It was supposed to be a great turnaround story, a good cause and a profitable investment, too. After going public again post taxpayer bailout, GM dropped like a rock despite research report puffery that would have Shakespeare drooling with envy http://in.mobile.reuters.com/article/rbssConsumerGoodsAndRetailNews/idINN1824469820110419?irpc=984 … continue reading →
http://www.bloomberg.com/news/2011-05-10/bank-of-america-billions-of-dollars-in-losses-at-stake-on-moynihan-outlook.html Bank of America Billions of Dollars in Losses at Stake on Moynihan Outlook … continue reading →
This bounce is lasting longer than I anticipated. SLV experienced extraordinary volume trading during its decline: 988MM shares over 4 days, a big number as there are only 335MM outstanding. Given that the ETF is now owned by a whole new crowd (or repurchased by those who sold last week), we can expect the new … continue reading →
A week ago, I stumbled across an anomaly that puzzled me. Looking at the SPX weekly, it appeared that we had a significant correction every 90 days or so. I posted a quick chart on May 2 that, when eyeballed, looked pretty convincing. Now that I’ve had the opportunity to go back and study it … continue reading →
From the good folks at Marketwatch, a quick fix to an inadvertent negative headline. HEADLINES AT 11:15 AM: HEADLINES AT 11:43 AM: See the difference? Second line from the bottom… If you look closely, you’ll see the link to “Payrolls a Matter of Trust” article replaced the “Workplace Suicides Hit Record High” article. I’m … continue reading →
I suspect this morning’s bounce is all about (1) jumping on stocks’ coattails, and (2) this support line: What hasn’t changed is: (1) there’s another margin hike coming Monday, (2) plenty of folks are still figuring out how to meet yesterday’s margin calls, and (3) JPM probably hasn’t zeroed out their short position yet, and … continue reading →
As I suspected, incredibly impressive employment numbers reported this morning! We can all go back to buying stocks, knowing that the economy is back on track….except for the 22% of Americans who are unemployed or underemployed (the way the BLS reported statistics up until 1994 when we decided that those unemployed longer than a year … continue reading →
Interesting that the trendline responsible for this morning’s bounce continued to play an important role all day long. We mentioned this morning that it currently stands at around 1335. While SPX was all over the map today, it respected this support and closed at 1335.10. Also, we’ve had 4 red candles in a row on … continue reading →
The market bounced off truly abysmal employment figures today. I suspect there’s one more push up to 1375-1390 before P[3] commences in earnest, probably around the middle of the month if the every 90 day pattern repeats (see 5/2 post.) Showing up again to provide the bounce? The trendline deriving from the Oct ’07 highs … continue reading →
Could be shaping up as a double-top. … continue reading →