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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  • Bob Pisani is away on vacation.

  • So much for breaking the economic losing streak: for a moment, we were on the verge of breaking the two-week trend of economic news coming in well below expectations. Then pending existing home sales for April came in WAY BELOW expectations.

  • At an event last night to raise money for a fine charity, Wounded Warriors Family Support, a roomful of hedge fund traders were talking about the two big questions: 1) what the Fed will do post-QE2, and 2) why the market is holding up so well despite Europe and signs of a slowing economy in the U.S.

  • The GDP revision of 1.8 percent growth in Q1 was another disappointment in a string of economic disappointments in the past two weeks. With this lethal mixture of low growth/high debt, it's little wonder traders are wondering if some form of QE3 is coming.

  • The second estimate for Q1 GDP remained at 1.8 percent growth—that is a disappointment. Almost everyone was expecting the revision to be at least north of 2 percent. Initial jobless claims, at 424,000, was above expectations, another disappointment.

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    While I was waiting for the elevator to go back to my office from the NYSE floor this morning, the CEO of Heinz, Bill Johnson, came over to say hello. "I'm sorry about your loss," he said. "Mark was a great lover of ketchup, and a great lover of Heinz products." He was indeed. His death came like a thunderclap on the NYSE floor.

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    The S&P is at its lowest level this month, but even with that poor showing we are still only 3.5 percent from the multiyear highs we hit at the end of April.

  • The price? The government's break-even is $28.70; everyone seems to agree they will price above that. The bigger problem, for fundamental holders, is the float.

  • "Maybe we've all died and gone to hell, and this is hell," one despondent trader said to me.

  • "There's no place to put any money," one trader lamented to me this morning, arguing why he thought the market had a good chance of rising even through the QE2 uncertainty.

  • 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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