This Day On The Street
Continue to site
ADVERTISEMENT
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

Entering Markets Is Getting Scary: Dave's Daily



It's not like the end of the world just yet and maybe our friend above will get a favorable lift of air. Friday's end of day options expiration ramp was misleading and wasted some buying power not that there's much of that anyway. The late day "stick save" today may be just an indication of sellers running out of gas. Most investment dollars are tied up in funds anyway and equity outflows still remain.

The Kabuki Dance is still going on in Washington and both sides seem determined in their positions for now. European debt and stress for banks are still dominant and more Italian bank stocks and bonds were savaged Monday.

More earnings news is set to hit the news ticker with IBM (breaking: earnings beat estimates by 6 cents) up and then all eyes on Apple ( AAPL) tomorrow. Bank of America ( BAC) and Citigroup ( C) shares were leading the financial sector lower. And, as we've been saying now for weeks, the overall market can't rally without financials at least in the same trend.

Late breaking news is Cisco ( CSCO) will cut 6,500 jobs ( now they say 11,500). Also Borders announced the closure of 399 stores and petitioned the judge to liquidate the company which should negatively affect some REITs ( VNQ, IYR and etc). What an amazing boom and bust story!

Gold ( GLD) advanced to new record highs and was followed higher by silver ( SLV) while the dollar rallied slightly. The rumor remains the Chinese central bank is a big buyer of euros looking to backstop their long positions. In the meantime, bonds were mostly flat on the day with U.S. bond ( IEF) investors hesitant over debt talks.

Volume remains somewhat higher than recent averages and breadth per the WSJ was quite negative.

 

You can follow our pithy comments on twitter and join the conversation with me 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
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
GLD $113.05 -1.40%
IYR $78.15 0.17%
VNQ $82.62 0.21%
IGN $38.81 -0.26%
FAZ $12.08 0.54%

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs