This Day On The Street
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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 ), 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.


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