If Tech Fails, Lookout Below
“Remember, for the bears to take full control, I think they must take down the tech leaders. Most of the market is hiding there and the bulls aren’t going to give up unless you bomb and completely destroy their safety…
“Remember, for the bears to take full control, I think they must take down the tech leaders. Most of the market is hiding there and the bulls aren’t going to give up unless you bomb and completely destroy their safety…
“People were thinking more growth in the upcoming quarter, but Cisco kind of reset those expectations.” – Mark Sue (subscription required), Analyst, RBC Capital Markets “There was a stark contrast between management’s cautiousness on this quarter’s conference call and the bullishness…
“We’re in the midst of a dollar crisis here and the market is reflecting on the high cost of oil and the falling dollar and soaring gold prices. The good economic news is going to be overshadowed by the dollar crisis…
“We estimate that there’s over $10 billion of write downs in the fourth quarter for the industry for banks and brokers.” – Mike Mayo (subscription required), Brokerage Analyst, Deutsche Bank Yesterday Citigroup (C) announced that CEO Chuck Prince will step down…
“These companies don’t own factories, they don’t own hard assets, it’s a confidence game. If you don’t believe the numbers, it’s hard for us and others to get involved. All you need is a little change in their reserves and…
“Merrill has been making the rounds asking hedge funds to engage in one year off balance sheet credit facilities. One fund claimed that Merrill was offering a floor return (set buy back price).” – Janet Tavakoli (subscription required), Derivatives Consultant,…
A really bad day turned into a terrible day in the last hour (Intraday Chart). The reason, I think, is people wanting to get out of stocks ahead of tomorrows October Jobs Report which will be released before the open…
Financials are leading markets down today (XLF: -3.47%) on a downgrade of Citigroup (C: -6.43%) and a consideration that the Fed might really mean what it says and not cut rates again on Dec. 11. The Fed talked a tough…
The market’s first move in response to the Fed Decision was down, but it’s second move was up – big (Intraday Chart).
I think this was a little more hawkish than the market was expecting. Bernanke and Co. did cut rates 25 basis points but they said that inflation risks had increased and that “upside risks to inflation roughly balance the downside…