DepewTube: Dow Limps to Monthly Finish
Markets, movers and more.
Wal-Mart (WMT) is apparently changing its logo, removing the hyphen and the star and replacing it with a strange asterisk. Kevin's (visibly) more worried about the bizarre smiley face icon, even if no one else is. Regardless people continue to shop at WalMart anyway.
Kevin discusses something MV professor Phil Erlanger of Erlanger Research noted on the Buzz & Banner, that Amgen (AMGN) short sellers have increased their bets despite historically low valuations for the company. Typically, that's a recipe for a rally.
The Dow touched -20% last week from the October highs, but the average stock in the index is down 28%. Several, including Citigroup (C), Bank of America (BAC) and General Electric (GE) are down more than 40%. Why don't people seem to care about this? Kevin thinks they're probably more worried about buying gas and groceries. Unlike 2000s bear market kickoff, this is more about Wall Street than Main Street... for now. But that will change as the excesses that originated on Wall Street come home to roost on Main Street later this year.
The S&P 1275 level (basis the futures) is the level to watch tomorrow. If that fails to hold, there may be a recognition that weakness in the financials today had less to do with window dressing the poor fundamentals.
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