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Trader Talk
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There is a change in sentiment as traders are trying to get their hands around the extent of the slowdown in global growth.
New issues for the market:
--global growth slowing
--poor guidance from Oracle[ORCL
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], RIMM [RIMM
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]
--sector weakness spreads beyond financials & autos
At the same time, some old issues won't go away:
--housing bottom uncertain, as indicated by Lennar's[LEN
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] results;
--oil & dollar not moving in right direction.
--endless cutting of estimates for financials
Of the issues the market has addressed today, slower global growth is a particular concern. Oshkosh[OSK
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], which makes heavy-duty vehicles for many commercial industries, is getting a lot of trader attention because they talked about weak business here and overseas, with specific reference to softer conditions in western Europe, so companies that make any kind of heavy equipment are weak today, including Terex[TEX
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], Caterpillar[CAT
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], Federal Signal [FSS
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], or heavy duty truck companies like Navistar [NVAZ
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]and Paccar [PCAR
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].
On top of the slowing growth issue, we have central banks raising rates in all the markets where growth is occurring, particularly emerging markets, which is adding fuel to the fire.
Bottom line is traders are confused. The market is messing with their heads:
1) blue chips dropping 3-5% a day? What's cheap anymore? They don't know.
2) traders complain stocks are oversold, but they are not Oversold, they're Underowned. No one wants them right now, which makes cash attractive.
Dow will close at a 52-week low, but that is not the big issue is the closing low in March for the S&P 500, 1273, we are not far from that now.
Questions? Comments?
POPULAR TRADER TALK POSTS
- Risk Trade Is Back On
- This Week's Biggest Story: The Dollar
- Corporate Issuance Continues at Torrid Pace
- The Bernanke Dollar Bounce & Gross Says Forget About Rate Hike
- Colgate Really Sparkles After Hours
- Light Volume Has Traders Complaining
- Gold Shatters Another Record
- Have Retailers Reached Their Limits?
- The Retail Mind Game
- The Gold Rush Is On
Data is a real-time snapshot *Data is delayed at least 15 minutes