Commentaries

Dow hits 10K

October 14, 2009

OK, it’s finally happened so hopefully talking heads can stop obssessing about this magic number. Traders in the more esoteric spaces, like non-agency mortgage bonds, are even feeling the love. We get another round of bank earnings tomorrow, including Goldman Sachs, which if they’re anything like JP Morgan, could ignite even more euphoria in markets.

Automatic debt-to-equity swap?

October 8, 2009

That’s what Fed Governor Daniel Tarullo seems to be advocating in his speech, which you can find here.

Gold’s run impressively up

September 9, 2009

All the goldbug fever, not withstanding today’s pullback in the yellow metal’s price, got me thinking about just how well has gold stacked up against say stocks and oil over the longer term. I picked 2004 as a starting point for no other reason than it gives enough distance from the mania of the credit bubble and the distortion of its popping.

That didn’t take long…

September 1, 2009

Turn the calendar to September and markets are fixated about potential problems at the banks again. The obsession with September being a bad month for stocks and for the world in general has nothing to do with it, I’m sure.

Trash is king as Lehman shares surge

August 28, 2009

It’s either a sign of sheer boredom on Wall Street, or an early celebration of the one-year anniversary of Lehman Brothers’ demise, but shares of the fallen invesment bank were red hot today.

It’s a long way from 950 for the S&P 500

August 24, 2009

It’s hard to believe that little over a month ago, investors were holding their breath to see if the S&P 500 had enough momentum to burst through 950 – a psychological level that had held firm since November of last year. Carry through buying Monday from last week’s renewed cheer that the U.S. and global economies were leaving recession behind has pushed the S&P 500 to 1033, its highest level since Oct. 6, 2008 when it traded at 1056.89.

S&P 500 takes a round trip

August 20, 2009

After all the handwringing earlier this week about the consumer and the global economy, it looks like the S&P 500 is back to exactly where it started, more or less, a week ago.

Don’t be fooled by global stock stumble

August 17, 2009

Don’t blame global stock markets for being skittish. It is August, after all, a month that has spelled trouble in the past two years.

Easy does it on the exuberance

August 3, 2009

If it keeps going like this, Ben Bernanke will have to give an irrational exuberance speech.

Stock market bulldozes the bears

July 23, 2009

Yowza is the word that comes to mind when looking at the major stock gauges. The DJIA has burst through 9,000 and the S&P 500, up 2.2%, at 975. Reuters is chalking it up to strong second quarter earnings and a pop in existing home sales. The pace of the rally in recent weeks, however, is starting to send signals that this may be overdone.