Market Preview: Futures get off to a good start, with benchmark S&P +0.9%. BP's (BP) tribulations continue to make headlines amid a mostly quiet day for corporate news (but see). No significant calendar events today, so markets will have to find their own momentum. [View news story]
Tune out for the first three quarters and return for the 3pm coin flip.
June Reuters/UofM Consumer Sentiment, preliminary:75.5 (highest since Jan. 2008) vs. 74.5 expected, 73.6 in May. Expectations 70.7 vs. 68.8 previous. "Heightened and persistent concerns among consumers with the outlook for their personal finances is the most distinctive aspect of the current recovery." [View news story]
Seems like 5 minutes ago that PD was belittling the market for not pulling back. It's pulled back a little... the same issues persist, if not more ... now long term bullish, or at least it appears ?
How does one's mindset change because of a 10% or so drop ? I suspect PD's "long term" is Tuesday of next week ... not Tuesday of next week in 2011 when I pay much less FBT on my gamble : )
At the close: Dow +1.26% to 10195. S&P +1.51% to 1088. Nasdaq +1.14% to 2229. Treasurys: 30-year +0.45%. 10-yr +0.19%. 5-yr +0.03%. Commodities: Crude -0.86% to $70.19. Gold -0.95% to $1177.30. Currencies: Euro +0.6% vs. dollar. Yen +0.09%. Pound +0.67%. [View news story]
Timmy's on a European vacation to cure the world of it's problems.
Is there not a late Friday splurge every week ?
Asia and Europe will follow suit and set you guys up nicely for Monday.
Remember, whether up or down those manipulating market never lose, never ... not even for a day.
Wall Street Breakfast: Must-Know News [View article]
Looks like the Chinese were dipping into the AUD today as well as the RBA.
The avg turnover is 5-6 Billion on our market, nearly 10 today. On a day when only 0.2% came off only 2 shares went up for every 9 that went down or stayed put.
Very strange but newsworthy albeit from down here.
Wall Street Breakfast: Must-Know News [View article]
Our market here in Australia today was the most volatile I've ever seen it. About an hour and a half in our dollar spiked about 2.5 cents v the USD and a 3% down market following on from you guys yesterday did a complete about face. Our big 4 banks had 7-8% swings, miners 10% or more ... all on the back of the move in the AUD.
The RBA clearly moved in to support it. I don't understand the timing and already it's drifting lower. Dow futures were up 50+ points ... they're gambling on a positive day in the US today and calm descending upon the EU over the weekend.
If that doesn't happen, our market will tank big time to kick off next week.
Wall Street Breakfast: Must-Know News [View article]
Big swing to the upside in EU off an awful day in Asia hence the 80-90 point bounce in Dow futures ... I suspect gamblers (aren't we all) hoping for a "typical" Monday correction to kick off the week.
The late money on Friday is looking smart. GS, JPM etc make money every day, three times as much on Mondays : )
The Chap in control of DB said in an interview that the bailout will be beneficial for Italy and Spain but he doesn't believe that Greece will be able to pay it's debt and he has his doubts with Portugal.
Hence the drop in the 3 main EU markets on the back of those comments this morning.
So put together, the total is €750B ($966B) of shock and awe to save the eurozone - €440B in loans from the nations, €60B from EU emergency funds, and €250B from the IMF - but it better be enough, as signals from the U.K. and from German elections suggest no future help is forthcoming. Euro +1.3% against the dollar; S&P 500 futures +2.6%. [View news story]
Futures look good : )
ASX 200 went up 2%+ in early trading, amazing given the goings on in your neck of the woods and the carniage on EU markets on Friday.
We got the "good" news 5 minutes before Japan opened ... up until then our SPI futures were 60+ points down. Nice 160+ and 3%+ turnaround in a couple of minutes.
I've got a hunch that smart money will be selling into this not buying, we'll see.
Equities Close Volatile Negative Session Down 'Only' 3% [View article]
Asia and in particular where I am in Australia with help from upteen experts advising the masses that this was an unprecedented opportunity to buy stocks very cheap (maybe it was ?) has seen the ASX200 go from 150 points or 3% in the red to very near even with 2 hours + left in the trading day. Nice computer glitch, those in the "know" are making a killing !!
Perhaps one last grasp before the bottom really falls out : )
Market recap: What happened today? Was it growing fear over the Greece crisis, or one trader's fat finger? Either way, it's actually a relief that the Dow fell "only" 3.2% after a 1,000-point collapse shortly before 3:00. Regardless, three down days makes a pattern, and if investors had grown complacent that every time we had a bad day we followed with a good day, no one is complacent any more. [View news story]
Asia and in particular where I am in Australia with help from upteen experts advising the masses that this was an unprecedented opportunity to buy stocks very cheap (maybe it was ?) has seen the ASX200 go from 150 points or 3% in the red to very near even with 2 hours + left in the trading day. Nice computer glitch, those in the "know" are making a killing !!
