The capital markets, which are celebrating accelerating deflation and inflation at the same time, are now officially insane, as the Dow has diverged from its credit implied fair value by about 170 points! This will all end in lots and lots of tears. We hope the computers enjoy trading with each other as much as all carbon based lifeforms relinquish the en masse abandonment of the stock market.
- Advance/Decline Line: Higher
- Sector Performance: Most Sectors Rising
- Volume: Around Average
- Market Leading Stocks: Outperforming
Equity Investor Angst:
- VIX 24.35 +.91%
- ISE Sentiment Index 103.0 -.96%
- Total Put/Call .78 -21.21%
- NYSE Arms 1.22 -9.16%
Credit Investor Angst:
- North American Investment Grade CDS Index 104.88 bps +1.18%
- European Financial Sector CDS Index 99.0 bps +.05%
- Western Europe Sovereign...
Geoffrey Raymond's art, just like fine wine, only gets better with time. This is particularly true if the art is subjected to accelerated aging via repeated days of annotations. Raymond's latest piece: the Naked Cramer, is now on its day four of soliciting random and assorted commentary, and the prevailing sentiment on CNBC's permabullish stockpicker is certainly starting to shine through. The results are below.
New York Daily NewsGas explosion blows roof off Los Angeles welding shop, hurling man to deathNew York Daily NewsThe Los Angeles Fire Department surveys damage after a suspected natural gas explosion at a welding shop collapsed part of the building. The building destroyed by a natural...
- U.S. Economy: Growth Slows as Consumer Spending Decelerates. The U.S. economy slowed in the second quarter as a scarcity of jobs eroded consumer spending, leaving the rebound dependent on a surge in business investment. Gross domestic product grew at a 2.4 percent annual pace, less than forecast, after a 3.7 percent first-quarter gain that was larger than previously estimated, according to Commerce Department data issued today in Washington. Other reports showed business activity unexpectedly...
Investors are understandably scared of the sovereign debt crisis unfolding in Europe. Amid their angst, however, they are ignoring a more likely, and significantly larger, debt catastrophe that is about to hit the nation with the second-largest economy in the world — Japan. Two decades of stimulative, low-interest-rate fiscal policy have made Japan the most indebted nation in the developed world, and as new Prime Minister Naoto Kan recently said, in his first address to Parliament, that...
The latest and most damning confirmation that it is none other than the president and his errant policies that are the primary cause for the credit crunch spreading among individuals and small and medium businesses like a paperborne version of the plague, comes direct from the Minneapolis Fed, where in a paper titled "Come and get it--please: Banks and credit unions say they have money to lend, but credit markets are still struggling for a variety of reasons" the Ninth Fed district puts the blame for the credit freeze flatly where it belongs: the president himself, and more specifically his...
- Mid-Cap Value (-.30%)
Sector Underperformers:
- 1) Oil Tankers -1.70% 2) Oil Service -.86% 3) Alt Energy -.74%
Stocks Falling on Unusual Volume:
- THOR, CVD, COHR, FSLR, CTV, VLCM, APKT, NTRI, CSTR, CAVM, CTCT, PLCE, ARBA, FNSR, OCLR, ANW and GNW
Stocks With Unusual Put Option Activity:
- 1) JDSU 2) WFR 3) CSTR 4) K 5) UPL
Stocks With Most Negative News Mentions:
- 1) AEP 2) ATI 3) X 4) MNI 5) KRNY
