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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June payrolls came in in line with expectations, though there were revisions downward in prior months. No surprise, the ECB raised rates a quarter point to 4.25 percent; Sweden also raised rates. The dollar rose. What's up in Japan? The Nikkei has fallen 11 days in a row, the longest losing streak since 1953.
We are getting just the kind of trading that would be expected: modest rally on shreds of good news, met with selling (or just buyers stepping away) midday. Remember the basic facts of the market: 1) stocks are oversold, 2) traders are extremely bearish, and 3) "sell into rallies" remains the dominant trading motif.
This morning, in discussions with my colleague Dylan Ratigan, I stuck my neck out and said that the market should trade up modestly today for several reasons: 1) ISM was better than expected, 2) first day of the third quarter is historically an up day, and 3) the market is as oversold and bearish as I have seen it in many years.
Fortune Brands is down 6 percent after lowering their earnings guidance for Q2 and the full year--yes that Fortune Brands that owns liquor (Jim Beam, Maker's Mark, Canadian Club, Sauza, Courvoisier), golf equipment (Titleist, Cobra), and home products (Moen, MasterBrand cabinets).
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.
Copper continues to crumble amid China growth worries and a weak Yuan.
A high-frequency trader going public has skeptics, but there are reasons why the top for that industry isn't near yet.
China sees biggest drop in exports in four-and-a-half years and the biggest trade deficit in two years, weighing on stocks.
Copper is swooning on China fears, and it's not exactly alone.
Prominent money managers are warning of a bubble in some technology stocks and recommend avoiding emerging markets.
Turney Duff chronicled his spectacular rise and fall on Wall Street in "The Buy Side." Here, he offers 10 tips for those young traders climbing the Wall Street ladder now.
The leaders of the Senate Banking Committee on Tuesday announced an agreement on legislation to wind down government-owned mortgage financiers Fannie Mae and Freddie Mac, jump-starting a long-standing debate that could still take years to resolve.