Daily Discussion - Main Discussion thread

Discussion in 'Stock Market Today' started by T0rm3nted, Feb 8, 2021.

  1. stock1234

    stock1234 2017 Stockaholics Contest Winner

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    WTH :eek: Probably a stressful time for many companies now, the CFO of Bed Bath & Beyond also committed suicide although I didn't read too much about it since I was on a trip :frown:
     
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  2. anotherdevilsadvocate

    anotherdevilsadvocate Well-Known Member

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    That's right the BBBY guy was CFO, I got my C-suites mixed up.

    There was speculation that the BBBY guys were selling at the top...but it looks like the CFO didn't sell that many shares at the top.
    https://finviz.com/insidertrading.ashx?oc=1764348&tc=7
    There's a meme to be made here...when you sell at the very top, but only sell 5% of your position.
     
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  3. bigbear0083

    bigbear0083 Well-Known Member

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    Top of the morning Stockaholics! Happy Tuesday to all and welcome to the new trading day and a fresh start. Here is a quick check on those futures as we are a little under 4 hours from the cash market open.

    GLTA on this Tuesday, September the 20th, 2022. :cool2::thumbsup:

    [​IMG]
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  4. bigbear0083

    bigbear0083 Well-Known Member

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  5. anotherdevilsadvocate

    anotherdevilsadvocate Well-Known Member

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    NVDA is supposed to announce the 4000 series GPUs today; not sure if they will announce prices too. One version of the 4000 series (they usually make at least 3, at different price points) may be available by October.
    Early rumors were saying the 4000 series were twice as powerful as the 3000 series, but needed a power source 450-600 watts.

     
    #3045 anotherdevilsadvocate, Sep 20, 2022
    Last edited: Sep 20, 2022
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  6. bigbear0083

    bigbear0083 Well-Known Member

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    Morning Lineup - 9/20/22 - Weak Start as Fed Meeting Begins
    Tue, Sep 20, 2022

    Just like yesterday, futures are lower this morning as interest rates continue to make new multi-year highs while crude oil is marginally higher. The major news event of the overnight session was a 100 basis point rate hike from Sweden's Riksbank. That was the largest rate hike for the central bank since 1992. In economic news, Germany's headline PPI increased 7.9% month over month. Yes, you read that right- month over month. In the US, Building Permits and Housing Starts came in mixed relative to expectations. Housing Starts were expected to come in roughly unchanged at 1.45 million, but the actual reading came in at 1.575 million. Building Permits, however, missed expectations by just about as much as starts beat (1.517 million vs 1.610 million consensus forecast).

    As has been the case for most of the year, interest rates are on the rise again this morning. The 2-year and 10-year US Treasury yields are up about 4 basis points (bps) pushing both up to new multi-year highs. What’s somewhat notable about the moves in the last 24 hours is that for the first time in just over three months, both the 2 and 10-year yields are at 52-week highs.

    In the case of the 2-year yield, its yield has been hitting 52-week highs pretty much every day since Labor Day, but the 10-year yield only took out its June highs yesterday. No matter how many times we say it, it’s hard to imagine that less than nine months ago, ten-year yields were at 1.5% while two-year yields were less than 0.75%.

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  7. anotherdevilsadvocate

    anotherdevilsadvocate Well-Known Member

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    AAPL doing the heavy lifting again.
    [​IMG]
     
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  8. stock1234

    stock1234 2017 Stockaholics Contest Winner

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    This market would be a lot redder for sure if AAPL is not up decently :eek2: Anyone here getting the iPhone 14 btw? :D
     
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  9. anotherdevilsadvocate

    anotherdevilsadvocate Well-Known Member

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    I've got the 13, and an 8 before that.
    I prefer the 8 for a simple reason: smaller screen. Because I like to use the phone to play games.
    Smaller screen = faster game movement, and so many times I almost drop my phone because I'm trying to reach all the way over the 13's huge screen with my thumb.
    God I hate the Size Wars.

    When are they going to give us the 3x speed for podcasts? Imagine one day being able to listen to War and Peace in 15 minutes.
     
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  10. bigbear0083

    bigbear0083 Well-Known Member

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    Top of the morning Stockaholics! Happy FOMC rate decision day to all and welcome to the new trading day and a fresh start. Here is a quick check on those futures as we are 4 hours from the cash market open.

    GLTA on this Wednesday, September the 21st, 2022. :cool2::thumbsup:

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  11. bigbear0083

    bigbear0083 Well-Known Member

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  12. bigbear0083

    bigbear0083 Well-Known Member

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    (Reminder: FOMC decision on interest rates @ approx. 2pm eastern time today)
     
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  13. bigbear0083

    bigbear0083 Well-Known Member

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    Morning Lineup - 9/21/22 - Washington in Focus
    Wed, Sep 21, 2022

    Despite some bellicose comments from Putin overnight regarding the war in Ukraine, futures are higher this morning as US Treasury yields are modestly lower and oil prices trade moderately higher. There's also been some positive earnings news as General Mills (GIS) reported better than expected EPS and raised guidance, while Coty (COTY), a smaller company, raised Q1 guidance and sees full-year estimates inline with forecasts. You can read all you want into these early moves, but it's likely to all be irrelevant by the end of the day after the FOMC rate decisions and Powell's press conference.

