This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Markets Marking Time: Dave's Daily


Most markets are struggling to find direction with a great amount of churn. It does seem as trend exhaustion is taking place which is confirmed by often reliable "monthly" DeMark sequential 9 counts.

Cross currents are plentiful. Goldman Sachs just a few weeks ago told clients to sell their commodity holdings and today told them to buy them back. One wonders given their track record how much they accumulated in their own account to sell clients and the public now.

AIG (AIG - Get Report) is in the process of launching a secondary issue (now priced at $29) to the public. Before the deal was finalized the company released an announcement stating two government watchdogs hadn't reviewed its insurance reserves. Corporate governance is something new to the company evidently and perhaps even lost on AIG's underwriters.

And speaking of new issues Yandex( YNDX - Get Report ), the Russian search engine, opened at $35 after being priced at $25 and closed the day at $38.84--so that game (Russian IPO Roulette?) continues.

JPMorgan (JPM - Get Report), much in the news, has been accused of market manipulation by the LME (London Metals Exchange) as per this posting. Coincidentally, JPM also released a note cutting its GDP data forecast for the second quarter to 2.5% from 3%.

SAC, the large hedge fund managed by Steve Cohen, has received subpoenas from Senator Grassley's committee studying insider trading and the SEC.

Taken together these are the types of news items we read about after bear markets begin.

Not to be left out or stopped, the Fed was still busy chucking freshly minted cash to Primary Dealers with POMO. (This was about the same amount as taxpayers recouped from the AIG sale--PONZI anyone?)

Economic reports featured New Home Sales which were 7% higher; but, isn't this the season to buy homes generally?

Volume was on the light side and breadth per the WSJ was once again negative. We're now at least short-term oversold.


You can follow our pithy comments on twitter and join the conversation on facebook.


Continue to U.S. Sector, Stocks & Bond ETFs
1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AIG $55.83 0.00%
AMAT $20.81 0.00%
BAC $14.80 0.03%
DGP $26.50 -0.26%
JPM $63.60 0.00%


Chart of I:DJI
DOW 17,830.76 -210.79 -1.17%
S&P 500 2,075.81 -19.34 -0.92%
NASDAQ 4,805.2910 -57.85 -1.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs