Author Archive
That Ugly Market Pattern Keeps On Happening
A pattern that we’ve observed before is how pathetic the stock market has been behaving these days.
Each day we see periods of downs and ups, but in the end, the market ends down, usually fairly near the lows, with miserable performance in the final hour.
Today was no exception, as a nothing day (that at one point was decently higher after the FOMC minutes came out at 2:00 PM ET), turned into a 0.4% loss.
Here’s a look at the S&P 500 (via Yahoo Finance) over the last 5 days.
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Bill Ackman Is Pitching JC Penney At The Ira Sohn Conference
The Ira Sohn conference is wrapping up soon.
The final presenter coming up in a few minutes: Bill Ackman.
You can see our liveblog of the whole event here.
We’ll be covering Ackman’s presentation inside this post.
UPDATE:
He’s picking JC Penney, a stock that everyone knows he is long.
He’s been long it for a long time, and it plunged 20% today. Awkward.
See live coverage of Ackman/Ira Sohn here >
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Another Poll Shows Investors Overwhelmingly Expect Greece To Leave The Euro
Guesses about Greece’s fate in the euro are all over the map.
Here’s a client survey from SocGen:
Survey of client expectations: 74.6% though that Greece would leave the Eurozone. However, 95%
thought that the EUR would still survive as a currency. Those expecting a state to leave the Eurozone expected between 1.62 and 1.72 countries to leave within a year. Greece seems to be the prime candidate, with hesitations on Portugal and for a few Spain. The majority of investors are looking to
buy above EUR/USD 1.18.
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Spanish Yields Are Blowing Through The Roof
The LTRO effect appears to be over.
Spanish yields have been ripping higher all day.
Here’s an intraday look at the Spanish 10-year via Bloomberg.
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A Faint Glimmer Of Hope That Greece Might Form A Government?
Today is probably the last day for Greece to form a government, before it is forced to call for brand new elections in mid-June.
The assumption was that the Greek President would meet with the PASOK, New Democracy, and Democratic Left parties, but not with the left-wing SYRIZAT party, which is seen as being in the driver’s seat in the next election.
But it seems that perhaps the SYRIZAT party might be willing to meet still according to Ekathimerini and other outlets.
This isn’t much to hang on, but the fact that there are some conversations still ongoing is a vague sign that something still might happen today in terms of forming a government and averting a new election. We’ll see.
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