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<strong>REVENUE-LESS RECOVERY</strong> To date, an amazing 78% of the S&P 500 companies have thus far beaten consensus estimates. Then again, maybe this is less amazing than meets the eye since the consensus of street analysts have taken such a knife to their estimates that Q3 operating...

1071.66, that was the closing low on the S&P 500 on September 22 ? and the S&P managed to set a new post March 9 high of 1076.19 in yesterday?s session. Again, it remains to be seen whether this turns into a key technical development since the Nasdaq, the Dow Transports and the Russell...

One very expensive market..... <fieldset class="gc-fieldset"> <legend> Attached files </legend> <a href="http://www.talkirvine.com/converted_files/images/forum_attachments/451_PHB2rVFZZO90IDUh2BSu.jpg"><img...

<strong>ONGOING CREDIT CONTRACTION</strong> The big story yesterday, at least to me, was the further massive $12 billion decline in outstanding consumer debt in August ? the consensus was looking for an $8 billion contraction. This was the seventh month of debt retrenchment in a row. In...

<strong>WHAT EVER HAPPENED TO THE SAYING ?THERE IS NOTHING TO FEAR BUT FEAR ITSELF?</strong> FDR said ?there is nothing to fear but fear itself? and yet is fear that is helping drive every asset class right now. The action in all of the markets has been very interesting. The equity...

<strong>A TECHNICALLY DRIVEN MARKET</strong> Well, you know the technicals are taking over when: (i) at the July 10 interim low, the S&P 500 bounces off the 200-day moving average, and (ii) at the October 2 interim low, the S&P 500 bounces off the 50-day moving average. The fact that...

In a surprise move today, the Reserve Bank of Australia became the first G20 central bank to raise rates ? by 25 bps to 3.25% (Israel was the first to do so last month). The commodity-based currencies are flying high on this move ? the Aussie dollar rallied nearly a full cent on the move...

Decent volume (accumulation) the last two days, but nothing huge. Until it can stay firmly above 12, I still believe you will see 10-10.5 before you see $14-15. The current inventory situation (full capacity) will not support the price from going any higher, but today's market has nothing to do...

More from Rosie <strong>Reasons I hear why the market shrugged off the payroll Non-Farm Payroll report</strong> 1. A bad number was already priced in post-ADPs 2. Employment is a lagging indicator 3. The weaker the data, the bigger the V-shaped recovery 4. Weak data...

From David Rosenberg Last Friday <strong>Market Action on Sep Unemployment </strong> We finally could be in the long-awaited corrective phase in equities that will hopefully give us a chance to ultimately buy the market at more appropriate valuation measures. We have said 850 on...

?Institute for Supply Management?s manufacturing index unexpectedly dropped to 52.6, lower than the reading of 54 forecast by economists in a Bloomberg survey. Does this mean that the stimulus funding peak is now long behind us and the manufacturing will actually have to stand on its own...

<strong>CONSUMER CONFIDENCE TAKES A TUMBLE</strong> Consumer confidence not only surprised to the downside in September but the Conference Board index actually fell to 53.1 from 54.5 with both the ?present situation? and the ?expectations? component failing to build on the August...

<strong>What used to be one of my favorite morning readings from Merrill Lynch (while Rosenberg was still there) , now I got daily crap like this. </strong> Double Dip? Not our base case One of the concerns about the US outlook that we repeatedly hear from clients is the fear of a...

<strong>Recap of last week</strong> ? The S&P 500 posted a rare 2.2% weekly decline, the largest setback since the beginning of July. ? Despite the U.S. equity market weakness, gold lost 1.9% this past week, its worst performance since mid-July. ? Gold was down, but so was the...

Hearing on Audit the Fed bill http://www.zerohedge.com/article/has-federal-reserve-ever-tried-manipulate-stock-market-how-about-prime-brokers

Rep. Alan Grayson: I would like to know whether it is within the Federal Reserve's legal authority to try to manipulate the stock market or the futures market. Federal Reserve General Counsel Scott Alvarez: I don't believe the Federal Reserve tries to manipulate the stock market. Alan...