It’s a Melt-up!
Sick and tired bulls are taking no prisoners as they bid ’em up. The day began strong and is getting stronger. I put some money to work (GE, AA, XOM, PRGO) and would like desperately to hold on to positions. But if they get stopped …
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Michael Steinhart, one of first, largest and best “hedgies” is turning bullish after correctly going bearish in early January. HEDGEFolios.com The canceled short sale rule has been blamed for taking apart stocks. Not so fast. Short-Sale Rule Revival Undermined by SEC Data After Bernanke Urges …
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 …
Am I nuts feeling sorry for Bernanke while he gets grilled by the Senators? Leave it to our US Senate to make the Fed Chairman a sympathetic figure. These pompous bozos think they are asking the tough questions but they are only grandstanding. Do you …
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I find this guy unsympathetic. Despite his loss. Hank Greenberg: I’ve Lost $2 Billion In AIG’s Collapse Our greatest investor may not be. Buffett’s Stock Picks Are Flat! If the world’s greatest car company can’t cut it how can GM? Toyota workers face 3-day week …
Pre-market futures are up as fear and despair are replaced with momentary avarice. Whether we get a couple of hours or a couple of days of green remains to be seen. Given recent market days one would expect reality to set in with traders taking …
That was close……
The market was down from the opening bell but by noon it was stuck at S&P 704–708. Rally attempts were made all day but especially at 2:40pm and 3:40pm. Many were waiting and watching for 700 to be broken; next stop 687 or another 200 …
On the Cusp
The averages have remained in a narrow band for the last two hours. The Dow is down 240 to 6823 or 3.5%. The S&P is down 29 or 4% to 706. Should it break 700 in a decisive way we could have a hellish afternoon. …