Market Roundup Redux
SAN FRANCISCO -- You can't stop rock 'n' roll, but apparently you can stop the stock market (or, at least, slow it down). With the bond market again looking like
Dee Snider a robust rally melted in the (reportedly) stifling heat on Wall Street.
, once up nearly 100, closed off 4.12 to 11,135.12. The
fell 3.10 to 1388.12 after trading up 14 while the
slid 4.24 to 2736.78 after giving up a gain of more than 46.
While the market's big guys failed to extend the recent string of records, the less-than-major
American Stock Exchange Composite Index
rose 2.47, or 0.3%, to an all-time best of 804.89.
The performance of the Amex Comp, plus gains by select Internet stocks (
jumped nearly 5% after
The New York Times
paid homage, while
soared 56% after inking a deal with AOL) left market players largely unruffled.
Still, the bond market unraveled again -- the bellwether 30-year fell 19/32, its yield rising to 6.04% -- and today's session had the look of a classic "sucker's rally" -- where the "smart money" sells hard toward the close after those who missed out last week chase 'em higher.
Perhaps today will go down as nothing more than a mite on a flea on the bull market's behind. But sober investors know some setback is due (if not over-). Meanwhile, savvy players are talking about ...
The New Office Indicator
on July 20, 1998, the Monday after major averages set new highs the previous Friday. July 17, you'll recall, marked a top last year not bested until November -- after the misery over Russia's debt default,
Long Term Capital Management
and Brazil's currency crisis.
I'm not predicting a repeat, but I was joking with a colleague this morning that when I started at
last year it was after I'd taken a long weekend to go fishing with the other "Men of Task" (the women are still barking about it, especially after we did it again this year).
Today marks my first day at
San Francisco bureau after the long Fourth of July weekend, which I extended (thus missing the records on Thursday and Friday) to execute the move (which, by the way, left women all over the East Coast squawking for various reasons).
Gonzo for Garzarelli
Speaking of history repeating itself (and proving old market sooths never die, they just go online),
will join its site as weekly contributor.
Garzarelli, famous for calling the 1987 crash but largely indecipherable since, joins Dan Dorfman on the JagNotes team. As you've probably heard, Dorfman has resurrected his controversial (but never criminal) career as a shrill, er, rumor monger, er, stock picker with the site.
leapt over 30% on the Garzarelli news. Given the reaction and the publicity Dorfman has brought, look for fellow former gurus
to join JagNotes in the coming weeks.
This marks the debut of
, which I hope will prove to be an invaluable and entertaining source of market information, insight and irreverence (not necessarily in that order). As always, I welcome your
Finally, a memo to
(who I know is vacationing for TWO weeks -- which means either lunching at five-star restaurants with CEOs is more grueling than it seems or magazine types have it cushy).
leaflets, now prepare for the saturation bombing: Some people TALK about playing hoops and some people play. The game is on.
The Gauntlet, as with all the Dirty Harry movies, was set in wondrously un-humid San Francisco. Don't you just love the dramatic irony?)