[youtube=http://www.youtube.com/watch?v=Fa7ck5mcd1o] The Reformed Broker, AKA Cowboy Curtis, here with today’s Market Recap… The futures were ugly, and boy was the market in for it. Banks, REITs, insurance companies…you name it, they were red. Techs took the Nazz down over 40 points as well. Get a load of the Advance/Decline numbers at the 3 o’clock look…wall-to-wall…
The Cramer Uptick Rule Petition
A group of market commentators from TheStreet.com, including James Cramer, have put out a petition which lobbies for the reinstatement of the original Uptick Rule, as opposed to a loophole-laden approximation filled with caveats and work-arounds as is rumored to be a possibility. The SEC is currently seeking comment until June 19th. There were only…
Denninger Pops His Top Over GM Bonds
Do you own GM bonds? Karl Denninger‘s got something he’d like to get off his chest about what may be about to happen to your investment… From The Market Ticker: If you hold this debt you are about to be wiped out by our government, who has decreed by fiat, without even a vote in…
Market Recap: Seesaw
[youtube=http://www.youtube.com/watch?v=LUZa6KJhPCI] The Reformed Broker, AKA Pennywise, here with today’s Market Recap… Up open, down all day, up close. The discussion today concerned what shape the recovery may take. I have no opinion. Precious metals were getting bids all day today. Here’s what the big gold names looked like at 3 o’clock: BARRICK GOLD CP [ABX] +3.78%…
Arnie's Choice
Here’s another bad economic joke that’s not really a joke… Governor Arnold Schwarzenegger: The economy in Kalee-Fornee-A is so bad… Audience: “How Bad Is It?” Arnold: It’s so bad that I announced last night that I had to either lay off 51,000 teachers or release 40,000 prisoners to balance the budget. From Bloomberg: California’s budget…
Capital Window Opens for Non-Banks, Too
Now that the rally has lasted way longer than most thought it could, the Capital Window has opened wide. Last week the secondary offering parade began, on the heels of the stress test results. Market commentators have mentioned the fact that new stock is being sold almost indiscriminately by the bankers and syndicates and that issues are…
Droppin' Knowledge: Cannell Talks Extinction at the Value Investing Congress
Hedgie J. Carlo Cannell (Cannell Capital) represented at the Value Investing Congress in Pasadena last week. His speech was called Hydrodamalis Gigas, the name of a sea cow species that was hunted to extinction less than 30 years after it was discovered. Cannell is not just an investor, he is also a man of nature,…
Where are we in the Banking Cycle?
The cross-currents that exist right now in the financials are astounding, both in their extremes and in the potential for multiple interpretations of risks/opportunities. Writing for RealMoney Silver this morning, Chris Atayan sums up where we are in the banking cycle perfectly: We are now solidly in the early stages of another financial services cycle. Financial markets…
Droppin' Knowledge: John Mauldin on Green Shoots
I’m going to give you the first paragraph of John Mauldin‘s latest Thoughts from the Frontline newsletter, and then I’m going to insist that you go read the rest when you get the time. Go to Google. Type in “green shoots.” In about a 10th of a second you will find 28,900,000 references. Scrolling through…
Vanderbilt: I'm a Hustla
On my first day of work in The Helmsley Building at 230 Park Avenue 9 years ago, I was told I was sitting where Cornelius Vanderbilt‘s old offices used to be. I don’t know if this is true, but here are a few things about Vanderbilt that are: From the NYT Book Review of “The…
