Friends We received a slew of early morning economic reports this morning, and all of them confirm a slowing U. S. economy. Retail sales for June were anemic and the Empire State Manufacturing Survey showed weakness, and in fact actual contraction, in manufacturing in New York State. Finally, business...
Friends Fueled by “not worse than expected” economic numbers out of China last night, and better than expected earnings out of J P Morgan Chase (notwithstanding the potential trading malfeasance), traders decided that they were willing to buy stocks today, after 6 down days in a row. The bears...
Friends Stocks spent most of the day in negative territory (down well over 100 points at one point), and although the bulls did make a late attempt to get to positive territory the bears pushed them back. A decent first time unemployment claims number didn’t get traders’ juices flowing...
Friends Stocks fell for the fifth day in a row as traders, deciphering the Fed minutes today, decided that there was not enough evidence of impending additional quantitative easing (more punch for the punchbowl). The bears have been roaring for days now, and every earnings warning or dismal economic...
Friends For the past six weeks we have seen a pattern of lower stock prices on Monday, and then higher prices on “turnaround” Tuesdays. This morning it appeared we were going to continue the trend as stock prices moved higher at the opening and by mid-morning we had advanced...
“…we want the stock market to be able to stand on its own two feet, without the help of the Federal Reserve, so companies need to continue to record strong earnings, even in the face of a slumping economy.” Click the link below to read our full comments: 3rd...
Friends Traders were tentative during Monday’s trading as everyone awaits the beginning of earnings season. We have already seen many companies warn that this quarter will be weaker than expected, and we will be monitoring analysts’ conference calls as companies are sure to use the weakness in Europe and...
Friends Following the better than expected ADP private sector jobs number reported yesterday, the release of the non-farm payroll number this morning was a letdown. Only 80,000 new jobs were created in June which was less than the consensus estimate and way short of being able to move the...
Friends We had a lot of news and data points this morning, beginning with interest rate cuts by the ECB in Europe (cut its key rate by 25 bps) and also in China where they cut their lending rate and their deposit rate. Then we got a better than...
Friends As expected, today’s half day of trading was very light. Stocks did have a bias to the upside all morning fueled by a better than expected factory order number. After an advance of almost 70 Dow points, stocks faded a bit but rallied again into the close and...
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