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The jobs report Friday was a ginned-up number but the media and algos don't look under the hood much it seems. Yes, the unemployment rate fell to 8.3% and 243K new jobs were created and perhaps the number itself will boost confidence. My favorite book from college statistics was 'How to Lie with Statistics'. I believe the Bureau of Labor Statistics (BLS) may have ripped a chapter or two from Read More »
  Eurozone news took markets lower early as Portugal's bond yields rose sharply and there still is no accord on Greek debt with private lenders. News from the eurozone remains gloomy as noted in this report from Davos World Economic Forum. ... Click to view a price quote on AAPL. Click to research the Computer Hardware industry. Read More »
The same can't be said for the energy and most precious metals as Bernanke gives the complex the green light. The Fed wants to reflate and if that's what they want, traders will accommodate them. You want to pay more for energy don't you? Thankfully it's not in the phony CPI because authorities want you to pretend you neither use heating oil, gasoline or even food for that matter. They've recon Read More »
Jobless Claims disappointed as they rose back to nearly 400K (399K vs expectations 375K & previous 375K revised higher) and this data from a shorter week. Retail Sales data was also surprisingly weak considering the holiday period (.1% vs .4% consensus & .4% previous. Ex-Autos .0% vs .2% expected and .2% previous.). Business Inventories also declined sharply (.3% vs .5% consensus and Read More »
Bulls didn't have good news going for them, except for the NAR's Pending Home Sales (up 7.3%). The NAR's recent flub and readjustment of previous home sales data leaves the organization's reliability questionable. Nevertheless, it was enough to energize the animal spirits despite a worse than expected Jobless Claims (381K versus 372K expected) from a shortened week. The Chicago PMI came in ju Read More »
The news overall has been poorly received. Retail sales were up a little, but widely missed consensus estimates (.2% vs .6% previous and .5% consensus). Best Buy (BBY) missed estimates again ($.47 vs $.51 estimated). This is the season when you'd expect Same Store Sales to be positive but they were down (-.1%). Nevertheless, markets shrugged this off early on hopes that the Bernank would deli Read More »
NEW YORK (TheStreet) -- After an October for the record books, the markets kicked off November on a choppy note. Approaching the end of the year, investor fears have been rekindled, with the European crisis making its way back into the headlines. While the sour start to the month may be enough to drive some investors back towards safe havens, I encourage investors to avoid shunning the markets Read More »
There isn't any hard news regarding a "fix" for the euro zone from Sunday or even a likely plan done by Wednesday. It's off-putting to say solutions are complex but that's most of what we're hearing. In the meantime bulls are jumping on some good data from China where the PMI rose from 49.9 to 51.1 and Japan where exports surged. Also in the U.S. there was more M&A activity than is reaso Read More »
  The rumor of a deal published in the Guardian sparked a sharp rally in U.S. equities in the afternoon. The assertions from the paper of the deal have been denied by both the Germans and French. From the article the point salient point: "The leaders of France and Germany hope to agree..." The deal, should it occur, creates a complex insurance plan outlined in the article but trashed by Read More »
It didn't take much Tuesday to get a short-squeeze underway. Markets were at bear market levels then until a rumor, passing as a news story from FT, got the bullish HFT algos going. That was one of the most spectacular 30 minute short-squeezes in a long time. The momentum from that combined with more "we're gonna do something" chatter from the euro zone kept bullish momentum going most of the wee Read More »
In 37 years of being in the business, I've never seen such a transparent end of a reporting period window dressing effort. But that's the way it goes. News? No, there wasn't much throughout the week to account for a rally. We were oversold entering the week so that could account for some buying. Yes, the Greece situation was taken care of for now. Consumer Confidence and Jobless Claims data w Read More »
Bulls liked earnings from Dell and Abercrombie & Fitch as earnings continue to make analysts' forecasts look dumb. So far earnings are beating estimates by nearly 80%. M&A deals with Family Dollar and Genzyme being acquired were also positively received. Ignored was poor housing data as starts beat expectations owing to builders trying to get ahead of new building code rules leading to Read More »
NEW YORK (Zenpenny) -- Every bull market has them -- those few stocks that defy gravity and smash expectations. They frustrate bears, who consistently make attempts at shooting down these high-flyers, and overanxious bulls, who find themselves pulling the sell trigger prematurely. Netflix is the most recent company to take home the title of most frustrating stock for both bulls and bears. There Read More »
The headline writers couldn't keep up with the late day "stick save" as most had stocks down on the day. But, editors got things changed quickly. Bulls want Dow 12,000 and with another round of POMO the easy money is there. It's not just us stating the obvious, Jeremy Grantham's Pavlov's Dog on QE2 essay and even MarketWatch discussed this with "Market Addicted to QE." As far as most are concer Read More »
More POMO ($8.3 billion), better Retail Sales reports and Pending Home Sales data (+10.4%) allow bulls to build on yesterday's rally. Any worries from Europe, China tightening, higher Jobless Claims are mere inconveniences when the light is a bright green. Let's face it. This is what the Fed stated they wanted with their POMO activities -- higher prices overall with higher stock prices emphasi Read More »
Bulls like the notion of more QE, zero interest rates and Washington gridlock. Read More »
The damage from selling wasn't too severe but there were some losers in financials, while commodity markets were mixed overall. Read More »
Support lines have been broken, but there's another day to go before we can hammer it down. Read More »
A low volume spectacular! Yet, up we went and bulls definitely have seized the tape. Read More »
Alcoa beats repeatedly lowered estimates by a penny and bulls go nuts. Read More »
Today's melt-up was caused by frantic bulls on light volume and little news. Read More »
April Fools and market bulls pushed stocks and ETFs higher, focusing on signs of global growth and ignoring crummy unemployment and construction spending. Read More »
Market bulls will keep pumping stocks up until Wednesday when the quarter ends and performance fees are paid. Read More »
Rumors the government will sell some of its toxic waste Citigroup, AIG etc spurred some bullish action Tuesday. Wednesday brings more economic data. Read More »
The discount rate hike by Bernanke's Fed caused some knee-jerk selling but ultimately this was spun as good news since it demonstrated strength in the economy. There was significant action away from stocks in dollar and commodity market reversals. And, those caught my eye especially. Read More »

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