Trader Talk with Bob Pisani

Bob Pisani

Bob Pisani
CNBC "On-Air Stocks" Editor

A CNBC reporter since 1990, Bob Pisani has covered Wall Street and the stock market for nearly 20 years. Pisani covered the real estate market for CNBC from 1990-1995, then moved on to cover corporate management issues before becoming Stocks Correspondent in 1997.

In addition to covering the global stock market, he also covers initial public offerings (IPOs), exchange-traded funds (ETFs) and financial market structure for CNBC.

In 2013, he won Third Place in the National Headliner Awards in the Business and Consumer Reporting category for his documentary on the diamond business, "The Diamond Rush."

In 2014, Pisani was honored with a Recognition Award from the Market Technicians Association for "steadfast efforts to integrate technical analysis into financial decision making, journalism and reporting."

Prior to joining CNBC, Pisani co-authored "Investing in Land: How to Be a Successful Developer." He and his father taught a course in real estate development at the Wharton School of Business at the University of Pennsylvania from 1987-1992. Pisani learned the real estate business from his father, Ralph Pisani, a retired real estate developer.

Follow Bob Pisani on Twitter @BobPisani.

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  • Though European stocks are up this week, and the European Central Bank's three-year loan program was deemed a success (it eased funding difficulties for banks), the euro is little changed, hovering around $1.30. Spreads on southern European bonds vs. German bunds are generally wider, and Italian 10-year bonds remain near 7 percent. This is a serious problem, as Italy has a series of bond auctions before the year is out.

  • Where's Mario? ECB head Mario Draghi did not show up for a planned news conference in Frankfurt. Meantime, Draghi's successful 3-year lending facility has not just eased funding difficulties for European banks—it's ignited a 3-day rally in European and U.S. banks.

  • Mario Draghi

    Mario Draghi holds a presser with the Brits. I mentioned yesterday that much of the 489 billion euros ($640 billion) that banks borrowed from the European Central Bank will go to paying off prior, shorter-term loans from the central bank. What's next from Mr. Draghi and the ECB?

  • The ECB's new lending facility — 3 years at 1 percent, is a success. It will help ease the funding pressure European banks are facing. But it's becoming clearer that it's not likely the money will be used to fund a carry trade.

  • European Central Bank

    The European Central Bank three-year loan program at 1 percent, active today, was a success, with banks snapping up 489 billion euros ($641 billion) worth of debt. Stock futures initially rose when the announcement was made at roughly 5:30 a.m. ET, but then quickly reversed, as did the euro. Why the sell-off?

  • Yes, most of the increase was due to a 25 percent increase in multifamily construction; single family construction was up 2.3 percent. But don't pooh-pooh that.

  • Spain

    Blowout Spanish auction, is the European Central Bank program working? You have to think it's having an effect.

  • Bank of America, shortly after 3pm ET, broke below $5, the level where some money managers may have to sell stocks. Immediately, other financials — American Express, JPMorgan, General Electric — also dropped.

  • As Art Cashin has noted, traders were not looking for ECB President Mario Draghi to reiterate how LIMITED the ECB involvement was in the crisis, they were looking for a clearer way out. They didn't get it.

  • european_union_200.jpg

    The main topic of discussion this morning was Mario Draghi's interview in the Financial Times, where he warned that any country trying to leave the euro zone would still face austerity measures and would be "in a much weaker position." He reiterated no increase in the current bond buying program, and no printing money.

  • Bob Pisani

    A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

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