Market Comments for April 10, 20081) Walmart (WMT) and Dupont (DD) announced better than expected earnings today, prompting a mini short covering rally. The Dow was up 55 points.2) Huge buyers have emerged in the Crude August $120 calls. Watch out above!3) As I expected, the Bank of England cut interest rates by 25 bp.
Market Comments for April 9, 20081) Weekly crude inventories showed a decline of 3.2 million barrels, 5 million barrels less than expected. Prices jumped to a new all time high of $112.30 barrel while the Dow fell 49 points. Gasoline at $4/gal is imminent and may see $5/gal before this is all over.2) A consortium
Market Comments for April 9, 20081) Weekly crude inventories showed a decline of 3.2 million barrels, 5 million barrels less than expected. Prices jumped to a new all time high of $112.30 barrel while the Dow fell 49 points. Gasoline at $4/gal is imminent and may see $5/gal before this is all over.2) A consortium
Market Comments for April 8, 20081) Earnings announcements started with a resounding thud today with Alcoa (AA) coming in worse than expected. 'Less than expected' will be the most commonly heard expression on Wall Street for the next four weeks. The Dow fell 36 points.2) The market is starting to take the view that the
Market Comments for April 8, 20081) Earnings announcements started with a resounding thud today with Alcoa (AA) coming in worse than expected. 'Less than expected' will be the most commonly heard expression on Wall Street for the next four weeks. The Dow fell 36 points.2) The market is starting to take the view that the
Market Comments for April 7, 20081) The big news of the day was the Washington Mutual (WM) bail out. The troubled bank will receive $5 billion in financing through the issuance of high yielding common and preferred stock to a private equity fund. The stock soared 35% on the news in a market that closed
Market Comments for April 7, 20081) The big news of the day was the Washington Mutual (WM) bail out. The troubled bank will receive $5 billion in financing through the issuance of high yielding common and preferred stock to a private equity fund. The stock soared 35% on the news in a market that closed
Market Comments for April 4, 20081) Non farm payrolls came in at -80,000, much worse than expected. Earlier months had big revisions downward. The biggest loser: construction at -50,000. The unemployment rate jumped from 4.9% to 5.1%. It was the most brutal report since September, 2005. As I predicted, the economic data continues to be
Market Comments for April 4, 20081) Non farm payrolls came in at -80,000, much worse than expected. Earlier months had big revisions downward. The biggest loser: construction at -50,000. The unemployment rate jumped from 4.9% to 5.1%. It was the most brutal report since September, 2005. As I predicted, the economic data continues to be
Market Comments for April 3, 20081) Two days of Bernanke testimony in Congress come to a close. These are like watching the most brilliant professor in the school give a lecture and the Q & A is done by only the dumbest students in the class. Listening to Alan Schwartz, the CEO of Bear Stearns,