Roller Coaster!
Markets opened strong. By 9:44am the Dow was up about 130. By 9:45 it started it’s descent, down over 100 Dow points. But at 3:30 the market got a bid and much of the decline was wiped out. Ten minutes to the close it went …
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Yaz has a different way of talking but he has been so right on the markets for over a year. What’s Moving Markets? 2 hrs ago I am attaching Harry’s entire post from today. All of it is good. Harry\’s post Mish had this on …
The dark clouds of yesterday’s market collapse are being replaced by a beautiful Spring morning. After a severe cold snap we are headed to the mid-60’s with bright sun. For the 650,000 newly jobless in February this morning may not hold the same allure. It …
It Hurts
Everyone is hurting. Pessimism has replaced opportunism. Free market democracy is being laughed at by leaders such as Chavez of Venezuela and Evo Morales of Bolivia. They are gleeful this evening. And, so far, nothing we have done proves them wrong. We are in serious …
OMG
A sucker rally? Sure looks like it. Citi trading below $1, GM defends itself against its own auditor and its stock down 18%, Wells, Fargo about to have it’s bonds downgraded and perhaps cut the dividend, Google downgraded due to lower ad revenues, no word …
Follow through?
Foreign bourses are crushed as China backs away from yesterday’s euphoria of unending stimulus. And the report by GM’s auditor that it doubts the company can survive is not helping. But there are seven more days left to China’s economic summit so we are likely …
Tempted?
Notice how much better you feel this evening? Rallies do that. We were up about 4% at one time today but, as expected, the day trippers took profits. Most of the excitement was caused by rumbling from China that they will do whatever it takes …
While the Dow and S&P are up about 1.20% the market’s internals (advancing vs. declining; volume up vs. volume down) are much stronger. Gains are melting, however, as early short covering moderates. To be more constructive we must wait to see if new equity allocations …
Turnaround?
Just when one feels they have Mr Market figured out it makes a an unexpected turn. World markets are up dramatically as a reaction to China, Japan and US stimulus packages. Shanghai advanced 6.1%, Japan up 0.9%, Korea up 3.3%. Despite bleak corporate earnings reports …
A most unusual day. Lots of testimony on the Hill providing all sorts of headline cross currents. Bottom line: there is no bottom to the amount of money both the Fed and Treasury are prepared to throw at the problem. The last few minutes turned …