Markets Race Higher led by Financials and Airlines
July 16, 2008
***First things first, Joshua is having issues regarding his MS and I will be taking over commentary for the time being. Members, no need to fear Josh will be doing his regular duties on the paid site.***
Wells Fargo gave a boost to the stock market with positive news stemming from its earnings release. Stocks continued to build upon gains throughout the day. Crude Oil prices sank for the second day in a row, capping a 10% decline in two days to help stocks push higher. Although price action was very positive volume was not. Volume tracked lower all day long and finally closed lower on the day. Day 2 of the most recent rally attempt was lead by financials and airlines. The two most beaten up sectors were today’s leaders, not exactly the leaders you want. We’ll have to wait and see how this rally attempt progresses, but at this point we need confirmation.
Over the past few weeks you have read Joshua explain the need to get into cash and exhibit patience with this market. Many will try and bottom feed this market and lose their shirt. New Bull Market do not begin with the old leaders rallying and leading a rebound. Real fresh Bull Market depend on NEW leaders not old beaten up prior leaders. Financials and airlines have been beaten down to the point of bankruptcy. What we need are fresh new companies with new products and services that will spark the large amounts of cash on the sidelines to flood the market. At this point, we have beaten up, old leaders trying to make a comeback.
I am not about to get too excited over this attempt at a rally, I need to see more positive action from the markets.
Enjoy,
Market Speculator
Markets Race Higher led by Financials and Airlines
AMB Property Corp. Q2 2008 Earnings Call Transcript
July 16, 2008
AMB Property Corp. (AMB)
Q2 FY08 Earnings Call
AMB Property Corp. Q2 2008 Earnings Call Transcript
Price Troubles, Again, But Still Hoping for a Break
July 16, 2008
James Picerno submits:
Today’s update on consumer prices for June is one more bit of bad news on inflation. But maybe, just maybe, the inflationary momentum is about to break for a while.
Before we dive into what may, or may not happen, let’s review the latest numbers. Consumer prices surged by 1.1% last month, the Bureau of Labor Statistics reports. That’s the highest monthly gain since 1981. On an annual basis, CPI rose by 4.9% through last month–the highest since 1991.
Price Troubles, Again, But Still Hoping for a Break
Palm Harbor Homes, Inc. F1Q09 (Qtr End 06/27/08) Earnings Call Transcript
July 16, 2008
16 Jul 2008 16:00:00 - Top 5 Stocks up on Unusual Volume
July 16, 2008
| Intraday Unusual Volume - Top 5 Up |
| Symbol | Volume % Change |
Price % Change |
News | |
| ODFL | 479% |  35.03% |
news | |
| LUFK | 448% | 90.82% |
news | |
| CSGP | 381% | 47.31% |
news | |
| FMBI | 254% | 17.71% |
news | |
| IBOC | 252% | 20.64% |
news | |
|
||||
16 Jul 2008 16:00:00 - Top 5 Stocks up on Unusual Volume
How to Invest in the Current Economic Climate
July 16, 2008
Tyler McKinna submits:
How Long Will Economic Recovery Take?
As troubling as these times look, we all assume that eventually things will change and the economy will once again be robust, financial markets will stabilize, and commodity prices will revert to the mean.
In the mean time, however, many financial pundits are taking their best guess as to how long the recovery process will take. We are constantly barraged in the media with a mixed bag of opinions, all of which are given without request mind you, and all trying to influence government policy makers to either reign in pricing or make borrowing money easier.
How to Invest in the Current Economic Climate
SEC, Fed Fiddled As Rome Burned
July 16, 2008
Barry Ritholtz submits:
The collection of ne’er do wells, clueless dolts, political hacks, and oh, let’s just be blunt and call them what they are — total Idiots — expands into an ever larger circle.
While the Republic burns due to the unsavory combination of incompetence, ideological rigidity, and crony capitalism, the fools and assclowns seem ever more determined to avoid any personal responsibility for the damages they have wrought. Instead, they flail about blindly, blaming everything and everyone — except their own horrific negligence.
SEC, Fed Fiddled As Rome Burned
On Punishing Rumors
July 16, 2008
Mike Steinhardt submits:
I am all for the punishing of rumors used to manipulate security prices. Just type in “rumor” in my blog’s search box and you’ll find my repeated complaints about the topic.
I’ve ripped on CNBC and “journalists” like Charlie Gasparino for reporting rumors and their effects on stocks and the market in general. Go ahead SEC - do something about that. OOOPS. Freedom of the press. I’ve complained about foreign newspapers tabloids reporting on M&A rumors that spiked prices until everyone found out the deal never happened. OOOPS. Jurisdiction and once again…freedom of the press.
Investors Intelligence Highest Bearish Reading Since 1995
July 16, 2008
Hickey and Walters (Bespoke) submit:
Two sentiment readings released today show that investment professionals are currently at their most negative levels in at least a decade. First, this week’s reading of newsletter writer sentiment from Investors Intelligence showed that bearish sentiment rose to its highest levels in thirteen years. The 49.8% of newsletter writers saying they are bearish is the highest reading since the level was at 50.9% in January 1995.
click to enlarge
Investors Intelligence Highest Bearish Reading Since 1995
Wednesday Options Outlook: XLF, MSFT, BRL, CCL, ARM, BWA, PXP, VIX
July 16, 2008
Rebecca Engmann Darst co-authored this article.
Financial Select Sector SPDR (XLF) – The
financial sector ETF rose 7% to $18.41 by the noon hour, with 1.5 times as many
calls trading as puts indicating at least a near-term breather for financials.
Earlier in the session we’ve observed significant buying pressure in the
July 17 calls, extending into the August contract at strikes 19, 20 and 21.
September activity showed some evidence of traders selling calls at strikes 22
and 23, which could indicate a cap on any significant upside for the XLF over
the next few months.
Wednesday Options Outlook: XLF, MSFT, BRL, CCL, ARM, BWA, PXP, VIX
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