed.

The 10-year yield has eased back to 2.00%, that key level that we can never seem to hold above for too long. And the VIX is spiking +4% higher so far and has touched the 30 level again (currently 29.80).

Jon Corzine is testifying before Congress this morning about the MF Global disaster. He'll probably say that he just didn't know about the fund diversion. I don't expect them to get a lot of answers and clarity from him. What a fall from grace.

Trading comment: The biggest news item this week will be the announcement that follows tonight's EU summit. The market has recently rallied up to overhead resistance, so its normal to see a pullback from those levels. The hard part is gauging how the market will react to tomorrow's announcement. A positive reaction could result in a successful breakout above recent resistance. But a negative reaction could easily take the SPX back down to its 50-day average below. I'm betting we have a little more correcting to do, but hoping its not too big. I still think that most participants are in buy-the-dip mode into year-end. That said, I hope the EU officials bring out the howitzer.

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ECB Extending More Liquidity

The markets are lower in early trading, but there has not been much news. Asian markets were higher across the board overnight, while Europe is up slightly this morning.

The ECB has said that it will loosen the criteria for loan collateral, which is an attempt to provide more liquidity to member nations. Tomorrow the ECB will have its policy announcement and many investors are hoping that they ease monetary policy further with an actual rate cut. Of course, the big event this week is the outcome of the EU summit on Friday and what they will say in terms of any big initiatives to deal with the debt crisis.

The euro is down slightly on the news, and most commodities are flat. Gold prices are actually up a bit near $1734, but oil prices are lower and have broken the $100 level.

Energy and financials are lagging the action so far this morning, while healthcare and utilities are down the least.

The 10-year yield is lower to 2.06%; and the VIX is +3.5% higher near 29.25.

Trading comment: If you pull up that chart of the S&P 500 you can see that once again we were turned away at overhead resistance near the 200-day average, which sits near 1264. The market hit that level again yesterday but faded, and this morning is moving lower still. I expect some consolidation around these levels, with an eventual successful push above these resistance levels. I would actually prefer to see the market pullback ahead of the EU summit meeting. I worry that if we rallied straight into the meeting, that might increase the chances of selling off harder after the news comes out.

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S&P Puts Most Eurozone Members On Downgrade Watch

The market is flattish in early trading on lot a lot of news here in the U.S. The big news release came last night when S&P analysts put 15 eurozone members on credit watch for a potential downgrade. It's a bit odd that they would do them all at the same time, but not that surprising given the state of the finances among member nations.

Asian markets were lower overnight, and European bourses are down this morning as well. The dollar is slightly higher vs. the euro, and commodities are mostly lower. Oil prices are off slightly to $100.66 and gold prices are also lower near $1713.

The 10-year yield is still above its 50-day average at 2.06%; and the VIX is down a fraction to 27.65.

Other than that there is not a lot of domestic economic data or corporate news that is moving the market. Defensive sectors like healthcare and utilities are leading the market so far while financials are lagging the action.

Trading comment: The S&P bumped its head at its overhead 200-day average for a second day and moved lower from there. The index is still below those levels but does not seem to be giving up much ground so far. The S&P 500 is now barely in positive territory for the year, and I think that performance anxiety will continue to be a factor from here into year-end. That means I expect dips to be more shallow than in recent months as more participants look to use pullbacks to their advantage. The put/call ratio opened very low this morning, which also lends itself to this thesis.

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Why and How to Build 'Brand You'

If you’re 'just an employee' (rather than a business owner) or an independent seller or entrepreneur, you might not yet know how important marketing yourself is to your success, whether or not you ever plan to actually own your business.

When you think of the word “marketing” what comes to mind?  If you think of things like advertisements, press releases, events, websites and internet marketing, you aren’t thinking big enough.

Marketing isn’t just for business.

In a sense, as human beings, we all use marketing tactics in many areas of our lives, because marketing is not about activities you do to promote a business, marketing is about relationships.

Specifically, marketing includes anything that you do to attract, engage, motivate or retain people in relationships; in the case of your professional life, these are relationships with customers, co-workers, superiors, vendors – anyone whose opinion is important to your professional success.

