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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Will the rally hold? For the first time in weeks, at least half the traders I've talked with think we will end the day with gains, though perhaps not at the highs. Bulls say: 1--We have broken the "sell in the last hour" mantra in the last two days.
Banks and mortgage companies have been rallying today on the positive comments from Ben Bernanke and word that Treasury Secretary Paulson has been meeting with loan servicing companies and other executives in the mortgage industry to work out a plan that would extend lower, introductory interest rates on home loans before they reset at higher levels.
Traders got what they wanted: 1) Bernanke sounded like Don Kohn, and 2) Paulson is taking the reigns and indicating he is trying to stop the subprime crises from spreading. 1) Bernanke: In his speech last night, Bernanke made it clear he was worried about the direction of the economy.
Today is a victory for bulls, and all sane, right-thinking people. All right, I'm exaggerating, but really I am very pleased with nothing happening. Why? 1) A big rally would have most certainly been sold off late in the day by bears fed up with the jubilant.
So is this is a tradable bottom or just a head fake? Bulls point to the still-huge short position in financials, the large cash positions, and the hopes that the strength of the rally will suck in other players looking for a last year-end play to add a point or two to their bottom line profits.
The rally held. This was an important day, a day where the "sell in the last hour" juggernaut was broken, at least for the moment. There are many reasons, but short covering is the key: 1) Short covering in financials.
Fed Pres Donald Kohn moved futures 5 points up at 8 am ET by saying that if tighter credit conditions made credit more expensive and discouraged spending, it "would require offsetting policy action." This seems to imply more rate cuts, whether of the fed funds type or the discount rate.
A two day rally? Hasn't happened once this month. We're heading in that direction today. What's up? It's mostly about short covering, but that could change. But wait--won't they try to sell into the rally in the last hour? That is certainly the strategy that has worked this month.
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