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.
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.
We are ending the quarter the way we lived most of it, with energy stronger and financials weaker. However, this is one of the strangest quarters in my nearly 12 years at the NYSE.
Everyone is making a big point that the Dow has reached bear market territory, which is down 20 percent from its previous highs. This is true, but may not be interesting, since Lowry's and others have noted that the average bear market in the last last 80 years has been 30 percent off its highs.
Traders are again seeking some short-term catalyst out of the stock market doldrums. It's likely we will get a one or two-day bounce as the new quarter begins tomorrow, but with oil remaining at a record and the dollar rally falling apart last week, that hope is thin gruel indeed.
And still we wait for a bottom, scanning the horizon like sailors lost at sea. We look for the classic signs, including a capitulation bottom, which is not evident. On the Street, bitter complaints we are Oversold and due for a bounce, but are we Oversold, or Underbought.
So let's see, we have problems: 1) it's another beat-up-the-brokers day, let's take the estimates down (see below); 2) With the Fed out of the way, it is now all about second half earnings and guidance. Several important companies have been notably downbeat on their outlooks today:
The biggest hope for the bulls is a notable crack in oil (a sustained drop below $120 or so). After that, the notably oversold conditions (which could last a long time), and the lopsided bearishness of the Street should enable some kind of short-term bounce.
Mastercard capped a busy year by executing one of the main drivers of the stock rally: A buyback.
This a high-quality IPO week. The list of companies going public includes come well-known names, like Hilton.
If the S&P is what some call "boring," I'll take that any time.
S&P 500 ends at a historic high as stocks stage slow, steady climb higher.