Mark this day down as number 14 of the last 16 in which the stock market (major indices) registered gains.
As such, limited commentary. In fact, one word: Benghazi.
Below: "Get Happy" composed by Harold Arlen, with lyrics written by Ted Koehler. It was the first song they wrote together, and was introduced by Ruth Etting in The Nine-Fifteen Revue in 1930. Judy Garland performs the depression era hit in the film, Summer Stock (1950).
Dow 15,118.49, +35.87 (0.24%)
NASDAQ 3,436.58, +27.41 (0.80%)
S&P 500 1,633.70, +7.03 (0.43%)
NYSE Composite 9,442.76, +33.53 (0.36%)
NASDAQ Volume 1,661,819,250
NYSE Volume 3,310,894,750
Combined NYSE & NASDAQ Advance - Decline: 3993-2411
Combined NYSE & NASDAQ New highs - New lows: 544-37
WTI crude oil: 96.04, -0.35
Gold: 1,436.60, -32.00
Silver: 23.66, -0.253
Friday, May 10, 2013
Thursday, May 9, 2013
Shockingly, Stocks Lose Ground
Well, that didn't take long.
Yesterday, in a pique of exasperation over levitating equity markets trading on Fed liquidity rather than fundamentals (it's only been this way for four years, as of today), I promised no further commentary until the markets posted a negative session.
And, presto, there it is, though, as down days are measured, this one wasn't much of anything.
The rationale behind not commenting was due to recent market activity, in a framework in which nearly all economic data has been sour or outright bad. Markets have come to ignore reality "on the ground," in favor of a more optimistic mindset. Beginning April 18, the Dow Industrials had posted gains 13 of the past 14 days, prior to today. Ignorance may be blissful, but making money off it seems somehow wrong.
At least the range was a little better than it has been. The Dow was down nearly sixty points at its nadir, and up about 41 at the peak, so the range was about 100 points, top to bottom, not exactly what one might call volatile, being less than one percent, but better than it has been, suggesting that maybe a few people are getting a little skittish about where this is all heading.
That place may be Nirvana to some, but from the looks of things on Main Street, USA, there is scarcely a resemblance to the unbridled euphoria that infects Wall Street every time they ring the opening bell. Traders have been - and likely will be - making money hand over fist on the upside, without having to bother checking fundamentals, scouring stocks for the best picks nor doing intensive research. Simply playing the indices have brought gains of great magnitude, and leveraging... well, it doesn't get much better than that.
Technicians may want to keep an eye on the Dow Transports (^DJT), as they confirmed the new highs yesterday, but took quite a tumble of some 72 points today (1.13%). While the transportation index may be back-loading the gains on the Industrials, it could also be front-running and telegraphing a decline.
But, of course, this is just one day, and we all know that tonight Ben Bernanke will crank up the printing press once again and tomorrow will be all roses, unicorns and skittles.
That may sound sarcastic, because it is.
Printing money with nothing to back it except empty promises always leads to economic catastrophe.
Every time, and this time is no different.
Dow 15,082.62, -22.50 (0.15%)
NASDAQ 3,409.17, -4.10 (0.12%)
S&P 500 1,626.67, -6.02 (0.37%)
NYSE Composite 9,401.05, -62.26 (0.66%)
NASDAQ Volume 1,746,976,625
NYSE Volume 3,482,779,000
Combined NYSE & NASDAQ Advance - Decline: 2358-4009
Combined NYSE & NASDAQ New highs - New lows: 588-34
WTI crude oil: 96.39, -0.23
Gold: 1,468.60, -5.10
Silver: 23.91, -0.016
Yesterday, in a pique of exasperation over levitating equity markets trading on Fed liquidity rather than fundamentals (it's only been this way for four years, as of today), I promised no further commentary until the markets posted a negative session.
And, presto, there it is, though, as down days are measured, this one wasn't much of anything.
The rationale behind not commenting was due to recent market activity, in a framework in which nearly all economic data has been sour or outright bad. Markets have come to ignore reality "on the ground," in favor of a more optimistic mindset. Beginning April 18, the Dow Industrials had posted gains 13 of the past 14 days, prior to today. Ignorance may be blissful, but making money off it seems somehow wrong.
