Short-Term Crossroad
Interesting crossroad for the stock market. Price action says more rally coming shortly while sentiment and internals argue for a 4-8% pullback into August. I guess both could occur in theory. With the Dow, S&P 500 and Russell 2000 hitting fresh all time highs, it will be telling to see if any more cracks appear in the market’s foundation. We’ll take a look at our regular column of Canaries in the Coal Mine shortly. Yesterday, Ben Bernanke’s much anticipated and […]
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Date: July 18, 2013
Oil Acting Up
Crude oil has very quietly rallied from $93 to $106 over the past few weeks. I am surprised we haven’t heard more from the media about it. Usually when it cracks $100, we hear how it is going to hurt the consumer and lead to recession. And all this while the dollar was strong as well. Thursday’s downside reversal was interesting, especially given how weak the dollar was and I will be closely watching to see if the bears can muster […]
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Date: July 12, 2013
Big Ben to the Rescue
It wasn’t long ago that we discussed Bernanke throwing cold water on the rally, something I thought was overblown. But on Wednesday after the markets closed, he did a complete 180 and essentially gave the crack addict more crack. While I was not at all surprised with what he said, I thought the market overreacted somewhat. Precious metals stocks and emerging markets were the biggest beneficiaries of the Bernanke Bang which should be expected given how decimated they were. Friday […]
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Date: July 12, 2013
Still in a Selling Mood
Although short, it was a good exchange on Squawk Box the other morning. http://video.cnbc.com/gallery/?video=3000180365&play=1 The stock market SHOULD come back from the day and a half break with the bulls pushing the Dow well above 15,000 again. We have the jobs report at 8:30am on Friday and I don’t see that as throwing too much cold water on the rally. But as I have discussed and written about for a while, I believe rallies over 15,000 are selling opportunities for now. […]
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Date: July 4, 2013
Squawk Box on Wednesday July 3 at 6:30am
I am going to be on CNBC’s Squawk Box tomorrow (Wednesday July 3) at 6:30am discussing Friday’s “much anticipated” jobs report (aren’t they all???) and my outlook for stocks. If you missed last night’s Nightly Business Report, you can find it here. http://nbr.com/2013/07/02/dont-expect-earnings-blowout-or-market-rallies-pro-says/ The only thing I forgot to mention last night when I spoke about high quality corporate bonds and floating rate was that municipal bonds have been hammered as badly as any time since Meredith Whitney’s pathetically awful call towards the end […]
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Date: July 2, 2013
Nightly Business Report TONIGHT
I am going to be on The Nightly Business Report tonight (Monday July 1st). In my neck of the woods, it’s at 6:30pm on public television, CPTV or channel 13. You can find it on your dial here, http://nbr.com/. In all likelihood we will be discussing what I see down the road as we begin the new quarter and second half of the year with earnings season beginning next week. Stocks are beginning the quarter with the bulls in charge. Will […]
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Date: July 1, 2013
Markets Stabilized… For Now
Here is the segment I did with Fox Business. I think Adam Shapiro was trying to interview me as a bull, but he ended up calling me a bear. Truth is, I am an opportunist right here and willing to play both sides of the market for a while. I think big rallies can be sold and short-term panics can be bought. http://video.foxbusiness.com/v/2506211035001/markets-stabilizedfor-now/
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Date: July 1, 2013
Market angst pushes stocks into ‘pullback’ territory
Thanks to Adam Shell for the quote in the USA Today article below. http://www.usatoday.com/story/money/markets/2013/06/24/stock-pullback-intensifies/2453507/ Adam Shell, USA TODAY 9:34 p.m. EDT June 24, 2013 Pullbacks of 5% or more are considered normal. But with stocks in an early summer swoon and angst over the Federal Reserve’s plan to pull back on stimulus, investors wonder when the selling will end. Story Highlights S&P 500 suffers first 5% dip since late 2012 as losses mount Pros debate whether the selling is […]
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Date: July 1, 2013
Just a Few Words Please
Here is the segment I did on Squawk on the Street the other day with Rich Bernstein. Rich does good work but geez, can I get a word in? http://video.cnbc.com/gallery/?video=3000178049&play=1 Stocks rallied for the second day in a row and while it seems like investors have forgotten about the Fed’s tapering, I don’t believe the decline is over just yet. Another 100 points in the Dow and it will be time to lighten up again.
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Date: June 27, 2013
