David Moenning's Daily State of the Markets: 4/29 Apr 29, 2009 10:09AM

Has the Tide Turned?

If you had been out on the golf course yesterday afternoon and someone told you in the clubhouse that the Dow closed down 8 points, you might be inclined to think that it was a blasé day where nothing of subsequence occurred. However, you’d also be mistaken.

Okay, we’ll admit that the price action wasn’t terribly inspiring yesterday and that on a chart basis it did appear that it was a rather no-nothing day. But, it is our humble opinion that there was definitely something worthy of note to take away from the session.

No, we’re not talking about the fact that a couple of big-name banks will need to raise some additional capital. Actually, it is kind of surprising that it took so long for the results of the so-called stress tests to be leaked. And no, we are most definitely not talking about the ...


David Moenning's Daily State of the Markets: 1/28 Jan 28, 2009 10:18AM

Bad Bank On The Way?

Stocks moved up a bit yesterday on the back of some decent earnings from the likes of Texas Instruments (TXN), Travelers (TRV), Netflix (NFLX), American Express (AXP), US Steel (X), and Bristol-Myers (BMY). If you’ve been looking at our abbreviated earnings reviews each morning, you may have noted that not every earnings report is a disaster and that there are a great many companies actually making money these days. This, in and of itself, probably isn’t enough to cause much in the way of a celebration on Wall Street as almost nobody in corporate America is singing a happy song about the future. But it does help make the argument that we may be nearing a low from an economic standpoint.

However, despite the green screens and warm fuzzies derived from the earnings reports, our heroes in horns were not able to make much of ...