Trader Talk with Bob Pisani
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The market chatter over the weekend was all about Federal Reserve Chairman Ben Bernanke, and one question: will he try to push a more dovish position on bond-buying?
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Market Rally Holds: "Last Hour Sell Off Spell" Broken?
Posted By: Bob Pisani
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.
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Market Rally For Second Day? Up To Momentum Traders
Posted By: Bob Pisani
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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Fed Pres Kohn's Statement Should Spark Rally
Posted By: Bob Pisani
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.
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Freddie Mac Floats Stock, Cutting Dividends
Posted By: Bob Pisani
As suspected, Freddie Mac is floating stock. Offering $6 billion in preferred stock, but the bigger story is they are cutting their dividend 50% to 25 cents....and the stock is down fractionally.
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Markets: The Issues "Floating Around" Today
Posted By: Bob Pisani
For the last two weeks, it hasn't mattered if the market is up, down, or flat going into the last hour; the prevailing trend has been to attempt to sell the market toward the end of the day, even if the market ends positive.
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Abu Dhabi's Cash Infusion: Does It Save Citi?
Posted By: Bob Pisani
Abu Dhabi's $7.5 billion capital injection into Citi--that's 4.9% of the company--contains a stunning figure: a mandatory convertible that pays 11% yield (Citi currently has a 7.1% dividend yield)! That, as many have observed, is above the average yield for junk bonds, currently about 9%.
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"Credit Crunch" Main Story
Posted By: Bob Pisani
The "credit crunch" is the main story today and for the foreseeable future. Fannie Mae and Freddie Mac are again dropping -- both down nearly 8% again. Freddie has already said it may need to raise more capital and may have to cut its dividend. Fannie hasn't said that, but it sure is trading that way.
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Fed May Move Markets
Posted By: Bob Pisani
While the economy appears to be the main issue, don't be surprised if Fed speakers will be the key market movers this week.
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Retail Rally Fades
Posted By: Bob Pisani
Early morning rally fading as financials, retail and energy lead the markets lower. Retail reports very mixed. Shoppertrak said sales at 50,000 outlets up 8.3% more than expected. Everyone agrees electronics sales have been strong, but past that it is a little murky.
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Black Friday Kick Starts Markets
Posted By: Bob Pisani
Asian markets up nicely here -- Korea and Hong Kong up over 4% -- mostly on reports of a decent start to the Christmas season. Europe flat. The state of retail is what desks are talking about. ShopperTrak, which tracks sales at more than 50,000 retail outlets, and MasterCard Advisors said sales were up 8.3% and 5%, respectively. That was a tad more than many expected--one analyst at RBC Capital Markets said that they were "frankly a bit surprised at these results given our traffic observations."
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About Trader Talk with Bob Pisani
Direct from the floor of the NYSE, Trader Talk with Bob Pisani provides a dynamic look at the reasons for the day’s actions on Wall Street. If you want to go beyond the latest numbers— Bob will tell you why the market does what it does and what it means for the next day’s trading.
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A CNBC reporter since 1990, Pisani reports on Wall Street and the stock market from the floor of the New York Stock Exchange. Follow him on Twitter @BobPisani.
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Wall Street
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There's a wide divide over whether further bond purchases by the Fed can help lower interest rates.
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CNBC's Maria Bartiromo discusses the day's top business and financial stories, and looks ahead to tomorrow's Closing Bell.
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