Archive for August 2009

Fannie And Freddie Shares Soar Despite Likely Having No Equity Value

August 25, 2009  ·  Category: Market Commentary, Sentiment Analysis, Stocks
It's very hard to come up with scenarios where they're worth any money.  There's a tremendous amount of sentiment trading in general. - Bose George, Analyst, Keefe, Bruyette & Woods (Source: "Fannie, Freddie Shares Soar, Puzzling Analysts: ...
Posted by Greg Feirman  ·  No Comments »

Santoli: Don’t Overthink The Rally

August 25, 2009  ·  Category: Market Commentary, Sentiment Analysis
EVERYONE SEEMS TO BE INSPECTING THE TEETH and gums of this galloping rally, searching for signs of rot and vulnerability.  Haven't the riskiest stocks led?  Aren't stocks pricing in fundamental improvement not yet evident?  Weren't ...
Posted by Greg Feirman  ·  No Comments »

Excellent Steve Pearlstein Article On The Commercial Property Problem

August 25, 2009  ·  Category: Macro Economics, Real Estate
Local and regional banks have so many souring commercial real estate loans that they have begun to fail at a rate not seen since . . . well, you know.  The latest was Colonial Bank ...
Posted by Greg Feirman  ·  No Comments »

WSJ: Heady Revenue Growth At Google Could Be Thing Of The Past

August 25, 2009  ·  Category: Stocks
(Source: "Is Google Sitting on the Clock of eBay?", The Wall Street Journal, August 25, C10) I think this is a really important insight and one that I've been noting myself.  It could mean that Google's ...
Posted by Greg Feirman  ·  No Comments »

Obama Reappoints Bernanke

August 25, 2009  ·  Category: Federal Reserve, Market Commentary
On Bernanke's re-appointment also see my "Judging Bernanke", Top Gun FP, August 20. P.S. I don't know what time this news broke but the front page WSJ story on it has the most typos and poor sentence ...
Posted by Greg Feirman  ·  No Comments »

June Case Shiller Housing Numbers Support Idea Of Low End Housing Bottom

August 25, 2009  ·  Category: Market Commentary, Real Estate
The widely followed Case Shiller index of home prices showed a sequential increase in home prices for June, marking the second straight month of sequential price increases for the first time since early 2006.  This ...
Posted by Greg Feirman  ·  No Comments »

Cyclicals Have Led This Rally

August 24, 2009  ·  Category: Market Commentary, Technical Analysis
(Via BeSpoke Investment Group) This table really shows the character of the rally off the March 9th lows.  Traditional defensive sectors like consumer staples, telecom and health care have all underperformed the S&P 500.  The leaders ...
Posted by Greg Feirman  ·  No Comments »

Interesting Excerpts From Bernanke’s Jackson Hole Speech

August 21, 2009  ·  Category: Federal Reserve, Macro Economics, Market Commentary
Bernanke gave a speech this morning in Jackson Hole, Wyoming: "Reflections on a Year of Crisis".  Here are some interesting excerpts with my commentary: TOO BIG TO FAIL: The Federal Reserve has consistently maintained the view that ...
Posted by Greg Feirman  ·  No Comments »

First Year Over Year Rise In Existing Home Sales Since November 2005

August 21, 2009  ·  Category: Market Commentary, Real Estate
A strong July Existing Home Sales report from the National Association of Realtors is propelling the market this morning.  Existing home sales rose to a 5.24 million annualized rate from 4.99 million in July 2008 ...
Posted by Greg Feirman  ·  No Comments »

Fund Manager Bullishness at Highest Level In Six Years

August 20, 2009  ·  Category: Sentiment Analysis
Merrill Lynch yesterday released their August Survey of Fund Managers titled "Merrill Lynch Fund Manager Survey Finds Economic Optimism Highest Since 2003 as Investors Put Cash to Work".  Here are some highlights: A net 75% of ...
Posted by Greg Feirman  ·  No Comments »