In the last five trading days, earnings releases were in full swing for banking stocks. Effective cost-control initiatives and absence of high legal expenses helped banks that have reported so far to outpace the respective Zacks Consensus Estimate. Banks were easily able to surpass estimates owing to downward revisions just before the releases. The concerns…
Shares of Sunesis (SNSS) are down 72% today after the company reported a regulatory update from both the FDA and EMA regulatory bodies. Sunesis is working on obtaining approval for Vosaroxin in both the U.S. and Europe, to treat patients with Acute Myeloid Leukemia — AML. AML is a blood cancer that inhibits proper cell…
From 18,075 highs, The Dow Industrials – hit by a smorgasbord of missed earnings and weak guidance – has collapsed 600 points from its highs a week ago… This is the worst week for the Dow since January…
“A lie would have no sense unless the truth were felt to be dangerous.” Alfred Adler Gold led a stiff rebound off support at 1180 today as it just was not going to go any lower, and the wiseguys grabbed some profits off the table. I hope you did not sell or short into their gimmickry, taking…
When high finance first comes to mind, one immediately thinks of the excesses. The $10M birthday parties, the “wolves” of Wall Street, and the Goldman bonuses. However, the financial services industry, as has been the case with numerous others, is finally experiencing a seismic shift in power. Innovation, transparency, and even lower fees are becoming the…
Intel is in a distinct H&S topping pattern and is losing its neckline today. For those interested, especially those bearish for fundamental reasons, here is a simple short setup. It looks almost too obvious, but our job here is to present setups, not over think. Sell Short Target: 29-30 Measured Pattern Target: 21 Stop…
The seasonally adjusted (SA) headline number for the monthly-error-times-12-annualized version of new home sales in June was 482,000. Wall Street analysts had guessed that the number would be 550,000. The Wall Street Journal went into apoplectic excuse-making mode, almost foaming at the mouth to try to find pundits to explain away the bad number. The…
After being net long all the way from $1900 to $1100, Bloomberg reports Hedge Funds Are Holding First-Ever Gold Net-Short Position. Hedge funds are holding the first ever bet on a decline in gold prices since the U.S. government started collecting the data in 2006. The funds and other speculators shifted to a net-short position of…
US equities continued to slide today as the recent makeover rally designed to put some lipstick on some new tech pigs has continued to retreat. Stock had their worst week of the year. I hope you were able to take something off the table. New housing sales slumped badly according to this morning’s economic data….
The recent Wall Street Journal article, Silicon Valley Doesn’t Believe U.S. Productivity Is Down, notes the widespread improvement in technology that should be improving productivity across the economy, but isn’t showing up in the statistics. The article notes that plenty of good free apps are not included in output statistics, but also points out that if productivity were…
