Breaking Wall Street Market News & Reports

The stock market started the morning weak, dropping 50 points within the first hour of the trading session. By 11 AM EST, US equities bounced on both sides of the water  +/- break-even. I like to use the Ping Pong analogy as markets experienced throughout the major part of the day. It was pretty boring, that is until 3:25 PM. Buy orders were filling in quick. Shorts were forced to cover.

There hasn’t been much news to contribute to the market’s slide or climb.  

Highlight of the major headlines below:

Financial Reform remains on Gridlock

Initial jobless claims fell by 6,000  last week; economists had expected claims to drop by 8,000. I think numbers are inclined for the worst, especially with the news released today joining California and Kansas; New York and New Jersey. They have announced that significant cuts will be expected in Health Care and Education. More cuts in teachers jobs. Very disheartening.

Separate reports showed the trade gap shrank 6.6 percent as oil imports dropped to their lowest level since February 1999, and mortgage rates dropped for a second straight week, remaining below 5 percent.

30-year bond auction was met with solid demand: The high yield was 4.679 percent and the bid-to-cover ratio was 2.89.

A report out of China showed inflation rose to a six-month high, escalating fears that the economy is overheating and demand for commodities and other goods may start to slow.

Canada is also looking to raise inflation to an annual average of a tepid 2% to steer away from deflation.

In Greece, strikes against austerity measures all but paralyzed the country, grounding flights and closing schools.

Treasury Secretary Tim Geithner wrote a note to European regulatory officials, warning them not to tighten rules on hedge funds and private-equity companies as this would discriminate against U.S. entities, the Financial Times reported.

In stocks

Palm:Continues to take a beating, closing at $5.25. We made the initial call at $9.09 prior to the rating agencies downgrade. Gain from Short: 27% gain

DDR: Continues it’s upward push! Amazing as I had called it to break it’s 52 week high day after day. Up 17%

C: Best “bad bank” on the market. Highly undervalued as I anticipate Citigroup to break it’s 52 week high and close the year around $6. Hedge funds have been gobbling up shares as trading volume climbs.

Speculative Stock – (Short Term Gain)

HEB:$ .82 Huge momentum, trading on the AMEX.  Short squeeze of $12million 9.9% short float. Momentum approaching 100 moving average. +20% potential gain.

Cheers!!!

Tags: C, Citigroup, DDR, heb, PALM, pop

This entry was posted on Thursday, March 11th, 2010 at 2:23 pm and is filed under Contributors, Debt, Economics, Small Cap Stocks, Stock Market News, Technical Stocks. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.