A CNBC reporter since 1990, Bob Pisani has reported on Wall Street and the stock market from the floor of the New York Stock Exchange for more than a decade. Pisani covered the real estate market for CNBC from 1990-1995, then moved on to cover corporate management issues before moving to the New York Stock Exchange in 1997.
He was nominated twice for a "CableACE Award"—in 1993 and 1995.
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, Bob 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.
The euro is down a full percent today against the dollar, has now given up almost all that it gained yesterday; the dollar has done just the opposite. This volatility, of course, affects stocks and commodities and makes traders crazy. What's up today? Recall that there is all this talk about currency swaps that Goldman may or may not have done for Greece.
January housing starts, at 591,000, was above expectations of 580,000, and the highest since July 2009. The prior month was revised upward as well. Bullish on housing: BofA/Merrill Lynch initiating seven home builders with a "Buy" rating. Analyst Jonathan Ellis says, "we think a sustained recovery is now within a reasonable discounting period for the stocks." What about a bottom in home prices? And what happened to the correction?
Simon Property Group bid for General Growth: a BIG DEAL. How big? Too big to pass up. A once in a lifetime opportunity to buy high-quality assets.
While the Greek stock market is down 2.4 percent this morning, most of the rest of Europe is up fractionally. China, Hong Kong, Taiwan and Malaysia markets are closed due to the Chinese New Year, while Brazil is in the middle of Carnival. Barclays rose 11 percent pre-open, as it reported profits nearly double that of 2008. And Simon Property Group made a $10 billion offer to buy all of General Growth Properties.
Expect a little more volume than normal Friday: Berkshire Hathaway Class B shares are going into the S&P 500 today. This is attracting an unusual amount of interest from the trading community, due to the large size of the addition. About $1 trillion is indexed to the S&P 500.
Commodity and energy stocks rallied as the euro finally became so oversold that traders began buying it, thus weakening the dollar. There may also be a secondary reflation trade in play: the unusual move in copper (up 4.7 percent) widely noted on trading desks. George Gero at RBC attributes the gold rally to "Relief that Greece will be handled without having to sell gold..."
The EC president declared that "there is an accord" on Greece; this will be discussed next week by the European Union finance ministers. The Germans have dropped all sorts of hints that there will be a price to pay. And: A pass for February? Get ready for economists to discount lousy economic news, due to the snow storms. And this time they may have a point.
These are two developments next week that may impact markets.
Beige Book report was filled with commentary that is mostly positive on the US economy.
We have what traders call "degrossing," where participants are simply taking down overall exposure a bit.
Four Chinese regulatory agencies have issued a joint statement "encouraging" listed companies to take action to shore up their shares.
Ray Dalio's fund slumped in August and some investors blame the strategy of such funds for the volatility that slammed stocks and commodities.
For all the talk about the 250,000 jobs a month the economy is creating, workers' real wages are going backward.
Volatility could probably last anywhere from three to four months, Brian Jacobsen of Wells Fargo said.