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Today was a down day that started in Europe with new fears that the stress tests for banks really offered nothing of consequence and the fears that the real exposure is not known. There was no economic data in the US after a long three-day weekend. Continue reading Closing Bell: The Bears Stay Alive (ORCL, HPQ, NE, GE, DRYS, IDIX)
The East Coast is broiling, hitting temperatures of 100 degrees or more. In contrast, the Dow Jones Industrial Average (DJIA) is losing 100 points or more in a day. When it does rally, it can't seem to hold on to gains. So while Easterners burn, investors are the ones feeling the heat.
The explanation is simple: nothing's going on. Sure, there are some economic releases, but they're not very meaningful. Unemployment moves a little bit, up or down. It's only if it were to decrease significantly that it could make a real difference. Housing sales have plummeted. Turns out the housing credit of $8,000 that ended in April was important. New housing starts are down even further this month as builders aren't breaking ground for a while. All the stimulus from the government is sitting in corporate treasury bank accounts or simply in the banks, waiting to be put to work, once people get a chance to work.
Continue reading Comfort Zone Investing: Summer's Hot, Market's Not
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