Markets are up a bit, as is gold; oil is down. The proof now rests with the bulls. Short covering is being credited with yesterday’s rally. We can expect more of that but unless we get side-lined money into equities this will be remembered as …
Yowzah!
Oh, Happy Day In what may be one of the greatest percentage gains in history this day was a stunner. DOW +5.8% S&P +6.3% Transportation index +7.2% NASDAQ +7.0 Internals were stupefyingly positive: 2.1 billion shares traded up, only 78 million down. OK, that was …
Afternoon ramp?
We are entering critical time of day. Dow still up 300 but if it sells off meaningfully we will have a severe problem. Traders were duped la week ago when China was supposed to have announced a larger stimulus package. When that failed the market …
Turnaround Tuesday lives up to its name. Around noon markets usually sell off or level out. So, we have to see if these gains last until 2:30, or so. Markets up more than 5%. More later.
All is Forgiven. Really!
Huge rally going on. Market internals are overwhelmingly positive as the averages are up 4-5%. Banks stocks up 20-30% in an hour. Now we wait to see if this market is faded. When an opening is this strong it is axiomatic that the gap must …
Equity futures are solidly up but continue to react to Bernanke’s speech to Council of Foreign Relations. He is calling for a new regulatory authority which would, hopefully, smooth out the boom and bust cycles. Good luck with that. Especially since the Fed itself is …
It appears my web site manager has not changed his clock. I wrote this at 4:13. A tough day for traders. It was chop all day. But for the second day in a row there was some modest buying on the close. In the end, …
Chop
Everything was down in the pre-market: stocks, oil and gold. The market caught a bid shortly after opening, oil reacted to international events and boomed higher but gold continued to sink. At 1pm the market is rolling over. BAC turned out to be a heck …
Same old, same old
In a what’s new moment, futures point to a much lower opening. My idea of a rally are, so far, misguided. Proves, once again and again, that to project one’s estimates of market behavior more than a day or two is fruitless. Oil is flat …
Weekend Update
Cannot help but be a bit bullish. After last week’s decline there are just too many names trading below $10 and below $5(!) that predict a sever depression. Yes, things are terrible, the weekend news and commentators were a recipe for a massive dose of …