That and janet yet yellens first News Conference. Steve will have the cnbc fed survey results in just a moment. But as for todays data at 8 30 a. M. Eastern, well get two reports. One is the Consumer Price index for february. Thats expected to rise 0. 1 . Housing starts for february are also expected to rise by 3. 4 . A major improvement in the drop that we saw back in january. Building permits are expected to come in flat for the month and the markets are going to be looking for any weather related issues. Well have those reports coming in at 8 30 eastern time. Right now, futures are indicated slightly lower. Dow futures down by about 32 points. S p off by 4 points. On monday, the dow snapped a fiveday losing streak as concerns about ukraine subsided after sundays vote. And russias president Vladimir Putin will be speaking to Parliament Coming up this morning. Heads of reason in public groups will be in attendance. Putin is expected to address the integration of crimea. Many expect hi
Plunging 2. 09 . Nasdaq nose diving 3. 1 . Its worst performance since november of 2011, because if one things for certain, you wont find many explanation for todays hideous action on wall street or main street for that matter. Frankly, this was without a doubt one of the most mystifying days weve had in ages. In fact, if our country traded in a vacuum as if we were the only country in the world and so many hedge funds werent being knocked through a loop, im actually confident we would have been higher today, not down and not down terribly. That would have been the rational course of action in this nasty session judging by the last couple decades of trading. Why do i think we couldve been up with the domestic set of facts on hand and not down hideously as we were . Because the two biggest pieces of news in america today, america, were positive. The first, how about the lowest jobless claims number in ages . Thats right, jobless claims went down by 32,000, just 300,000. Do you know that
And you pretty much feel like you got to let things ride. Its called a bull market. Over the weekend the air was thick with geopolitical risk. And a sense of global mayhem. The back drop is plain ugly. It seems to get uglier by the day but it cant seem to translate into overall stock market selling. It doesnt bring out the sellers. As the dow ended up gaining 22 points and the s p advanced 0. 3 and the nasdaq did decline. How can that be . How can all of that negative news not translate into people panicking or selling or running from unaring into or running into the exits . One is the biggest these days. Many companies are trying to create instant value for their shareholders and that Value Creation isnt tanging a vacation. It doesnt take a break because the israeli army is fighting in gaza. Lebanon embassy is being vaeked. In the old days i would say, or be at the Old Hedge Fund which i close and dont work at anymore i used to say what does all the geopolitical nonsense have with the
But Warren Buffett has done shareholdersewed like other guys in Silicon Valley. I dont see him doing that. I think he has legitimately made money. I dont agree with the fact in his position he couldnt do more. Start ing to mean, i think hes a smart guy and i think he has done well for shareholders. There are things i disagree with them on. It certainly i was buying my own business. They started it. I am really looking forward to going at them. Ive got to tell you, theres a part of me my mother said i have some sort of warrior gene. A throwback to a 13th century warrior. I would rather fight corporations than these guys. You said that you use Credit Derivatives and Warren Buffett has called them weapons of mass destruction. They are different. Dont confuse it. Hes calling them that. I think he was more talking aboutthe way that derivatives used in the housing bubble. I think most of them will admit it. Quacks but fannie and freddie, promoting everyone today as part of the birthright and
Isnt that outrageous . I thought this was only supposed to be an up year for heavens sake. Look out. Weve got a new type of investor in town. The selfish ungrateful shortterm play whole feels entitled to the point of absurdity. How do i know this . Pretty simple. I go on twitter at jim cramer and read about people attacking me for recommending a stock that is dropping a point and a half. A 2 decline to these new byes is a plummet. 3 drop is disastrous. A 4 decline, who knows. They might not even live to tweet about it. Now, at the risk of calling myself a pro, something im entitled to do, i think, because ive managed money profession professionally for more than three decades, let me tell you how you need to view these kinds of, yes, painful declines. First, im going to make you a fly on the wall for conversation both online and then at the office with the coPortfolio Manager of my travel trust cnbc contributor stephanie link on this later this afternoon, these conversations occurred t