Today's Key Market News - Housing Hatred
(Stocks in this article: TOL, PHM, LEN, CTX, MGM, NMX)
Why you hatin on me!?! Housing is definitely not cool to anyone anywhere anymore: not the rating agencies who finally decided the business is not blazing, and today downgraded some more debt; not the equity analysts who avoid eye contact with their Directors and sweat anxiously as they swipe their magnetic ID card each morning; not the executives at Toll Brothers (NYSE: TOL) or anywhere else who continue to paint a horrid picture after broadly forecasting industry growth in January; not Countrywide's (NYSE: CFC) Angelo Mozilo whose bronze and beautiful tan is fading into the pasty white of a corpse; not anyone! Even Hank Paulson and Ben Bernanke are looking for a new bar to hang out at after hours, since their "subprime isolation" one liner doesn't work on their government bosses anymore.
Why you hatin on me!?! Housing is definitely not cool to anyone anywhere anymore: not the rating agencies who finally decided the business is not blazing, and today downgraded some more debt; not the equity analysts who avoid eye contact with their Directors and sweat anxiously as they swipe their magnetic ID card each morning; not the executives at Toll Brothers (NYSE: TOL) or anywhere else who continue to paint a horrid picture after broadly forecasting industry growth in January; not Countrywide's (NYSE: CFC) Angelo Mozilo whose bronze and beautiful tan is fading into the pasty white of a corpse; not anyone! Even Hank Paulson and Ben Bernanke are looking for a new bar to hang out at after hours, since their "subprime isolation" one liner doesn't work on their government bosses anymore.
Stocks opened higher this AM, as nothing blew up. Since al-Qaeda has been chased into a corner, maybe we should add the Federal Reserve and Treasury to the Terrorist Organizations List. Why not, a wide group of regulators, mortgage brokers and institutional entities have been behind more blowups than any terrorist organization of late. You know, I thought I saw William Poole wearing a black cowboy hat, a bandanna and a dynamite vest the other day, unless it was that dude from The Village People. Yo Greek, stop the hatin!
Stocks are up in Europe after inching higher in Asia, and the U.S. market seems to be losing some of its volatility sizzle. We do have the makings of a rally folks. Sellers seem somewhat exhausted here, unless those bandits strike again. We suggest cherry-picking good names in beaten down sectors and looking for industry leaders on sale in other sectors. We are planning some new stock specific ideas for you in the desert of the financial sector and maybe even housing. Just do us a favor; if we're not back in a couple days, please send a search party.
Stocks are up in Europe after inching higher in Asia, and the U.S. market seems to be losing some of its volatility sizzle. We do have the makings of a rally folks. Sellers seem somewhat exhausted here, unless those bandits strike again. We suggest cherry-picking good names in beaten down sectors and looking for industry leaders on sale in other sectors. We are planning some new stock specific ideas for you in the desert of the financial sector and maybe even housing. Just do us a favor; if we're not back in a couple days, please send a search party.
Today's market-moving news was relatively light, so we've added some color to the articles below. You'll find a Motley Fool video about Buffet and some other interesting articles. Toll Brothers reported earnings and Standard & Poor's downgraded the debt of many of TOL's peers. Oil is inching higher, despite economic concerns. It's still hurricane season folks, so even though we see the trend moving lower, we would be careful about outright shorting, and we definitely wouldn't walk away from any investment against oil for too long. Keep your eye on this dynamic market, since terrorism and weather threaten to disrupt the downtrend on a dime. Don't miss our weekly article, "The Greek's Week Ahead - Fed Half Devils."
Market-Moving News
- CNN Money: Asian Stocks Creep Higher
- Financial Times: Europe's Banks Bear Brunt of Tense Session
- CNN Money: Mortgage Applications Slip
- CNBC: Oil Flirting with the $60s
- DailyFX: Yen Carry-Back?
- Forbes: T-Bills Giving Back Some Capital
- USA Today: September Rate Cut Baked In
- Yahoo! Earnings Calendar
- AP/Yahoo!: Toll Brothers (NYSE: TOL) Q3 Cancellations
- Seeking Alpha: Affiliated Computer (NYSE: ACS) Reports
- MarketWatch: NYMEX (NYSE: NMX) Takeover Talks
- AP/Yahoo!: S&P Cuts Homebuilders (NYSE: CTX, LEN, PHM)
- Motley Fool: Video - Buffet's Buying What?
- CNBC: Dubai World Eyes MGM Mirage (NYSE: MGM) Stake
- BBC: Russia Promotes Czech for IMF
- Int'l Herald Tribune: CIA Criticises Tenet
- Iran Daily: Tales from the Dark Side
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posted by The Greek | 9:16 AM
2 Comments:
re:the 3 stooges article. why are you and every other wall streeter against free markets. let the markets naturally purge. there has been entirely too much market manipulation by the fed. your concern is not for the idiot mortagees who are losing their homes because of their own stupidity and yes greed. your concern is for the high salaried wallstreet bankers and their big salaries and mansions. you all sound like socialist. you want the taxpayer to bale everyone out. it did not work in the soviet union. i was a young banker when interest rates were 21.5% and we had double digit unemployment. it forces people to wake up and become managers and savers. we have lost a tremendous amout of farmland and forestland over the last 12 years because of the entirely too low interest rates and greed. the freeways of this country are far too overcrowded and dangerous. double digit interest rates would halt the dangerous illegal immigration problem. i vote for a depression.
I wouldn't necessarily vote for a Depression, but I think the previous comment has some valid points. We all talk the talk about social welfare, and a too large nanny government, but once things on Wall Street start turning bad, and the billionaire hedge fund managers who took on RISK, and might not get their REWARD....the FED all of a sudden should get involved and cut interest rates to bail out their YEN-CARRY Trade strategy or whatever "highly leveraged" stratergy that used borrowed funds to multiply their own profits? I think the FED should raise interest rates, clean out the rest of the excesses of these Interest Only Mortgages, and strengthen the U.S. Dollar, and encourage the Working Class American to SAVE a little instead of whipping out their credit card to buy the latest gadget Apple has to offer.
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