An interesting chart from BeSpoke Investment Group shows more than 80% of the companies in the S&P Financials trading above their 50 day moving average. That’s a higher level than we’ve seen since before the emergence of problems with subprime…
“When the Fed said it would do all it takes to prevent a financial crisis, the market reaction was: ‘What’s to worry about? It’s all good’. That’s pretty much the way we feel.” – Linda Duessel (subscripton required), Market Strategist, Federated…
On the strength of upgrades yesterday from Citigroup Homebulder Analyst Stephen King and then an “interesting” interpretation of today’s pending home sales number, homebuilders have staged a nice 7% bounce over the past 2 days (Chart). The bulls sure are…
Days like today really hurt my credibilty when I try to tell people that the stock market is intelligible. Two huge global banks, Citigroup (C) and UBS (UBS), gave us some insight into what to expect when they report 3rd…
“The accelerated decline in the dollar has been well deserved.” – Axel Merk, Portfolio Manager, Merk Hard Currency Fund Stocks are pretty much dead today. But there is some interesting action going on in currency markets. The euro has rallied another…
The stock market is certainly acting well. This morning KB Homes (KBH) announced another ugly quarter. New home sales were down 21% from last August and the median price was 7.5% lower. The S&P is up 6 points to 1531…
Right around 12pm PST (3pm EST), at the start of the last hour of trading, today stocks started taking off. The Dow went from being up about 80 to all of a sudden being up about 130. I had no…
Really there wasn’t too much to be excited about today. But that didn’t stop stocks from putting in a nice up day approaching their record highs: Dow: +100 to 13878 (July 19 record: 14000) S&P: +8 to 1525 (July 19…
The outperformance of tech over the last 3-4 months is noteworthy (Top Gun first noted it on July 5 “Tech Leads Market”). A number of prominent tech stocks such as Apple (AAPL), Google (GOOG), Research in Motion (RIMM) and Cisco (CSCO) are…
There’s a lot of news out this morning that has to make you a little uneasy if you’re a bull. Target (TGT) reduced its same store sales forecast for September from 4-6% to 1.5-2.5% (subscription required), raising questions about the…