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’Phew…
The Dow Jones is back in positive territory for the year, after rising to about 11,669 at pixel time on Wednesday morning, according to Bloomberg. It closed around 11,577 at the end of last year.
Operation Twist — and shout
Strange, fast, markets. The S&P 500 closed at 1,172.53, up 53 points, or 4.74 per cent. That’s the biggest one day rise since 20 October, 2008. 10-year Treasury yields touched crisis lows. And the US dollar…
Rally monkey declares mission accomplished for QE2
“I do think that our policies have contributed to a stronger stock market, just as they did in March of 2009,” he said, referring to the Fed’s initial round of quantitative easing.
He pointed out that since he signaled the Fed would likely unveil QE2 during a speech in Jackson Hole,
New home sales, and the monkey gets excited
From the Census Bureau, our emphasis:
Sales of new single-family houses in December 2010 were at a seasonally adjusted annual rate of 329,000, according to estimates released jointly today by the U.S.
Send for the chimp
The S&P 500 appears to be at its highest intraday level since September 2008:
Which means it’s time for …
It’s time…
… for this.
At pixel time the FTSE 100 was up 150 points, and the S&P 500 up 20 points.
Rally time?
As at pixel time, London’s benchmark FTSE index had scaled 5,600 to hit an 18-month high, the S&P 500 was enjoying its longest winning streak since early January, and those much-anticipated US payroll numbers weren’t all that bad.
Where to find value in a liquidity drunk market
Bonds do it, stocks do it, even educated credit default swaps do it.
We live in strange times, with virtually every non-zero sum asset having embarked on a dizzy rally, all at once.
Since June, the S&P 500 is up 15 per cent,
The Dow at 10,000?
Will today be the day when the Dow recaptures this psychologically important level and we have to release the Rally Monkey from his cage?
Blow- out figures from Intel and JP Morgan were pointing toward a strong start on Wall Street on Wednesday.
Reasons to be cheerful (MOST edition)
Gordon Secker, Morgan Stanley’s well-regarded UK-watcher, reckons a steady improvement in the economic newsflow will continue to support stock prices.
The bank’s forecast for EPS growth next year has been bumped up to 23 per cent,
Analysts: These ladies aren’t for turning
Citi has an interesting note out on Friday, examining the ability of analysts to predict turning points in the market.
We’ll save you the suspense of the overall conclusion: analysts are, on aggregate,
Crisis? What crisis?
How quickly markets forget. From UBS.
Related link:
Market sentiment: Faber et al take on ‘green shoot ennui’ – FT Alphaville
You are now entering the Twilight Zone, Citi says
UK equity markets posted their biggest monthly gains in six years on Thursday, so Friday seems as good a day as any to mention the Twilight Zone.
And that’s not the 1950s television series, but Citi analysts’ thesis that share prices are now decoupling from earnings.
Bull market Britain
Anthony Bolton‘s right! The FTSE 100 is up 21.6 per cent from its March low.
Which gives us an excuse to break out this JPEG:
Rally monkey or a dead cat?
You decide. (Note, the DJIA currently ahead +321.22 points).
Related links:
Monkey Sants – FT Alphaville
Dead cat splat – FT Alphaville
Farewell Rally Monkey
Sad news reaches us from across the Irish sea – Rally Monkey has been made Ireland’s new financial regulator. That’s right, its new financial regulator.
It seems the Irish made RM an offer he just could not refuse and it seems Murphy (who is on holiday at the moment if you didn’t know) would not match.