Perhaps one last grasp before the bottom really falls out : )
Market Preview: Futures get off to a good start, with benchmark S&P +0.9%. BP's (BP) tribulations continue to make headlines amid a mostly quiet day for corporate news (but see). No significant calendar events today, so markets will have to find their own momentum. [View news story]
Who needs Lakers v Celtics ?
Wall Street Breakfast: Must-Know News [View article]
Foreign commentary on the US is mixed.
June Reuters/UofM Consumer Sentiment, preliminary: 75.5 (highest since Jan. 2008) vs. 74.5 expected, 73.6 in May. Expectations 70.7 vs. 68.8 previous. "Heightened and persistent concerns among consumers with the outlook for their personal finances is the most distinctive aspect of the current recovery." [View news story]
Thursday Thrust: Where's Our Rocket Fuel? [View article]
A few weeks though could be dog years : )
Thursday Thrust: Where's Our Rocket Fuel? [View article]
How does one's mindset change because of a 10% or so drop ? I suspect PD's "long term" is Tuesday of next week ... not Tuesday of next week in 2011 when I pay much less FBT on my gamble : )
BP's (BP) "top kill" attempt to plug the leaking Gulf well seems to be working so far, but new estimates say the spill is already at least as big as Exxon Valdez and could double in size. Daniel Gross is tempted to "tar and feather" BP execs, but instead suggests giving tax breaks or cash bonuses to companies that consistently avoid spoiling the environment. [View news story]
Why Haven't Governments Intervened Against the Euro by Now? [View article]
If you're waiting for a full page ad in the WSJ I don't think you're going to get one.
Central Banks were busy on Friday to be sure.
At the close: Dow +1.26% to 10195. S&P +1.51% to 1088. Nasdaq +1.14% to 2229.
Treasurys: 30-year +0.45%. 10-yr +0.19%. 5-yr +0.03%.
Commodities: Crude -0.86% to $70.19. Gold -0.95% to $1177.30.
Currencies: Euro +0.6% vs. dollar. Yen +0.09%. Pound +0.67%. [View news story]
Is there not a late Friday splurge every week ?
Asia and Europe will follow suit and set you guys up nicely for Monday.
Remember, whether up or down those manipulating market never lose, never ... not even for a day.
Wall Street Breakfast: Must-Know News [View article]
The avg turnover is 5-6 Billion on our market, nearly 10 today. On a day when only 0.2% came off only 2 shares went up for every 9 that went down or stayed put.
Very strange but newsworthy albeit from down here.
Wall Street Breakfast: Must-Know News [View article]
The RBA clearly moved in to support it. I don't understand the timing and already it's drifting lower. Dow futures were up 50+ points ... they're gambling on a positive day in the US today and calm descending upon the EU over the weekend.
If that doesn't happen, our market will tank big time to kick off next week.
Wall Street Breakfast: Must-Know News [View article]
The late money on Friday is looking smart. GS, JPM etc make money every day, three times as much on Mondays : )
Euro: Why I’m Betting on a Bounce [View article]
Hence the drop in the 3 main EU markets on the back of those comments this morning.
Stick a fork in the Euro.
So put together, the total is €750B ($966B) of shock and awe to save the eurozone - €440B in loans from the nations, €60B from EU emergency funds, and €250B from the IMF - but it better be enough, as signals from the U.K. and from German elections suggest no future help is forthcoming. Euro +1.3% against the dollar; S&P 500 futures +2.6%. [View news story]
ASX 200 went up 2%+ in early trading, amazing given the goings on in your neck of the woods and the carniage on EU markets on Friday.
We got the "good" news 5 minutes before Japan opened ... up until then our SPI futures were 60+ points down. Nice 160+ and 3%+ turnaround in a couple of minutes.
I've got a hunch that smart money will be selling into this not buying, we'll see.
Equities Close Volatile Negative Session Down 'Only' 3% [View article]
Perhaps one last grasp before the bottom really falls out : )
Positive jobs reports = 3.5 % give or take.
Market recap: What happened today? Was it growing fear over the Greece crisis, or one trader's fat finger? Either way, it's actually a relief that the Dow fell "only" 3.2% after a 1,000-point collapse shortly before 3:00. Regardless, three down days makes a pattern, and if investors had grown complacent that every time we had a bad day we followed with a good day, no one is complacent any more. [View news story]
Perhaps one last grasp before the bottom really falls out : )