Market Update: “We Will Do What Ever it Takes”

U.S. equities bounce over 2% on short covering and speculation that he global central bank put is in place. We had some decent earnings this morning as well as good jobless claims. Debbie downers are saying to ignore jobless claims as last month and this month have many quirks and give no real direction. None the less the bulls will take it.

Currently we are up about 1.4% and the Euro as well as European markets are flying higher on Draghi comments. Also yields have come in for the most troubled euro countries.

Market update

3D Heat map

European markets

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Just take a look at the U.K. They are experiencing the worst double dip in 50 years.

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“A bill introduced by Rep. Ron Paul (R-Texas) to audit America’s central bank, the Federal Reserve, passed the US House of Representatives overwhelmingly Wednesday afternoon by a 327-98 vote.

Paul’s ongoing efforts to call for increased transparency in the Federal Reserve have become a hallmark of his tenure in Congress and of his current campaign for the presidency. ”

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“More signs of a slowing economy from the ATA today as truck tonnage slows, but still remains in growth territory.  The latest reading on tonnage showed a year over year increase of 3.2%, down from last year’s level of 3.7%.  Bob Costello of the ATA says this is consistent with a slowing economy.  The ATA has the details on the latest reading”

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“I wish there was better news to report on the profits front, but there just isn’t much to like about the current outlook for corporate profits.  And as Albert Edwards of SocGen recently noted, it’s been a slow bleed as analysts expectations turn increasingly negative:”

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“Whenever experts set out to find “great places to retire,” they tend to dwell on cost of living and health care. Both important considerations, sure, but talk to retirees, even in this age of rampaging austerity, and you’ll find most are looking forward to a retirement filled with friends, travel, volunteer opportunities, a wide variety of activities – both physical and intellectual. In other words, a rich life, richly lived.

So our list is an attempt to find the best places for the good life. ”

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“(MoneyWatch) Roughly 38 percent of Americans live paycheck-to-paycheck, while just 30 percent are economically comfortable, according to a study released Monday by the Consumer Federation of America and Certified Financial Planner Board of Standards. That’s a reversal of fortunes from 1997, when roughly 38 percent of the country said they felt financially comfortable and only 31 percent were living on the economic edge.”

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“Because of the European debt crisis and the slowdown in China’s economy, foreign stocks are trading at a discount to U.S. stocks, according to Money Magazine, and now might be a good time to invest overseas.

Foreign stocks have traded at a slight premium to U.S. stocks historically, as measured by a conservative gauge of price-to-earnings (P/E) ratios, but they are now trading at a 34 percent discount.

This discount is far cheaper than the discounts were during the Asian currency crisis of 1997 and the Latin American debt crisis in the 1980s. Interestingly, in the decades after those crises, stocks in those regions hammered U.S. stocks.”

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“Calls to split up big banks are growing, even from big-bank architect Sandy Weill, a former Citi chairman, but in reality, any such downsizing will take a long time and there’s no need for “draconian” measures to speed up the process, says star Wall Street analyst Meredith Whitney.

Earlier Wednesday, Weill said big banks need to be broken up due to the systemic risk their potential collapses would pose on taxpayers and depositors.

Splitting up big banks may happen, but over time, as the banks must find a way to keep the more profitable areas of their businesses, which in reality, aren’t all that big.”

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“With President Barack Obama claiming the government builds success, not individuals, Mitt Romney should look north to a story Obama would rather Americans didn’t notice. Canada is outperforming the U.S. on every economic front and they’re doing it with policies Republicans say they’d like to implement.

For the inside scoop I interviewed Tony Clement..”

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“FRANKFURT—The European Central Bank cast more gloom over the euro zone’s outlook Thursday, announcing another fall in lending to the private sector in June, as well as signs of increased deposit withdrawals from troubled banks in southern Europe.

The ECB’s monthly summary of monetary developments in the euro area offered some crumbs of comfort, as both the narrow M1 and broad M3 money aggregates expanded faster than expected, bolstering hopes that the bank’s liquidity injections around the turn of the year were finally gaining traction.”

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“HARTFORD, Conn., July 26, 2012 /PRNewswire/ — United Technologies Corp. (UTX) today announced that all remaining regulatory approvals related to the proposed acquisition of Goodrich Corporation (GR) have been obtained.

Today’s conclusion of the regulatory review by the U.S. Department of Justice and the European Commission clears the way for United Technologies to proceed with the proposed acquisition announced on Sept. 21, 2011. The acquisition is expected to close by the end of the week.”

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Don’t get to giddy as we have been down this road before. Any number of talking heads can kill this excitement with one negative comment.

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Mario Draghi’s comments are having a dramatic effect on equities and yields. Italian & Spanish yileds are currently falling and U.S. futures have risen significantly….

[youtube://http://ww.youtube.com/watch?v=kH-VkXfKXMA&feature=related 450 300]

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Gapping up 

WDC +19.5%, AKAM +16.8%, TEX +13.9%, FCEL +13.7%, TRN +13.2%,

STX +12.9%, WFM +11.4%, FTNT +11.2%, SKX +6.7%, TQNT +6.5%,

TSCO +6.3%, CAKE +6%, EQIX +5.3%, CDNS +5.1%, UL +4.5%, CROX +4.4%,

TER +4.1%, ACOM +3.4%, SFLY +3.4%, HSTM +3%, PMTC +2.7%, LSI +2.5%,

UTX +1.8%, V +1%, CP +6.7%,  MRVL +5.6%,  SLB +2.6%, SPRD +0.7%,

Gapping down 

ZNGA -40.9%, SYNC -16.7%, FOE -10.1%, ALU -9.4%, MKSI -8.8%,

FB -8%, LVS -6.7%, XNPT -5.7%, SRCL -5%, FEN -4.6%, SI -4.6%,

NCT -4.1%, RDS.A -3.8%, WIRE -3.3%, LRCX -2.5%, MGM -2.2%,

TSLA -2.2%, EA -2.1%, CTXS -2.1%, WYNN -1.6%, P -1.6%, VALE -1.5%,

GRPN -4.7%, BCR -3.7%,

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ZNGA, TSCO, TFM, MRVL, LO, IGT, GMO, CAT, AVP, MO,

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In Play ,

On the Wires 

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“Among the 21 categories of items shipped by rail, none have a tighter correlation to GDP than waste.

According to a 2010 piece on Bloomberg, economists Michael McDonough and Carl Riccadonna note that waste has an 82 percent correlation to US economic growth.”

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“Oil-and-gas giant Exxon Mobil reported earnings per share of $3.41, substantially above estimates for $1.95.

However, that figure includes a net gain of $7.5 billion on tax gains and divestments.

Click here for updates >

Earnings would have been $1.81 per share when stripping out the one time gains, based on the number shares outstanding.

Revenue topped analyst expectations, improving 1.5 percent to $127.4 billion.”

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