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.
Well, you knew it would happen--"sell the rally," except this time it's come a few days after the rally. The dollar is getting hit again as the ECB has make it clear they are unlikely to lower interest rates.
Though the indices were flat today, there were twice as many up stocks as down stocks, and despite a poor consumer sentiment number in the morning and a weak dollar there were several positives.
Stocks mostly sideways today, some disappointment that the dollar is getting hit and commodities are coming back. Still, we are at the highs of the day, highs for the month, and if we can just squeeze another 200 points or so from the Dow on the upside.
We had a broad rally, but stocks ended off the highs. That's fine. The big debate is whether or not we are at some kind of inflection point. Is the next big trade "go long techs & financials, short commodities and bonds?" It's too early to tell, but that is where the debate is centered.
Is the "last great trade" of this cycle over? In the third quarter, the trade that worked was "short financials, go long tech." Then in the first quarter, the trade was "short the dollar, go long commodities," and "short stocks, go long bonds."
Ever wonder how good analyst estimates are? The Street watches them all the time, because...uh, there's no other game in town when it comes to projecting estimates. The general belief among veteran traders and stock market reporters (myself included) is that the analysts tend to overinflate the earnings estimates of the companies they cover.
So Dow is up 400 Tuesday, down 300 on Wednesday, up almost 300 today...guys on the floor have finally figured out how to make money in this market. Come in every other day. It started with Fannie Mae and Freddie Mac this week (both up over 50 percent for the week), but this week's rally quickly spread to financials, then finally to other large cap stocks like GE.
Dollar rallying again today, up 1.7 percent since the close on Monday. The bold analyst call of the day (week, month, year?) goes to Punk Ziegel's Richard Bove, who last night titled his piece, "The Financial Crisis is Over," calling the Bear Stearns sale the watershed event, and concluded by saying "this is a once in a generation opportunity" to buy financial stocks.
The Twenty-First Amendment to the Constitution was ratified on December 5, 1933.
Is it time to step back from retailers?
Taper talk sets in as traders question whether the Federal Reserve will slow down its stimulus program.
Stocks rise as bond yields fall after poor employment component of ISM services report.
The unofficial odds are rising that the Fed will announce taper plans at its December meeting.
Three Wall Street trade groups sued the Commodities Futures Trading Commission to stop tough overseas trading guidelines they fear.
Paid in the form of assistance programs, the funds are in effect a subsidy to the banking industry, The Washington Post reported.