    The comments above come from the prepared remarks of Citibank CEO Jane Fraser in testimony to Congress today. Mid-term elections are just over a month away, so our elected representatives need some campaign soundbites. What better way to do that than bring a bunch of bank CEOs to DC in person and give them a good scolding? Anyways, the prepared remarks of Citibank CEO Jane Fraser and JP Morgan Chase CEO Jamie Dimon, who will say that “many Americans are being crushed by high inflation eroding real incomes, particularly from higher prices on gas and food,” don’t paint a very positive picture for the economy. Whatever happened to the roaring 20s we were supposed to have after COVID?

    On the same day that bank CEOs present these dour economic forecasts, the FOMC will announce what is expected to be an increase of at least 75 basis points (bps) in the Fed Funds rate which would be the third straight increase of at least that magnitude. Not only that but Powell is widely expected to set the stage for more rate hikes to come. How much more in rate hikes that follow today’s meeting may depend on what the stock market does. In an article earlier this week, Nick Timiraos at the Wall Street Journal reported that Fed officials were unhappy with the market’s positive reaction following the July rate hike of 75 bps. Powell’s displeasure with the market rally was so intense that he scrapped his prepared Jackson Hole speech in favor of a more direct and forceful message that the FOMC would “Keep At It” and do everything it could to bring inflation down.

    Powell got exactly what he wanted from the market following that speech as stocks have been cratering ever since. Minneapolis Fed President Neel Kashkari reinforced the Fed’s intent to get stock prices lower when he remarked that “I was actually happy to see how Chair Powell’s Jackson Hole speech was received…I certainly was not excited to see the stock market rallying after our latest Federal Open Market Committee meeting”.

    Investors always discuss the Fed’s dual mandate of maximum employment and stable prices, and lately they have questioned whether the Fed has shifted to focus on a single mandate of stable prices. With Powell taking the unusual step of completely ditching his Jackson Hole speech last month and then Kashkari outright endorsing the negative market reaction to Powell’s speech, the idea of a single mandate Fed – one intent on lower stock prices – now seems accurate. Now, if only we knew how much of a bear market would satisfy the Fed’s new mandate.

    When you have members of the Federal Reserve openly rooting for lower stock prices, you can’t be surprised by the performance of equities this year, but when you put it in a historical perspective, 2022 ranks right up there with the worst of them. Yesterday, the S&P 500 fell more than 1% for the 45th time this year. That works out to 25% of all trading days, or more than one 1% decline a week. Since the five-trading day week started in 1952, the only other years with a higher percentage of 1% down days were 1974, 2002, and 2008. With declines of 29.7%, 23.3%, and 38.5%, respectively in those years, this year’s decline of 19.10% seems pedestrian.

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  14. Rayak

    Rayak Member

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    I know many will disagree, but I'm actually hoping we get the market down low enough to bring it back to reality, minimize future speculation and bubbles and make the markets and wider economy more healthy in the long term.

    I personally believe that wildly overbought and speculative/bubble markets are bad for most people, as well as the markets and economy in general.

    Not to mention it would be a great buying opportunity!
     
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  15. stock1234

    stock1234 2017 Stockaholics Contest Winner

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    I am not getting a new iPhone this time around also, usually I just buy when the battery dies, I wonder when Apple will release a foldable phone :eek:
     
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  16. stock1234

    stock1234 2017 Stockaholics Contest Winner

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    I agree, I am a bull but it is hard to get excited about buying anything right now, I kinda hoping for a big crash then I can load up :D
     
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  17. Rayak

    Rayak Member

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    I would probably feel the same way, except that depending on the definition of "big crash", I don't want something so severe that large numbers of people would suffer tremendously. If not for that factor, I would likely be 'hoping' (so to speak) for something akin to a 'big crash'.
     
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  18. stock1234

    stock1234 2017 Stockaholics Contest Winner

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    FREY hit ATH today, I guess it is a rare case in this market :eek:
     
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  19. anotherdevilsadvocate

    anotherdevilsadvocate Well-Known Member

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    That post-Fed action was wild. Pretty ominous close today.
     
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  20. bigbear0083

    bigbear0083 Well-Known Member

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    haha I like the way you think. let’s see that dot -com style bear market! (no, I wasn’t in the markets or trading back then, but a nice 50-70% haircut in the averages would be super juicy me thinks.).

    After years and years of QE and ZIRP, it’s about dang time this FED induced QE bubble comes back to the mean. I’d say the fair level in something like the cash S&P would be back down to the 2007 peak (1500s give or take). But if you ask me, actually wouldn’t mind to see the GFC lows come back into play again lol.

    We shall see what happens. Pretty craaaay markets this 2022 has been thus far. Right now I’m eyeing the bear June lows then a test of the pre-covid highs in the Spuz.
     
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