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Current DateTime: 03:12:07 11 Nov 2009
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Expiration DateTime: 11/11/2009 3:15:22 AM

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Current DateTime: 03:12:08 11 Nov 2009
LinksList Documentid: 30456179
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Trader Talk Video Gallery
Bob Pisani reports on the trading day from the NYSE
Assessing whether the rally is real or fake, with CNBC's Mary Thompson; Rick Bensignor, Execution LLC; Eric Ross, Canacc...
CNBC's Bob Pisani reports on the trading day from the NYSE.
CNBC's Bob Pisani reports on the trading day from the NYSE.
Bob Pisani reports on the trading day from the NYSE
Getting more insight on the day's market action, with Brian Belski, Oppenheimer & Co.; Tim Speiss, Eisner Personal Wealt...
CNBC's Bob Pisani reports on the trading day from the NYSE.
CNBC's Bob Pisani reports on the trading day from the NYSE.

Trader Talk

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Jan.29
11:38 AM ET

Stocks are holding up well today...financials are down but off their lows...major indices down 1-1.4 percent, but also off their lows....is this a surprise?

It is, given the volume of bad news: December durable good well below expectations, with big downward revisions in November...December new home sales cratering, with big downward revisions in November....and awful guidance or reports from Black and Decker [BDK  Loading...      ()   ] , Oshkosh [OSK  Loading...      ()   ] , Illinois Tool Works [ITW  Loading...      ()   ] , Allstate [ALL  Loading...      ()   ] , and others.

Well, isn't this all priced in? No. Not when November durable goods goes from down 1 percent to down 3.7 percent...not when Black and Decker gives guidance of $0.05 to $0.15, with analyst estimates at $0.74.

The hope, of course is that the stimulus bill, the bad bank plan, and the Fed buying more of everything will be the X-factor that stabilizes stocks.

This may well happen, but every time I bring it up a chorus of bearish traders shoot me nasty emails: after the stimulus/bad bank stuff wears off and it proves insufficient...we are in for a February - March selloff that will take us below the November lows.

So the bears shout at me.

That's a long way from here: 7449 was the intraday low for the Dow on November 21, 800 points below where we are right now.

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Current DateTime: 01:40:19 11 Nov 2009
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