Why I Bought Financials Today
If you’re going to be a trader, and you don’t have to be and trading is not the core of what I do, at some point you have to pull the trigger. We always want that perfect, can’t lose, super…
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Too Big To Fail
The access to credit via the Treasury and Fed means the implicit guarantee on the GSEs’ debt is now explicit. – Ian Shepherdson (subscription required), Chief US Economist, High Frequency Economics Capitalism without failure is like religion without sin. – Allan…
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Getting Close To A Good (Short Term) Buying Opportunity
Raymond James Investment Strategist Jeff Saut has an interesting idea that “selling stampedes” generally last about 17-25 trading days. By my count, the current one just completed its 19th day (Friday June 6 – Wednesday July 2). Saut thinks today…
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Signs Of A Top In Oil
The trading in the stock market the last few days has been all about oil. And the trading in oil has been all about speculative psychology. Yesterday, spurred by a surprise drawdown in oil inventories reported by the Energy Information…
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Consumer Confidence Falls To Lowest Level In 28 Years
Troubling all around, lower confidence and ongoing inflation worries. – Ian Lyngen, Interest Rate Strategist, RBS Greenwich Capital This morning the Reuters/University of Michigan Consumer Sentiment Survey fell to 59.5 – down from 62.6 in April and its lowest level…
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Macys and JC Penney Report Weak Quarters – And Their Stocks Surge
Yesterday Macy’s (M) reported 1st quarter earnings. They reported earnings of 2 cents a share on a continuing basis compared to 16 cents last year. Sales were down 3% and same store sales down 2.6% (M Earnings Release). The stock…
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The Bear Market Rallies of 2000-2002
History doesn’t repeat itself, but it does rhyme. – Mark Twain Tim Knight of The Slope of Hope put up an excellent post yesterday covering the bear market rallies of the 2000-2002 bear market. Again and again, powerful rallies were…
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Bulls Have Eye Of The Tiger Ahead Of Fed
Risin up, back on the street Did my time, took my chances Went the distance now I’m back on my feet Just a man and his will to survive Its the eye of the tiger, Its the thrill of the…
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Excellent WSJ Article On The Sentiment Shift
Some market participants are beginning to wonder whether the last convulsion of turmoil in March – when Bears Stearns Cos. nearly collapsed, J.P. Morgan Chase & Co. stepped in to save it and the Federal Reserve announced emergency measures –…
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Buffett Expects Recession To Be Worse Than Most Think
Buffett was on CNBC’s Squawk Box this morning to talk about his Wrigley (WWY) deal, but what caught my attention were his comments on the economy (his comments on the economy start around the 7:40 mark): On retail: “Gotten a…