'Marketing’ actually includes anything that helps you:

1. Attract people
2. engage people to a deeper level of relationship and dependence upon you for products or information
3. motivate people to take actions you want them to take, and
4. retain relationships and develop loyalty

Have you ever had a co-worker who seemed to have it all together; who most likely regularly outperformed those around them? It didn't happen by accident; it’s because they choose behaviors that bring them success in relationships. They don’t expend energy on negative behaviors. They focus on the future and on others, rather than themselves.

Here are some behaviors you can choose that will help you become someone like that:

• Develop a personal brand. Your own personal style is reflected in the words you choose to use, the clothes you choose to wear and the detail that you show in your personal appearance. Your personal style should be unique and reflect your own tastes, but it should also be a style which contributes to your social and professional success.
  
  
• Don’t toe the line. Many times people do no more than what is asked and expected. They toe the line when it comes to how they behave in the workplace, whether they conform to standards of dress and the level at which they work to meet sales and performance goals. Exceed expectations and goals.
  
  Don’t take the “it’s not my job” attitude; if you see something that needs to be done, do it. Dress for the job that you want, rather than the one that you have. Don’t knowingly violate the employment policies at your workplace, even if you don’t agree with them. Work to make change the right way. Arrive early and put all of the time in that you are expected to.
  
  
• Hold yourself to high standards. Steer clear of gossip and those who gossip. Don’t engage in negative conversations about your employer or co-workers. Say nice things behind people’s backs as well as to their faces.  Be generous with sincere compliments to co-workers and clients. 
  
  Be supportive of the initiatives and programs introduced by your boss and co-workers. Do all you can to see that they are successful. Participate. Encourage. If you do have criticisms or suggestions for your boss, meet with them privately and do your best to express your opinions or suggestions in a calm, clear manner. Use logic and persuasion to help make your point, rather than emotion.
  
  
• Be absolutely present with each customer, co-worker, vendor, etc., in each moment that you have the opportunity to help them. People should feel that they have your full attention when speaking to you, whether in person, on the phone or even online.
  
  
• Remember: It may be business, but it’s still personal. Make writing thank you notes part of your daily routine. Extend sincere compliments generously. Go out of your way to help people who need help, whether or not it’s part of your job. Acknowledge the efforts of others. Write a personal note (or an email) of sympathy or encouragement to those who particularly need it. 

***


Elizabeth Kraus is the author of 365 Days of Marketing.

If you want to build a business which provides the maximum when it comes to customer and employee satisfaction and loyalty as well as profitability, change the way that you  understand and use marketing.  365 Days of Marketing is available on amazon.com or save $5 off the list price when you use the Code USH9VPJG and purchase on my site at 12monthsofmarketing.net.

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Monday Morning Musings

Market participants are back in buying mode this morning despite last week's outsized gains. The positive sentiment has been helped by rumors out of Europe that the ECB is preparing to inject 1 trillion euros into its financial system to support the debt purchases in the region. It is unclear where the trillion euros will come from.

Also, Italy has established a new austerity plan. While the markets applaud this long-term thinking, don't forget that austerity measures will weigh on growth for years to come.

In economic news, the ISM Services index slipped a bit to 52.0 from 52.9 last month, but is still at a level that signals expansion in the sector.

Asian markets were mostly higher overnight, but China fell -1.2%. The dollar is lower today as the euro gets a boost. This is helping most commodities, but gold is heavy and trading a bit lower near $1748. Copper and silver prices are higher, and oil prices are up to $102.

The 10-year yield is getting a boost to 2.10%; and the VIX is drifting lower down -3.5% to 26.55 currently.

Trading comment: On Friday I showed that chart of the SPX reaching resistance levels. That level held as resistance on Friday and turned the market lower. But this morning a little good news (Europe) goes a long way, especially when you are in the final stretch to year-end and performance anxiety among portfolio managers is at a high. Buyers have pushed the SPX right back to that resistance line, which also coincides with the overhead 200-day average of the market. I'm not sure if we will stay comfortably above this level (1265) this week, or if we need to see a little more consolidation. But it does feel like if we don't get any real disappointing news that the market does want to make a successful push above these levels.

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