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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  • "The last hour will be key, if they hold together and either stay flattish or rally more very good sign....the longer we stay up here and rally will force the big short to reconsider," a trader told me.

  • Much of the cause of yesterday's (Wednesday's) decline was a plunge in French banks. British newspaper, the Mail on Sunday said that French bank Societe Generale was in a "perilous" state and possibly on "the brink of disaster." They cited no sources.

  • It's another morning of rumor and innuendo, with unconfirmed reports of one large Asian bank reduced its credit lines with all French banks, and another that European regulators are considering a ban on short selling.

  • Should the world return to the gold standard? I can understand it's attractive for some: Price stability is its one great virtue, since a government cannot change the money supply without changing the gold supply. But the math doesn't even come close to adding up.

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    Stocks are trading on fear, so by definition much of this action is irrational; bonds now look extremely expensive and stocks look cheap on a relative basis.

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    Trading in large ETFs suggest that selling (at least for the moment) has been exhausted. Why do I say this? Look at trading in the largest ETF of all — The SPDR ETF.

  • I can't prove this, but I believe it — I think that at the margins, high frequency trading exacerbates the price swings on high volume days. But that doesn't mean I think high frequency trading is the source of all our problems.

  • "How am I supposed to trade on this?" one befuddled trader said to me. He was referring to the fact that S&P futures had swung in a 50-point range(!) overnight.

  • The market initially didn't care for the statement because there was no real catnip.

  • At this run rate, we're not going to do 8-10 billion shares in total volume in NYSE stocks, like we have recently. But we will do well north of 5 billion, still better than the roughly 3.8 billion on a typical day.

  • 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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