At least the range was a little better than it has been. The Dow was down nearly sixty points at its nadir, and up about 41 at the peak, so the range was about 100 points, top to bottom, not exactly what one might call volatile, being less than one percent, but better than it has been, suggesting that maybe a few people are getting a little skittish about where this is all heading.
That place may be Nirvana to some, but from the looks of things on Main Street, USA, there is scarcely a resemblance to the unbridled euphoria that infects Wall Street every time they ring the opening bell. Traders have been - and likely will be - making money hand over fist on the upside, without having to bother checking fundamentals, scouring stocks for the best picks nor doing intensive research. Simply playing the indices have brought gains of great magnitude, and leveraging... well, it doesn't get much better than that.
Technicians may want to keep an eye on the Dow Transports (^DJT), as they confirmed the new highs yesterday, but took quite a tumble of some 72 points today (1.13%). While the transportation index may be back-loading the gains on the Industrials, it could also be front-running and telegraphing a decline.
But, of course, this is just one day, and we all know that tonight Ben Bernanke will crank up the printing press once again and tomorrow will be all roses, unicorns and skittles.
That may sound sarcastic, because it is.
Printing money with nothing to back it except empty promises always leads to economic catastrophe.
Every time, and this time is no different.
Dow 15,082.62, -22.50 (0.15%)
NASDAQ 3,409.17, -4.10 (0.12%)
S&P 500 1,626.67, -6.02 (0.37%)
NYSE Composite 9,401.05, -62.26 (0.66%)
NASDAQ Volume 1,746,976,625
NYSE Volume 3,482,779,000
Combined NYSE & NASDAQ Advance - Decline: 2358-4009
Combined NYSE & NASDAQ New highs - New lows: 588-34
WTI crude oil: 96.39, -0.23
Gold: 1,468.60, -5.10
Silver: 23.91, -0.016
Wednesday, May 8, 2013
No Comment on Continuing Ramp
No comment until stocks post a losing session. Until then, just the numbers.
Dow 15,105.12, +48.92 (0.32%)
NASDAQ 3,413.27, +16.64 (0.49%)
S&P 500 1,632.69, +6.73 (0.41%)
NYSE Composite 9,463.32, +54.31 (0.58%)
NASDAQ Volume 1,715,862,500.00
NYSE Volume 3,797,192,750
Combined NYSE & NASDAQ Advance - Decline: 4088-2261
Combined NYSE & NASDAQ New highs - New lows: 724-29
WTI crude oil: 96.62, +1.00
Gold: 1,473.70, +24.90
Silver: 23.93, +0.121
Dow 15,105.12, +48.92 (0.32%)
NASDAQ 3,413.27, +16.64 (0.49%)
S&P 500 1,632.69, +6.73 (0.41%)
NYSE Composite 9,463.32, +54.31 (0.58%)
NASDAQ Volume 1,715,862,500.00
NYSE Volume 3,797,192,750
Combined NYSE & NASDAQ Advance - Decline: 4088-2261
Combined NYSE & NASDAQ New highs - New lows: 724-29
WTI crude oil: 96.62, +1.00
Gold: 1,473.70, +24.90
Silver: 23.93, +0.121
Tuesday, May 7, 2013
Stocks. Must. Go. Higher.
More new records.
Happy faces all around.
Dow 15,056.20, +87.31 (0.58%)
NASDAQ 3,396.63, +3.66 (0.11%)
S&P 500 1,625.96, +8.46 (0.52%)
NYSE Composite 9,409.02, +60.12 (0.64%)
NASDAQ Volume 1,674,661,000
NYSE Volume 3,558,739,000
Combined NYSE & NASDAQ Advance - Decline: 4416-2064
Combined NYSE & NASDAQ New highs - New lows: 670-25
WTI crude oil: 95.62, -0.54
Gold: 1,448.80, -19.20
Silver: 23.81, -0.149
Happy faces all around.
