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.
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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.
Earlier in the morning, traders took a shot at buying beaten-up groups: financials, airlines, and builders rallied. These stocks have been dramatically oversold recently. Not surprisingly, there was also a mild rotation out of agricultural stocks, coal, and energy to pay for the money going into beaten-up groups.
1) Reliance Steel just jumped 5 percent as they updated guidance, raising it 30 percent from previous guidance, due to much higher increases in carbon steel prices.
Banks lead this week after underperforming this year. Rising rates provide a boost.
Stocks are at new highs, but where are the bargains?
Stocks trade in narrow range. Financials outperform for second day. Bank of America jumps three percent.
A solar company is reintroducing the idea of credit risk in China
The falling out between Bill Gross and his one-time partner Mohamed El-Erian has quickly turned into one of the ugliest bust-ups in recent history.
The founder of a hedge fund with $21 billion under management provided three investing rules and three favorite stocks.
Former executives at Dewey & LeBoeuf were accused of using accounting gimmicks to fool banks and investors.