Market Recap: Goodbye Grasshopper

[youtube=http://www.youtube.com/watch?v=5E0WHDMrL_U]

The Reformed Broker, AKA Beatrix Kiddo, here with today’s Market Recap

Yet another meltup today as the banks led the charge.  James Cramer of TheStreet.com believes that Bank of America (BAC) is the most important tell in this market right now because of it’s mortgage exposure, mutual fund manager attraction and all of their other real estate-related business. 

Dougie Kass has repeatedly mentioned that BAC (along with Suntrust – STI) is his favorite bank stock as well.

Elsewhere, the infrastructure plays and heavy construction names were up nicely all day.  Here’s the 3:15 look at the group:

Industry Top Performers

Intraday Price Performance % Change Market Cap
Fluor Corp. (New) [FLR] +7.15% $8.6 B
MYR Group, Inc. [MYRG] +6.23% $392.3 M
Foster Wheeler AG. [FWLT] +4.52% $3.4 B
Dycom Industries, Inc. [DY] +2.92% $453.6 M

Sadly, we say goodbye to actor David Carradine, who was found dead in a hotel room in Bangkok.   The above clip is from Kill Bill.  He could act and do Kung Fu.  Godspeed Grasshopper.

Thanks for reading today, I’m off to the set of Fox Business Channel‘s Happy Hour at the Waldorf’s Bull & Bear bar in midtown.  Tune in tomorrow!

Full Disclosure: No positions mentioned.  My commentary here is strictly a recap of today’s market commentary, do not trade based on anything you read here.

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