Last hour revelations from Maria (CNBC yapaholic) that her and Fed Chairman Ben Bernanke had a conversation where he revealed to her that "the markets misunderstood his statements last week" led to the broad stock market averages reversing gains and closing in the red.
Initially stocks were higher all day long, until that final hour when Maria let us know what she learned on Saturday night. The Nasdaq fell .8%, the SP 500 fell .4%, the DJ fell .2%, and the SP 600 fell .1%.
Volume was lower, across the board, from the heavy trade on Friday that was caused by MSFT's earnings disappointment.
The hardest hit sector today was the Investment Banks sector, with leaders such as LM BEN and JEF getting smacked. Other sectors hit hard were the Medical and Software groups. But overall most sectors pulled back quite calmly.
I think the one thing I want to focus on again is the media. Once again, we learn how the media operates. They ONLY serve their own agenda. Maria knew about this info on Saturday yet she waited till the final hour of the day to deliver the news????? Come on. Let's get real people. These folks serve their agenda.
The other thing I want to focus on is the credibility of the new Fed head. If this guy has the gull to talk about economic policy to some ditzy reporter at a dinner party then this guy has a long way to go to become the Fed Chairman Alan Greenspan was. God willing, this man will learn to keep quiet, unless it is a scheduled Fed meeting.
Besides that I still think the market is looking fine. The short term trend in the Nasdaq is now down but it is still holding above the April support so I am not going to start freaking out like the rest of the perma-bears do on every downtick.
I hope I get a chance to go to some fun places this week as I start my new life of being single. So if I do not post commentary a couple of times this week don't blame me...
...ok blame me. I can take it. I am still young. You have at least another 50 years left of me. Get used to it!
New Swing Longs: IDSA MWRK BITS -- For more info on longs, go to Investors Paradise.
Adding To Positions: BDCO
New Swing Shorts: NONE
Longs Outperforming Market(number is % gain since initial purchase): GIGM-231 NVDA-106 AKAM-120 ERS-442 BTUI-155 ASGN-106 RATE-178 GNBT-110 TGC-239 VGZ-142 BWNG-133 NXG-190 AUY-145 TSCM-118 ASF-236 CCI-92 SPNC-94 TFR-87 HOM-73 IFO TOMO-33 ZEUS-61 OPLK-37 CYMI HEIA-37 BEAV-51 EAGL-70 UIC-67 KEX-49 WF NGPS VPRT IVAC-32 NCTY VLG RADN-31 BWLD BGC-76 FTK LTM CLZR-73 CTXS-54 WST GEMS-32 SPIL VTS-26 STX-26 ROK PKE MTU SHFL TGE-51 ICTG-69 SCVL TTES-40 BDCO GBN-65 PMTR OMNI-47 PEIX-85 SA HEC Q-52 XRTX-58 DCEL CNXT-63 SPSX-39 NTO-76 SYKE RAIL-68 KGC-61 DIL LII ECLG-57 COMS RNWK LWSN PAY-49 AIXD NKTR KNXA-70 SIM-49 GMTC
Shorts Outperforming Market: NONE
Stocks On Radar Screen: MGPI
You Better Be Taking Some Profits: GIGM ERS TGC VGZ PEIX NXG AUY
Cut Loss Disaster: TXCC -- Selling other half with a 18% loss. First half was sold with an 8% loss. Notice, once again, this stinker was not an IBD quality stock.
4 comments:
Josh,
Have you heard any talk about Fox News starting a business station to compete with the idiots at CNBC? I've heard mentions in the past but nothing serious. I think this would be a tremendous idea, but maybe am just hoping? One tv station(CNBC) shouldn't have this much influence over the market(not only Bartiromo, but Cramer in the same way too). JMHO.
Yes, I did hear Fox will start a financial network at the end of this year or beginning of next. Don't remember where I read or heard this abt Fox, but I did. Heard it abt a month ago, nothing since.
"A. FRIEND" of your BLOG
Hey, Josh, what do you think of BSM?
If FOX would start a stock station, one of my TV's would be constantly on it. FOX is the only station that still has any amount of credibility.
They are the only news station who is fair and balanced. On Maui this is called Uber-conservative-christian-rightwing journalism. On Maui, CNN is fair and balanced.
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