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.
In 2013, he won Third Place in the National Headliner Awards in the Business and Consumer Reporting category for his documentary on the diamond business, "The Diamond Rush."
In 2014, Bob was honored with a Recognition Award from the Market Technicians Association for "steadfast efforts to integrate technical analysis into financial decision making, journalism and reporting."
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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Commodities are a bit weaker here as the dollar is stronger, stock futures are flat. Europe and Asia are mostly higher, the Shanghai Composite, however, is up 4.6 percent today, best day in a month on strong earnings forecast from a couple of their banks.
Bears are arguing that the bear market will not be over until the leadership groups get taken out--energy and materials. Bulls say this is a pipe dream, at least for energy; fundamentals for this group only get better in the second half of 2008 and into 2009
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.
Hedge funds have seen the worst start to the year since the financial crisis, as returns in January and March were both in the red.
The Fed indicated to Citi that it would get more time to fix "stress test" planning problems before rejecting its capital plan.
Goldman Sachs reported quarterly earnings and revenue that topped analysts' expectations on Thursday.