One of the interesting features of today’s trading is that sectors that have been absolutely torched for the last year are generating some real buying interest:
S&P Financials (XLF): +1.88%
Regional Banks (KRE): +3.60%
S&P Home Builders (XHB): +5.47%
S&P Consumer Discretionary (XLY): +2.00%
Retail (RTH): +3.62%
And what seems to be getting hit hardest (again!) is tech:
S&P Tech (XLK): -2.03%
Nasdaq-100 (QQQQ): -2.43%
After the bell on Wednesday women’s retailer Chico’s FAS (NYSE: CHS) warned that August same store sales are showing a decline of about 3% and that it sees dismal same store sales for its third quarter, according to the Wall…
A few weeks after each Fed meeting, the minutes for that meeting are released. The minutes are not an actual transcript of what was said but a shamelessly doctored summary. As I tried to explain a couple weeks ago the…
Before the open today Best Buy (NYSE: BBY), the nation’s largest electronics retailer, announced a pretty good fiscal (ended Aug 26, 2006) second quarter. Same store sales in the United States were up 3.0% in the three months ended Aug…
On Tuesday I wrote: The Street interpreted Best Buy’s results as saying that the American consumer is not dead and will continue to spend on discretionary items. That interpretation seems to have played out this week. The S&P Retail Index…
On Friday I wrote: The markets are somewhat confusing right now. For the 9 weeks beginning Monday July 17, the Dow has rallied from around 10,750 to today’s close of 11,560 – a 7.5% rally. Over the same period the…
The Fed decided today to leave the federal funds rate at 5.25%. The interesting thing is that the bond market is pricing in rate cuts in the next year or so. Justin Lahart, author of the Wall Street Journal’s daily…