Credit Market Writedowns: Our Toxic Export
October 6, 2008
Paul Kedrosky submits:
Something Wall Street has done very successfully in the current crisis is export risk. Through syndication it was able to move a lot of toxic paper around the world, perhaps not as much it wishes it had, but a surprising amount.
Driving that point home is the following figure showing credit-related banking writedowns in the U.S. and Europe. The latter region leads in a big way, which helps explain the current pain being felt in regions otherwise not connected to the U.S.
Credit Market Writedowns: Our Toxic Export
Unintended Consequences - Fast Money Recap (10/6/08)
October 6, 2008
Recap of CNBC’s Fast Money, Monday October 6.
One of the Biggest S&P Drops
Unintended Consequences - Fast Money Recap (10/6/08)
Bill Gross Says ‘Jump.’ Will the Fed Once Again Say ‘How High’?
October 6, 2008
Paul Kedrosky submits:
Pimco’s Bill Gross has out his latest missive, and if recent history is any evidence then it has a solid change of being causal, as opposed to being merely predictive. The key part is this:
A systemic delevering likely requires a systemic solution, which moves beyond cyclical interest rate cuts, liquidity provisions, or even the purchase of subprime mortgage-backed bonds. We believe that the Federal Reserve must now act as a clearing house, guaranteeing that institutional transactions clear (and investors receive) their Big Macs at the second window. They must also take another bold step: outright purchases of commercial paper. They should also cut interest rates to 1%, because we are experiencing asset deflation, and the threat of headline inflation is long past. [Emphase mine]
Bill Gross Says ‘Jump.’ Will the Fed Once Again Say ‘How High’?
Broad Weakness in the Stock Market, Then and Now
October 6, 2008
Brett Steenbarger submits:
A quick scan of data suggests that slightly over half of all NYSE-listed stocks made fresh 52-week lows on Monday, continuing the expansion of weakness described in the recent indicator update. Such broad weakness is not common. Indeed, since 1965, I could only find six trading days (out of nearly 11,000) in which more than 50% of all NYSE stocks made new annual lows. These days were:
* October 19, 20, 1987
* August 29, 1966
The S&P 500 Index ($SPX) was higher one year later after each of those occasions, rising over the next 250 days by an average of 32%. The clustering of the above occasions, however, suggests that–in the short run–very weak markets can get even weaker before reversing.
Broad Weakness in the Stock Market, Then and Now
Stocks: Are Retail Investors Buying?
October 6, 2008
Felix Salmon submits:
For many years, whenever any global economy threatened to run out of steam, the US consumer would step in to save the day. Now, it seems, the US consumer is tapped out — at least when it comes to personal consumption expenditures.
But looking at the action in the stock market today and over the past week or so, I wonder if the indefatigable US consumer isn’t simply shifting his attention to stocks. Dow 10,000? Must be a buying opportunity!
Stocks: Are Retail Investors Buying?
Time to Hoard Cash - Cramer’s Mad Money (10/6/08)
October 6, 2008
Stocks discussed in the in-depth session of Jim Cramer’s Mad Money TV program, Monday, October 6.
Cramer’s Plan for the Government
Time to Hoard Cash - Cramer’s Mad Money (10/6/08)
Buyers On Strike - Cramer’s Stop Trading! (10/6/08)
October 6, 2008
Recap of Jim Cramer’s comments on Stop Trading! Monday October 6.
Buyers Strike
Buyers On Strike - Cramer’s Stop Trading! (10/6/08)
Still Bullish on RIMM - Cramer’s Lightning Round (10/6/08)
October 6, 2008
Stocks discussed in the lightning round session of Jim Cramer’s Mad Money TV program, Monday, October 6.
Bullish Calls:
Still Bullish on RIMM - Cramer’s Lightning Round (10/6/08)
06 Oct 2008 16:00:00 - Top 5 Stocks up on Unusual Volume
October 6, 2008
| Intraday Unusual Volume - Top 5 Up |
| Symbol | Volume % Change |
Price % Change |
News | |
| IMCL | 387% |  66.89% |
news | |
| MELI | 200% | 19.12% |
news | |
| ABFS | 143% | 29.71% |
news | |
| AAPL | 128% | 98.14% |
news | |
| MGLN | 115% | 40.48% |
news | |
|
||||
06 Oct 2008 16:00:00 - Top 5 Stocks up on Unusual Volume
The Cramer Crash?
October 6, 2008
Hickey and Walters (Bespoke) submit:
What looked like just another bad day early this morning turned even worse when the opening bell rang today. As of 10:30 this morning, the S&P 500 was down over 7%.
So what caused the acceleration in selling? Many have attributed the sell-off to hedge fund redemptions as well as comments Jim Cramer made on the Today Show before the open (that were later picked up on the Drudge Report) when he said, “Whatever money you may need for the next five years, please take it out of the stock market right now, this week."
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