We broke through S&P 850 and now at 860. We have to hold that or improve on it or we are in danger of slipping back, back, back. The rest of the morning trade is important to convince bulls that sideline money can be committed.
Fade the open?
Pre-market futures indicate the Dow opening up 150 points. As noted last night, the futures took off at the close as reports spread that the government was considering a ‘bad bank”. This entity would presumably buy toxic bank assets, store them, then dispose of them …
Good day, then GE news
A good day. Not sure if this qualifies as a follow-thru day but close. On the 21st we had a big move up in the averages and traders like to see a follow thru, on big volume, within the following fourth trading day. Today didn’t …
It is called junk for a reason
As companies try to conserve capital or comply with government loan restrictions dividends have been slashed. Thousand of companies worry that earnings will be unable to cover the payouts. Tens of billions of corporate dividends have been lost, primarily to those who need them most, …
Not too bad
On a day when 68,000 reported jobs were lost the market behaved surprisingly well. S&P 850 remains a stubborn upside barrier. About 10:30a we crossed to 852 but declined to 827 about 2:30p before closing at 837, up .56%. Advancing issues led decliners but there …
Gran Torino
Good, good movie. But I don’t think it is, as one of my neighbors suggested, “a life changing experience”. But it is very entertaining with memorable characters and it is one I’d see again. I have the feeling Gran Torino will have a long shelf …
Some Links
Wondering how long Ken Lewis has before Hugh McCall is recalled at BAC: Thain Strikes Back: Bank Of America Knew Everything (BAC) Comments on the declines in Education stocks: “Shares of private higher education companies are slumping, after Morgan Stanley suggested that the Senate may …
A good morning tape as traders ignore thousands and thousands of layoffs. The herd mentality, of which I am a great subscriber, dictates that we get in when others do and get out when others do. To lead the charge, rather than follow, provides the …
Out of the depths…
…..of despair arose today’s market. As noted earlier today there was no good news, none. Yet traders seemed willing to accept a higher level of risk than recently. I noticed the same yesterday as the close was pretty strong. A Friday close with strength is …
Frost/Nixon
I like Ron Howard’s movies. Deemed a semi-light weight by hard-core Hollywood types I really enjoy his direction. In close ups, in Frost/Nixon, he must use lenses designed to photograph flowers. Close, close, close. His use of time, wasted some might say, is immensely powerful. …