The Year of the Bear
October 9, 2008
Recap of CNBC’s Fast Money, Thursday October 9.
Plunge Protection
California: Canary in the Economic Coal Mine
October 9, 2008
Paul Kedrosky submits:
A piece tonight in the WSJ is painful reading about what is happening in California, the state first and most severely struck by the subprime credit crisis. There is the odd glimmer of light — like that San Diego real estate shows signs of bottoming — but it is mostly bleak stuff.
With its export businesses, manufacturing sector, professional services and big retail employers, California looks like many other U.S. states, only more so. California’s $1.8 trillion economy — twice the size of India’s and accounting for about 15% of the U.S. gross domestic product — is powerful enough to have ripple effects nationally. It is home to Hollywood, five of 30 Major League Baseball franchises and the largest farming sector in the nation.
California: Canary in the Economic Coal Mine
09 Oct 2008 16:00:00 - Top 5 Stocks up on Unusual Volume
October 9, 2008
| Intraday Unusual Volume - Top 5 Up |
| Symbol | Volume % Change |
Price % Change |
News | |
| QSFT | 119% |  11.12% |
news | |
| UHAL | 68% | 31.27% |
news | |
| RIMM | 59% | 59.03% |
news | |
| SYNA | 35% | 24.90% |
news | |
|
||||
09 Oct 2008 16:00:00 - Top 5 Stocks up on Unusual Volume
09 Oct 2008 11:30:00 - Top 5 Stocks up on Unusual Volume
October 9, 2008
| Intraday Unusual Volume - Top 5 Up |
| Symbol | Volume % Change |
Price % Change |
News | |
| QSFT | 160% |  11.89% |
news | |
| PBNY | 64% | 11.20% |
news | |
| AAUK | 60% | 13.17% |
news | |
| AAWW | 59% | 28.84% |
news | |
| AAPL | 58% | 90.73% |
news | |
|
||||
09 Oct 2008 11:30:00 - Top 5 Stocks up on Unusual Volume
Why the Financial Markets Haven’t Responded
October 9, 2008
John M. Mason submits:
The stock market has experienced a serious decline since the passage of the Paulson Plan. The money and bond markets still seem to be frozen in spite of a coordinated cut in world central bank target rates. The only way that this behavior can be explained in my mind is that without strong leadership — from the very top — the financial markets will continue to be weak. Even though others — Paulson and Bernanke — have tried to provide some form of leadership, the leadership that must be exhibited from the very top continues to be missing. (See my post of September 25, The Absence of Leadership.)
Missing this leadership, members of the Bush 43 administration were hoping and praying that events would be relatively quiet until they were able to sneak out of Washington in January 2009 and let someone else handle the situation.
They didn’t make it.
Why the Financial Markets Haven’t Responded
Ban on Short Sale Ends - Hold Your Breath
October 9, 2008
Trade Radar Operator submits:
On October 1, 2008, the Securities and Exchange Commission extended its emergency action prohibiting short sales of shares of certain financial companies to the third business day after the enactment of the pending federal legislation to stabilize the credit markets and financial system, but not later than October 17. The legislation, better known as the bailout bill, was passed on Friday, October 3 and immediately signed into law by President Bush.
The day after the ban was first announced, the ProShares UltraShort Financial ETF (SKF) was halted and when it resumed trading it barely budged. In the meantime, financials tumbled and many holders of SKF missed out on a 16% gain that day.
Ban on Short Sale Ends - Hold Your Breath
Deflation Changes the Rules
October 9, 2008
Tom Evslin submits:
Are American high tech companies the big winner from the current bouts of deflation? Is the US itself a winner? Remember, deflation changes all the rules we’ve been used to. You’ve got to think upside down now that cash is king, at least temporarily.
Fred Wilson points out that companies like Microsoft (MSFT), Google (GOOG) and Apple (AAPL) have loads of cash and no net debt. He speculates that the others will emulate Microsoft and do massive stock buybacks at the their current relatively low trading prices. That would be a pretty boring use of all that cash. Remember that traditional companies in our economy – phone companies, for example – run on mountains of debt. Debt’s hard to get now (how’s that for an understatement?). Debt you’ve already got is hard to roll over. Is there an opportunity here?
The Picture of Volatility - Fast Money Recap (10/8/08)
October 9, 2008
Recap of CNBC’s Fast Money, Wednesday October 8.
The Rules Continue to Change
The Picture of Volatility - Fast Money Recap (10/8/08)
Oil or bust (PVX, rated BUY)
October 9, 2008
I wanted to do some bottom fishing today and the lake just seems to get deeper and deeper so “what the heck” I said to myself as I cast my line out. I can’t get much worse then it already is so I put in an order for Provident Energy Trust, an open-end investment trust in Canada and the United States. I give it two not one year to reach my goal of 10 the way the world economy is going. Can anyone spare me a dime?
Chinese food additive (CHBT, rated SELL)
October 9, 2008
This is actually a solid company, so why am I shorting it? Guilt by association . Anything to do with China is getting killed. Although this stock has bounced off its 52-week low of $8, I want to be short microcap Chinese equities, especially ones that trade on the Bulletin Board. There are some incredibly profitable, debt-free companies that are trading at single-digit multiples there, but the market is obliterating them. That’s where I’m going to start picking through the trash once things calm down.
-
Recent Posts
- Renewed Infrastructure Growth in Environmentalists’ Best Interest
- Geithner, Summers Represent Change at Treasury
- Existing Home Sales Clunk Along Bottom
- Shelf Filings Are Increasing, But Don’t Get Excited
- More on Hindsight Bias
- Obama’s Real Economic Team
- Forex Interplay: Euro vs. Dollar As Risk Appetite Returns
- U.S. Public Pension Plans Able to Recover from Market Slump
- Profiting From Risk Aversion
- Wall Street Journal: Homebuilders Want $250 Billion Stimulus
-
Latest S.E.C. Filings- 6-K - Nevoro Inc. (0001432768) (Filer)
- 6-K - Nevoro Inc. (0001432768) (Filer)
- 6-K - Nevoro Inc. (0001432768) (Filer)
- 6-K - Nevoro Inc. (0001432768) (Filer)
- 6-K - Nevoro Inc. (0001432768) (Filer)
- 6-K - Nevoro Inc. (0001432768) (Filer)
- DEF 14A - Sally Beauty Holdings, Inc. (0001368458) (Filer)
- 20-F - NOVOGEN LTD (0001075880) (Filer)
- N-CSRS - TORREY US STRATEGY PARTNERS LLC (0001170035) (Filer)
- N-CSRS - TORREY INTERNATIONAL STRATEGY PARTNERS LLC (0001170123) (Filer)