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…
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…
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…
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…
When Poor People With Bad Credit Buy Homes; Oh California!
Funny cartoon on the Big Picture. And a graphic that goes along with it from Fortune.
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…
Article: “Is WaMu The Next Countrywide?”
I saw Philip van Doorn, TheStreet.com’s Bank Analyst, on CNBC’s Street Signs about an hour ago and I went and read his informative article “Is Wamu The Next Countrywide?” He has some very interesting numbers. The one I found most…
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….
Judge Rejects FTC’s Appeal To Hold Up Whole Foods/Wild Oats Merger
Yesterday after the close the federal judge overseeing the FTC’s request for a preliminary injunction against the Whole Foods/Wild Oats merger rejected the FTC’s case. The FTC now has until noon on Monday to appeal the ruling. If they don’t,…
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…