Getting ready for the trading day I noticed the futures dropping heavily, over 100 points, within the span of a few minutes. CNBC reported that rumors of the ISM Non-Manufacturing index, a gauge of business in the non-manufacturing industries, was leaked. As a result, the official ISM numbers were released an hour early, normally released at 10:00 EST. Consensus was around 53, or still in the expansion phase. Official numbers came in at 41.9, or under the 50 level required to maintain expansion. In other words, according to the ISM released today, the US may be entering a period of contraction. As a result, European markets are heading south anywhere from 1-2% as they close for the evening while futures continue to fall in the US. The leaked rumors must have been bad enough to warrant the early release of the ISM index. Looks like we’re in for a rough day folks!
Tuesday, February 5, 2008
Futures Pointing Lower; Giants Opening Markets
Futures are pointing lower this morning even with strong earnings reports from Toyota and NYSE Euronext (Cramer’s beloved). CNBC’s reporting that the markets are still jittery about the credit crisis. Perhaps they’re finally realizing that the series of rate cuts we’ve had aren’t doing much? The only way these issues are going to be resolved is through time. Housing markets need to collapse a bit further, lenders need to tighten up credit requests, and others need to be outright bailed out such as the bond insurers. I know once housing prices begin to deflate further, my future wife and I will be able to afford a home. I’m sure the same can be said for quite a few folks right now. Once housing prices come down sufficiently, those that couldn’t afford, not because of credit but because of pricing, can finally afford and kickstart the US economy once again.
It looks as if some members of the New York Giants are ringing the bell this morning. Might be fun to watch so tune in. Looks like today may be another one of those slow market days but don’t let your guard down.
Monday, February 4, 2008
Reminder: Blogroll Additions
Just remember that you have until February 23, my last day as a single male, to sign up for the Blogroll! Two and a half weeks to go folks!
Watching Paint Dry; Perfectville Still Population: 1
I think traders are hung over from the Giants victory last night. Market breadth and the markets in general feel very sluggish with very little movement. Currently the Dow is down 60 points on moderately weak breadth.
But enough of the markets, how was that win by the Giants last night? The helmet catch toward the end of the game was by far one of the best
plays I’ve ever seen. Sadly, the same can’t be said about the commercials. Is it me or are they getting worse year after year? I found the FDX spot mildly funny but for the most part I just wasn’t impressed. I’m surprised companies are paying upwards of $6 million for a time slot and fail to utilize it effectively. And did anyone else notice the Pats walking off the field before the game ended? Bunch of sore losers if you ask me hah! Then again I’m a Dolphins fan and whatever it takes to preserve the population of Perfectville is fine by me.
I may end up watching some paint dry this afternoon as the markets are mostly a non-event today. Don’t let your guard down though. The markets have been known to change direction even 5 minutes before the close for no reason.
Saturday, February 2, 2008
Weekend Reading – February 2, 2008
With the amount of work I have (1,440 Excel tables…), this week’s reading list is an excuse to give my eyes a rest.
- Have we bottomed yet? Not sure, but these stocks may have
- Microhoo!
- Speaking of Microhoo!, are they really overpaying for Yahoo!? Google’s internet dominance still won’t be challenged to be quite honest so it may be a waste of cash.
- What can’t you cut from your budget? While I agree organic / soy milk tastes better, I can’t justify the cost right now, especially with regular milk expensive as it is.
- Herb Greenberg v. Larry Kudlow. Who would you take in a fight?
Have a great weekend. Go Giants (dislike Patriots with the passion of a thousand fiery suns)!