It was a truly monster day on The New York Stock Exchange. 3043 of 3434 issues advanced – a ratio of almost 9 to 1. And up volume of 1.59 billion of a total volume of 1.6475 billion means that…
Today Bernanke and the Fed surprised most everybody with a 50 basis point cut to the Fed Funds rate. The cut has been a potent catalyst for the stock market (Tue 9/18/07, Close): Dow: +336 or 2.51% S&P: +43 or…
“There’s a bit of cautious optimism heading into the Fed meeting this afternoon.” – Robert Pavlik (subscription required), Chief Investment Officer, Oaktree Asset Management We’ve had quite a nice move in the markets over the last week plus. Since the…
On the front page of today’s The Wall Street Journal an article titled “Too Much Hope May Be Pinned On Rate Cut” (subscription required) nicely lays out the varying views towards the effectiveness Fed rate cuts tomorrow and in the…
Earlier this week, banks underwriting the buyout of Allison Transmission, an auto parts supplier, were able to sell $1 billion of a planned $4.2 billion in debt to investors (subscription required). The debt was sold at 96 cents on the…
“The stats are very bullish.” – Tony Rosado (subscription required), IAG Energy Brokers Oil closed today at an all time high around $80 a barrel. Despite OPEC deciding to raise production by 500,000 barrels a day yesterday, oil still managed…
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…
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…
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…
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…