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Politics Barack Obama

  • Debtor Nations

    U.S. futures, which were weak overnight on weakness in Europe and China, dropped a few more points near 8am ET on word that an improvised explosive device (IED) was found in a vehicle outside Aldgate East in London—a false alarm, according to reports. Greece and Spain are down about 4 percent, the rest of Europe down 1 to 2 percent. Why don't equity traders believe the Greek bailout will be helpful?

  • Talk about choppy trading...transports led yesterday, UP 135 points, today they lead the decline, DOWN 135 POINTS! Techs were strong yesterday, leading decline today; consumer discretionary like retail and home builders all led the market up yesterday, all weak today. In other words, all the higher beta names are weak.

  • Here's my friend Dan Mitchell's latest video. As usual, it's definitely worth watching. According to Dan: The correct capital gains tax rate is zero because there should be no double taxation of income that is saved and invested.

  • Talk about a revised bid! Simon Property originally bid $9 for General Growth Properties, forcing GGP and equity partner Brookfield to submit a revised bid to the bankruptcy court so that GGP can emerge from bankruptcy and management could retain control of the company. Right at the close today, the WSJ said that SPG has offered $18.25 a share, TWICE its original offer.

  • Stocks closing near highs for the day; the big beta names are the movers. REITs, Transports, Home Builders, Retailers, Casinos all leading the charge. Dow Transports the first of the major indices to punch through to new closing high. BUT also bear in mind that this is the first day of the month, when new trades are often put on.

  • Offshore drillers are again under pressure on concerns that there may be a partial shutdown in drilling activity in the Gulf of Mexico: Hercules, Diamond Offshore, Noble and ENSCO are again weak today, as are smaller exploration and production firms with a primary presence there. But attention has moved this morning to those who might be involved in the cleanup.

  • With the $3B merger between United and Continental announced, one has to wonder what is in store for US Airways.

  • Is the U.S. decoupling again? U.S. stock opened higher, though Greece and Spain are both down about 1 percent on concerns that contagion has not been contained and there will be more bailouts.

  • The new reputational/political risk associated with the market in key stocks (BP, Goldman, Massey) is the biggest story of the week. A good example of the uncertainty in the trading community is a note sent out by Buckingham Research this afternoon regarding Goldman. It is titled: Litigation/Political Risk Too Difficult to Handicap...

  • As the titan of Wall Street continues to be bombarded by SEC civil fraud charges and now a criminal inquiry, can its franchise remain intact?

  • Dow drops at least 114 points midday, financials lead declines. What's ailing financials? What isn't..?

  • Fire boats battle a fire at the off shore oil rig Deepwater Horizon April 21, 2010 in the Gulf of Mexico off the coast of Louisiana.

    As the fallout continues from last week's devastating oil spill in the Gulf of Mexico, fresh uncertainty is emerging over the future of offshore drilling in the United States.

  • Spills, investigations, and reputational risk: Several companies in 3 different areas (energy, financials and coal) are experiencing problems Friday.

  • american_bank.jpg

    Real GDP increased about $162 billion since the second quarter of 2009, when the economy bottomed out. Wall Street for 2009 paid out bonuses of nearly $150 billion on profits twice that amount. The rest of the economy, on balance, went backwards.

  • John Alfred Paulson, president of Paulson & Co., Inc.

    Just how dumb can you be? The guys that took the other side of the Fabulous Fab-concocted CDO-Squared whatever it was weren't stupid because they bet wrong on the housing market.

  • United States Federal Reserve

    President Obama has appointed three new doves to the Federal Reserve Board, thereby taking command of the nation’s central bank.

  • Europe about flat this morning, strong belief that a package for Europe will be announced Sunday or Monday

  • Goldman Sachs

    Federal prosecutors have opened an investigation into trading at Goldman Sachs, raising the possibility of criminal charges against the Wall Street giant, The New York Times reports.

  • A terrific day, with 3 stocks advancing for every 1 declining, volume moderate, as we again approach the highs for the year. It's been a fairly broad advance, with particularly strength in financials and cyclicals like consumer discretionary and industrials.

  • On the heels of the Napolitano press conference, in which the Homeland Secretary said the Deepwater Horizon spill in the Gulf of Mexico was of "national significance," energy stocks have come off their highs, and several are in negative territory.