Nasdaq climbed, s p. 51 im sure you have some stocks. Maybe moving into something a little more placid like the industrials. At back my Old Hedge Fund we reviewed our positions three times a day. Thats right every day. Three times a day id have to defend them to karen cramer, our head trader. If my enthusiasm flagged at all, if there was a negative news story, a downgrade, a price target cut, or even if the stock was just heavy where sellers didnt seem to care what prices they sold their stock at, shed deem it vulnerable and kick it out. Whether i liked it or not. Sell sell sell sell sell it was brutal but necessary. We had to contain our losses they were looking over our shoulders. And when it came to dead money forget about it. Shed say lets boot it and come back at a better time, there are other stocks to own that can win. You see this attitude a lot from people that come on our network, dont you . Theyre running money aggressively they can vacillate constantly i did the same thing
Be nauseated by the companies that have already reported with the sole exception of tech, which is once between getting a pass. We could have more days like today where the dow lost 174 points, s p tumbled. 62 , nasdaq shed. 63 . It was much uglier at one point during the day. What makes me so sure earnings season could actually be so difficult . I think its because were rooting for lower inflation and less wage growth. But so far we just arent getting that scenario. Oh, yeah, we had a onetwo punch today of a hotter than expected Consumer Price index coupled with a Government Bond auction of 30year treasuries that fell flat. Causing the bond market to get crushed while the yields soared. What the heck is the government even doing offering a 30year treasury right now . They know nothing its the birkenstock of bonds. To reference an ipo that smelled like dirty feet. Pricing 46 bucks just before falling to 37 and change after the first two days of trading. Another day like today and it wi
Last night i told you that whenever we have an intraday rebound from a big decline based on pretty much nothing, as what happened yesterday around 1 40 to 1 43 p. M. Then you could have a chance for a real run the next day. Ive staked my career on being able to spot bottoms and tops. And that intraday pivot often signals a real sea change in the market. Sure enough after a slow start the dow rises 116 points, s p gained. 59 and the nasdaq jumped. 83 . When the market was once again cascading down, out and out capit capitulation, and then it just stopped. And then it started rebounding like crazy almost into the close because none of the prevailing negatives actually changed the higher Interest Rates, soaring price of oil. The rebound was widely dismissed. Hard to take seriously when the fundamentals havent changed at all, isnt it . But i choose not to dismiss it because these kinds of against the prevailing mood moves can be very meaningful. They have been many times in the past. A piv
Noceps whatsoever, or does it . If rates go higher, you have to sell stocks. If oil goes higher, you have to sell stocks. Thats what september taught us, right . Dow finishes off 69 points, but the s p advancing. Most importantly, the nasdaq is gaining after being crushed. Yesterday was hideous. How is this comeback possible . Is it fanciful or real okay we got oversold. Thats all we have stocks that have been dropping for days, weeks it hasnt mattered at all until today. Why . First, we are about to turn the page from september, particularly if september is bad. If september brings rain, october bears fruit. There is too much history of that happening you cant afford to ignore history. That makes for bad choices oil is soaring second, and perhaps more important, i tell members of the cnbc investing club we use something thats objective to pay Service Called the s p oscillator i use it to measure when the market is overbought or oversold i know this kind of thing probably sounds like g
This is Al Jazeera America live from new york city. Im randall pinkston. We are learning more about a man believed to be behind the shooting deaths of two virginia journalists live on television this morning. Police have identified the fan as fester flanagan. He is believed to be a former employee of the station, working under the name bryce williams. He is believed to have shot two former colleagues as they were reporting live on air this morning. Reporter allison parker, 24 years old, and cameraman adam ward 27, interviewing a guest when the report was interrupted by gunfire. News room across the country have been shaken by this. What is the latest . Reporter its lurid, its graphic. Its horrific. Its about five miles southwest of virginia year. Rowen oak virginia one of the steps along the way that many journalists have stopped at. Allison parker was on the air at 6 45 this morning, interviewing the chairwoman of the chamber of commerce there, victory gardner. And 27 year old adam wa