Dow 15,056.20, +87.31 (0.58%)
NASDAQ 3,396.63, +3.66 (0.11%)
S&P 500 1,625.96, +8.46 (0.52%)
NYSE Composite 9,409.02, +60.12 (0.64%)
NASDAQ Volume 1,674,661,000
NYSE Volume 3,558,739,000
Combined NYSE & NASDAQ Advance - Decline: 4416-2064
Combined NYSE & NASDAQ New highs - New lows: 670-25
WTI crude oil: 95.62, -0.54
Gold: 1,448.80, -19.20
Silver: 23.81, -0.149
Monday, May 6, 2013
Dead Markets for a Dying Economy
The entire range on the Dow Jones Industrials today was a bit over 47 points. For the S&P 500, 5.56 points.
It's a truly sad day when the major indices move less than four-tenths of a percent, top to bottom. It means that the now-soulless, machine-run market has gone nearly bidless as well. In the absence of any kind of data flow, the computers have nothing to do, so this is what we get... pretty much nothing.
So much for follow-on after Friday's euphoric jobs data rally, which was actually nothing more than numbers being pulled from a magician's hat.
This stock market runs on rumor and money printing and nothing more. When the Dow, S&P and the NASDAQ are 60% lower than where they are today, it might present an attractive investing opportunity. For now, it's just a mirage. Nothing about this market - from corporate earnings to government-supplied data - is real.
The fact of the matter is that America is a crippled marketplace, a stumbling, old, broken economy, but nobody is willing to admit it, at least nobody on Wall Street or in Washington.
Today was the three-year anniversary of the "flash crash" which is credited for keeping so many individual investors away from stocks. Perhaps it is a fitting reminder of that day to see no volume and little price movement. Just what the doctor ordered.
So, now you see that the market is all fixed. No big moves up or down in split seconds. Come on in a buy some stocks. They're at all time highs!
What a total farce this has become. Worthy of a Neil Simon work-up.
Dow 14,968.89, -5.07 (0.03%)
NASDAQ 3,392.97, +14.34 (0.42%)
S&P 500 1,617.50, +3.08 (0.19%)
NYSE Composite 9,345.17, +4.70 (0.05%)
NASDAQ Volume 1,452,282,625
NYSE Volume 3,214,814,500
Combined NYSE & NASDAQ Advance - Decline: 3808-2622
Combined NYSE & NASDAQ New highs - New lows: 476-25
WTI crude oil: 96.16, +0.55
Gold: 1,468.00, +3.80
Silver: 23.96, +0.059
It's a truly sad day when the major indices move less than four-tenths of a percent, top to bottom. It means that the now-soulless, machine-run market has gone nearly bidless as well. In the absence of any kind of data flow, the computers have nothing to do, so this is what we get... pretty much nothing.
So much for follow-on after Friday's euphoric jobs data rally, which was actually nothing more than numbers being pulled from a magician's hat.
This stock market runs on rumor and money printing and nothing more. When the Dow, S&P and the NASDAQ are 60% lower than where they are today, it might present an attractive investing opportunity. For now, it's just a mirage. Nothing about this market - from corporate earnings to government-supplied data - is real.
The fact of the matter is that America is a crippled marketplace, a stumbling, old, broken economy, but nobody is willing to admit it, at least nobody on Wall Street or in Washington.
Today was the three-year anniversary of the "flash crash" which is credited for keeping so many individual investors away from stocks. Perhaps it is a fitting reminder of that day to see no volume and little price movement. Just what the doctor ordered.
So, now you see that the market is all fixed. No big moves up or down in split seconds. Come on in a buy some stocks. They're at all time highs!
What a total farce this has become. Worthy of a Neil Simon work-up.
Dow 14,968.89, -5.07 (0.03%)
NASDAQ 3,392.97, +14.34 (0.42%)
S&P 500 1,617.50, +3.08 (0.19%)
NYSE Composite 9,345.17, +4.70 (0.05%)
NASDAQ Volume 1,452,282,625
NYSE Volume 3,214,814,500
Combined NYSE & NASDAQ Advance - Decline: 3808-2622
Combined NYSE & NASDAQ New highs - New lows: 476-25
WTI crude oil: 96.16, +0.55
Gold: 1,468.00, +3.80
Silver: 23.96, +0.059
Subscribe to:
Posts (Atom)
Posts
