How many does it take to stop a raging bull a bull that produced the best month for the stock market in 33 years . I think we might have found out today. Looks like 30 million. Yep, just as we learned that we had the best rally since january of 1987, an admittedly inauspicious year, 1. 2 is the slowest pace this month. We also got incredibly bad news. Jobless claims bring it to 30 million over the past six weeks. No wonder the dow tumbled 288 points, nasdaq shed. 28 today this was an explosive situation. The market was overbought. We have again another Great Depression with the unemployment number that is not confidence inspiring for me i dont know about you when we saw a great labor market before the pandemic, id still be concerned after the run from the bottom stocks had gotten too hot. Were now at plus 7. 2 , the s p range oscillator, the one i swear by it fell to bottom 20 anything above plus 5 is overbought 7. 2 reading makes me concerned which is why weve been selling, selling, s
Which is how you get to the dow today where it lost 129 points, 5. 3 of the nasdaq nose dive 1 . But the first two weeks of earnings season things were pretty straightforward sure this economy might be slowing down, but the consumer was doing so great backed by a strong job market, higher stock prices and i have to tell you, it was offsetting any industrial weakness hallelujah. This week its a totally different story. The markets no longer on its meds while twothirds of our economy is consumer oriented indeed, the other third has gotten so bad so fast its crying out for some kind of government intervention. Thats what caused todays weakness because the nonconsumer economy is plain worrisome. Tonight were speaking to electric power thats the largest Transmission Power Company in the whole country. If youre trying to get a read on the economy, theres Nothing Better than getting the power datd a it took my breath away when they said the biggest economic head wind we have at this point is
The cac is up by three quarters of a percentage point. Italian stocks up by 1 . The dax and ftse both up by a third of a percentage point. If you look at crude oil prices, there was some additional pressure that came into this on some libyan output recovering from a technical issue at an oil field that has concerns about whether opec and all of the production halts that the production cuts they continued will really be that effective. Things are picking thank you morning. Starting at the base of 48. 61. Breaking news for you. U. S. Paints maker Ppg Industries will not make a bid for akzo nobel after several informal offers have been rejected. Under dutch law ppg cannot approach akzo nobel for another six months. A check on shares of both of those companies. Akzo nobel down by a point and a half. Ppg unchanged at the moment. Thats the one to watch later today. On todays agenda, Dollar General reporting before the open. Broadcom and lululemon are out after the close. A ton of data throug
Why . Consider it overvalued. They may have the overvalued stocks that people cant live without. And, third, there are the stocks that actually represent living, breathing companies, not companies hostage to the overall gloom. They all combine. On todays like today, the bulls went out. Nasdaq climbing 1 . Lets start with the living breathing companies because thats all people were talking about today, namely the merger between at t and time warner. I right now i want to raise a larger point. The terrific ceo of time warner has been arguing with wall street for years claiming his company is worth substantially more than what its stock was selling for. While the stocks been a good one, i thought time warner traded at discount to what it was worth. The antinetwork bias has to do with time shifted programming and the endless talk about cord cutting. The Younger Generation just doesnt watch tv the way the older one does, and with a bunch of programming that wall street deems less relevant,
Breathing companies, not companies hostage to the overall gloom or the feds onagain, offagain pronouncements. They all combine, and on days like today, the bulls went out. Dow gaining 77 points. S p advancing 0. 47 . Nasdaq climbing 1 . Lets start with the living, breathing companies because thats all people were talking about today, namely the merger between at t and time warner. Ive talked about this deal in more detail, and ill do it again later in the show. But right now, i want to raise a larger point. Jeff bewkes, the terrific, some would say Great American ceo of with wall street for years, claiming his company is worth substantially more than what its stock was selling for. While the stocks been a good one, candidly i thought time warner traded at discount to what it was worth because wall street has such a bias against networks, tv networks, and, yes, movies. The antinetwork bias has to do with timeshifted programming and the endless talk about cord cutting. The Younger Genera