Short Squeezes and Nipple Piercings (USO,FAS,BAC,GLD)

Oh, my!   We’re pushing the bullish story here, not – as some have averred – because we’re perma-bulls; we’re patently not. We’re not perma-anything.   We’re chart watchers. When the charts say buy, we buy; when they sell, we sell. And when the underlying monetary and fiscal reality is pushing the same story as the charts, then we have absolutely no problem piling on and encouraging one and all to join us.   Today, dear friends, the charts are bullish, the sea of money floating into the investment arena is bullish, and – one more important detail – we’re now experiencing a tremendous short covering rush that will only add to the momentum.  …

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Insiders Buying (FAS,BAC,MSFT,QQQ)

The world is on the edge. The market senses it. The political class makes hay of it. The news media luxuriates in it. And the average guy on the street just stares into the headlights, frozen, unsure when impact will occur.   One would think that the reaction here in the U.S. of A. would be one of outright panic. After all, we are the world’s leading consumers of news and politics, the ones who imbibe daily wars in the Middle East, the dreaded actions of the Fed (and other central banks), the rancor of an elbows-only political rush to become president. We hear it and see it and breathe it daily, non-stop, and whaddaya…

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Jobless claims rise, Citigroup (C) misses expectations and Bank of America (BAC) reports a drop in profits

Markets opened lower on Thursday after jobless rates crept up to a four-month high for the week ending on January 10. The Labor Department said that the number of people filing for unemployment claims increased 19,000 to a total of 316,000. The new data surpassed the 291,000 that economists’ were projecting. The previous week’s information was upwardly revised to show 3,000 more claims than originally posted. The more stable data, the four-week moving average, was up by 6,750 to 298,000. This number takes the large weekly swings out of the equation. Over the past four and a half months the jobless rate has remained below the 300,000 level, which is tied to a strengthening labor market….

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Pending home sales up slightly, Bank of America (BAC) fined and probe into Chrysler recalls

Markets were heading lower on Monday after news was released that pending home sales data crept up last month. The National Association of Realtors said that their Pending Home Sales Index was up a mere 0.3% in September to 105. The data came in below the 0.8% increase economists were expecting. Despite missing expectations, the data came in over 1% higher than this time last year. This was the first time this has happened in almost a year. Over the last 12-months, the number of contracts placed on previously owned homes have been down below the previous year’s data. Lawrence Yun, chief economist with NAR, said, “Housing supply for existing homes was up in September 6%…

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Factory Orders up in June, Apple (AAPL) to release new phone in September and Bank of America (BAC) will raise dividend

Markets were heading higher on Wednesday after U.S. factory orders showed a gain of 1.1% for the month of June. The large increase was partially attri­buted to a high demand for aircrafts, industrial machinery and computers. The Commerce Department reported the rise after orders dropped 0.6% in May. There was an increase of 8.4% in demand for aircrafts, a 2.9% rise in demand for machinery and a rise of 2.9% in demand for computers. Throughout the past year there has been an overall rise of 2.5% in factory orders. Shares of Apple (AAPL) were relatively flat after news was announced that they would be revealing the new iPhone on September 9. The event is on track…

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Producer Price Index up in June, Bank of America (BAC) takes a $4 billion hit and BMW places major recall

Markets were heading slightly higher after news was released the Producer Price Index for June came in slightly above expectations. June’s final PPI reading was up 0.4% last month, a report from the U.S. Bureau of Labor Statistics said. This was up from a 0.2% drop in May. Economists had been expecting a 0.2% increase for June. The year-over-year data was up at annualized rate of 1.9%. The core producer price index was up 0.2%. From an analyst’s perspective, core prices are a better reading for longer-term inflationary pressure due to the fact that this reading subtracts volatile food and energy categories. Shares of Bank of America (BAC) were falling slightly after the company announced…

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