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Financials are also moving up; for all the disappointments associated with Wachovia missing big and cutting dividends, there is a sense that the downside might be limited here, a sense that financials are in buy the dip mode.
A very mixed earnings picture in the last twelve hours. Yes, AmEx, Apple, and Merck and Texas Instruments disappointed. But DuPont, Suntrust and Packaging Corp. were better than expected.
Despite the credit crisis and deteriorating economic outlook, Islamic corporate bond issuance in the Gulf soared over the past year, the Financial Times reported Tuesday.
1) American Express reported a notable miss ($0.56 vs. expectations of $0.83), and it's not hard to see where the bulk of the miss came from. a $600 million ($374 after-tax) addition to U.S. lending credit reserves.
Skeptics correctly point out that last week's trifecta of news (bank earnings above expectations, new limitations on naked short selling for select financials, and the Fed/Treasury helping out Fannies/Freddie), primarily benefited financials. What's changed for everyone else since then, skeptics ask? Not much.
Bank of America made it four in a row with big banks beating expectations, and beating big: $0.72 is 40 percent higher than the $0.53 expected. Revenues were a knockout as well: $20.32 billion, 10 percent above the estimate of $18.37 billion.
I know, it wasn't exciting, but exciting wasn't what most traders were looking for. After a wild week, a quiet stable day was fine. There was no concerted attempt to sell off financials, and that is why it was a successful day for bulls.
Is there any doubt that big-cap financials are the key to this market? What's worked for two months? Sell the rally in financials. This is crunch time for the two-day rally...and not surprisingly, they are pushing the old trade hard today.
This is crunch time for this little mini-rally--since the earnings news is mixed, it will be critical for the market to move sideways or up today, and avoid retracing any of the last two days gains. Options expiration today.
Prison stocks and waste management companies are the best places to lock cash in these turbulent times, due to their highly defensive value, Richard Wilson, fund manager at Threadneedle Asset Management told "Squawk Box Europe."
No matter how close to -- or far from -- retirement you may be, you need to know how to manage your nest egg.
As for techs, traders note that there has been less focus on that sector, because everyone is still in the process of unwinding the Long Energy/Short Financials trade. These numbers will reinforce the bear position that we are in a poor market for tech.
Bears have written to me suggesting that these stocks have all been crushed and these bounces are "insignificant" in light of how far down they are from the highs. The point isn't whether these stocks get back to their levels of a year ago in two days;
The relentless ramp up of oil and commodities prices could be over for now, and that ultimately would be a good thing for stocks, says Citigroup Chief U.S. Strategist Tobias Levkovich. "Is this the beginning of the unwind? My sense is yes," he said in a phone interview. "There've been false dawns before, but structurally it should be."
"It's a sucker's rally," Kathy Boyle, president of Chapin Hill Advisors, says of this week's market move. "If you make money here, don't get greedy."
Stocks have rallied just after 1 pm ET as oil broke through the lows of yesterday ($132). Oil is now down 11 percent from its intraday high last Friday. The overall market rallied, but in particular consumer discretionary stocks (retailers, autos, home builders) rallied. Good examples:
Financial stocks and the overall market moved a bit lower in the past few minutes on word that regulators have come to the St. Louis HQ of Wachovia seeking dcuments regarding marketing practices.
The stock market rally may be short-lived as financials may still have some skeletons in the closet, and commodities have not fizzled out yet, despite the recent falls in prices for oil and precious metals, Charles McKinnon, CIO of Thurleigh Investment Management told "Squawk Box Europe" Thursday.
Are we at a bottom? Still not clear, but when you have rallies like yesterday, when you have Lowry, the oldest technical analysis service in the U.S., say to their clients, "The last two days appeared to represent a possible selling climax," you do get a lot of people nibbling, and today we are helped by Jamie Dimon and friends.
The two factors moving the market today were 1) the drop in oil, now down almost 10 percent in two days, and 2) the rally in financials.