Buying Panic?
One of the most interesting articles I read this week was an observation by the ever insightful Mark Hulbert that we’ve had three 9 to 1 up days in the last 3 weeks: Friday Aug 17, Wednesday Aug 29 and…
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And There Are No Jobs
For the first time since August 2003, nonfarm payrolls decreased on a month to month basis – down 4,000 from July to August. The numbers for June and July were also revised downward. I put very little stock in government…
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Schizophrenic Market; Short Term Top?
The market is bouncing around a lot, up big one day, down big the next, on not a lot of news. For example, last week it was down big on Tuesday, up big on Wednesday. It was up big yesterday…
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Good Inflation Report Paves The Way For a Rate Cut – Mr. Market
The Core Personal Consumption Expenditure (PCE) Index came in 1.9% (pg. 12, Table 11) higher for July than it was 12 months ago. That is within the Fed’s comfort zone of 1-2% – for the third consecutive month. Combine that…
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A Letter From Uncle Ben!!!! Uncle Ben Wrote Us A Letter!!!!
In a letter from Monday released this afternoon from Fed Chief Bernanke to Senator Charles Schumer Bernanke assured the Senator that the Fed was “closely monitoring developments in financial markets” and “is prepared to act as needed to mitigate the…
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Market Adjusts Ahead of Economic Reports and Bernanke Speech
“Today’s rally is more or less a readjustment [after Tuesday’s selloff. There is] really no news.” – Barry Hyman (subscription required), Equity Market Strategist, EKN Financial We can’t seem to get a calm week on Wall Street, even when there’s not…
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Now We Find Out What’s What
The stock market rally stalled today on a number of interesting and important developments. The front page of the WSJ (subscription required) announced that Bank of America was making a $2 billion investment in Countrywide Financial (CFC), that nation’s largest…
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A Couple Of Relatively Quiet Days On Wall Street
On Monday we had a mid afternoon swoon as the impetus from the Fed move began to wear off. But markets recovered on news of a Tuesday morning meeting between Bernanke, Treasury Secretary Paulson and Senate Banking Committee Chairman Christopher Dodd….
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Uncle Ben To The Rescue
When I went to bed last night around midnight PST it looked like Friday was setting up to be a bad day. Japan had crashed – down 875 points or 5.42%. Europe had opened lower and looked poised for a…
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Sometimes Stocks Go Down – For A Long Time
I’ve been reading a lot of commentary and watching a lot of pundits on CNBC today and of course the “don’t panic”, “this is a buying opportunity”, “keep a long term perspective” crew is out in droves. These guys come…