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By Jim Cramer
10:06 a.m. EDT
is so difficult here. It has momentum. The arbitrage is done. But there's such uncertainty even about issues like Phibro -- which none of us knew was such an important part of the business and could go away because of pay reasons...
2. Markets -- S&P 500
By Timothy Collins
10:17 a.m. EDT
It would be so easy to be bearish here, but I can't flip the switch until we get through yesterday's lows. We basically bounced right off of it this morning with strong dip-buying. I'm seeing some technical signals of a possible rollover here, similar to what we had with the last two, but nothing is showing that it would be deep, long or profound.
3. Arrow Off Target
By Tim Melvin
12:16 p.m. EDT
The mantra of "not as bad as expected" continues.
, a stock I liked below book value last year, is up slightly today after what reads as a horrid earnings report. Revenue was down 23% and earnings 78%. The company said they need to make another $400 million of cost cuts. Margins fell from 14.1% to 11.9%. The stock has better than doubled off the lows even as business has worsened substantially.
Insiders must not like the near or long-term outline as officers and directors have been selling stocks. I have done well in years past buying this stock below tangible book and selling when it rises above that level. The current price is well above book.
I may be in the minority but I am going to focus on what I see happening instead of what I hope is coming. This report from a leading electronics component company, along with a weak guidance, tells me that the tech spending wave is looking for is probably not going to happen this year.
4. Regarding Alan Farley's Volume Piece:
By Rick Bensignor
12:21 a.m. EDT
I concur with him that volume is a misleading indicator these days. But to take it one step further, in my over 25 years of looking at markets from a non-fundamental perspective, I have never felt that volume was nearly as critical an ingredient as the textbooks say it is. In fact, I probably don't mention volume in my daily reports more than a half dozen times per year. It just has never proven to be a consistently accurate or relevant piece of the puzzle.
Now, surely some technicians will call me a heretic. Hardly so. Just because someone wrote it in a book doesn't make it so. And I'm sure some have found ways to read the tea leaves feeling that volume is not only an important part of the picture, but the absolute key piece. That being said, over 99% of all of my calls have nothing to do with the volume component of the underlying security.
5. No Jobs, Profits, Growth or Assets -- No Problem?
By Christopher Grey
2:29 p.m. EDT
I enjoyed Tim Melvin's post because it really hits on why the current macro data showing improvement is probably meaningless. Even in the 1930s, the economy didn't go straight down, and that was with much less in the way of monetary stimulus than we have now. At that time, the money supply was shrinking vs. how it is expanding at a record pace right now.
The only major source of new jobs is the government, which means more spending that will ultimately lead to inflation and a devalued currency.
I would buy gold on weakness for these reasons and be very cautious about believing that we're in any kind of long-term economic recovery.
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This article was written by a staff member of RealMoney.com.