I don’t want to make too much of this, but it was a pretty good day for stocks, considering all the negative stuff the markets had to deal with. Consider:    Read More

Want to know how frustrated Hewlett-Packard spacer shareholders are today? Here's a couple stats: Market cap yesterday: $123 b Today: $107 b Loss: $16 b.   Read More

Three points about today’s trading: 1) financials again down on weak earnings from European banks; 2) Bulls hoping that strengthening dollar would lead to a decline in commodity prices are again having a hard time; and 3) All those people arguing that the EDS/Hewlett deal would be a big challenge to IBM are missing the point.   Read More

Stronger retail sales than expected (ex-auto up 0.5 percent, the best showing since November) has caused an 8-point pop in futures. Elsewhere: 1) Hewlett-Packard's $12.6 b deal for Electronic Data systems ($25.00 a share) is a direct challenge to IBM.    Read More

I have today --Monday--off from work, but I'll be back with more posts tomorrow. See you then.    Read More

Risk aversion is definitely back today. You can see it in the dollar/yen, where the yen has really strengthened today. The AIG news (down 8 percent) told us that a lot of the bad news is still not priced in. Big momentum stocks like Visa, Mastercard, Nucor, US Steel, Anadarko, Apache, Bidu, Apple, and Google all saw profit-taking today. But here's the big problem: oil closing up five straight days, closing at a new high.   Read More

The AIG damage is limited, and that is good news: other P&C insurers are not showing any serious declines; financials in modest rally; the VIX is already dropping. The biggest factor: the Citi conference call, with Pandit and CFO Crittenden, appears to have gone well. Here are a few headlines...   Read More

Asian and European markets, as well as U.S. futures, weaker on the AIG news. Dollar stronger. For the moment, the risk aversion trade (long bonds, short financials) is back on. Oil at new high not helping. Also: Circuit City is allowing Blockbuster and Carl Icahn to conduct due diligence.   Read More

So we have a gold ETF, a silver ETF, an oil and natural gas ETF. How about a platinum ETF? Looks like it's coming--soon--and get this--you can go long and short the commodity. E-TRACS UBS should be launching two new ETNs fairly soon:    Read More

So there’s good and bad news on retail sales. The good news: --April better than March, even if you include the early Easter and better weather --Teen retailers terrific.    Read More