Warren Buffett has pulled the wool over the eyes of so many with his “aw shucks” mid-western persona. But in reality he’s a self-preserving stock salesman just as comfortable playing inside Wall Street boardrooms as he is inside the D.C. beltway. On the tax front he’s been of no help to successful Americans trying to keep more of their hard-earned money. He’s all for higher taxes. That is unless it’s his taxes. Then it’s all about his bottom line. The WSJ’s Review & Outlook has more on good ‘Ole Warren here: So it was fascinating to hear Mr. Buffett explain that his real tax rule is to … [Read more...]
Smart Money Signals Trouble Ahead
The Dow Jones Industrial Average is bordering on a new all-time high, but the Smart Money Flow Index is cratering. The divergence between the Smart Money Flow Index and the Industrials puts the sustainability of any new high in the Dow into question. Stay cautious here. Smart Money Flow Index (source: Bloomberg) The Smart Money Flow Index is calculated by taking the action of the Dow in two time periods: the first 30 minutes and the close. The first 30 minutes represent emotional buying, driven by greed and fear of the crowd based on good and bad news. There is also a lot of buying … [Read more...]
Stock Market Alert: Fewer and Fewer Stocks Are Propping Up the Bubble Market
Flash Crash Times Ten
Michael Lewis' book Flash Boys has kicked the hornet's nest. Concern over high frequency trading (HFT) has never been higher. In one section of the book, Goldman Sachs execs express concern over HFT and the potential for a flash crash times ten. HFTs lurk in dark pools such as Goldman's Sigma X. It's more than coincidence that Goldman is talking about closing down Sigma X after the release of Flash Boys. Reuters reports: Executives at the brokerage firm have raised the subject of closing the dark pool trading operation, according to the Journal. Executives are evaluating whether the … [Read more...]
Top Gold Mining Stocks for Long-term Profit
Although the stock market is basically flat YTD, there is rampant speculation bubbling under the surface. The bubble conditions in the stock market are evident in the flood of junk IPOs the investment banks are unloading on the public, the ridiculous valuations of the social networking stocks, the bidding wars for start-ups without a viable business plan, and the massive buildup in margin debt. The speculative conditions in the market are best captured by the ratio of the NASDAQ to the blue-chip Dow Jones Industrial Average. When NASDAQ stocks are beating the blue-chips by such a large … [Read more...]
Candy Crushed
Who' buying this crap? Nice open for Candy Crush. SAN FRANCISCO (MarketWatch) — “Candy Crush” got crushed. That was the popular way to describe the social game maker’s public trading debut, as King Digital’s stock tumbled from the opening trade. King KING +1.46% shed 15.6% to close at $19, the worst trading debut this year, according to data from Renaissance Capital. The company priced its initial public offering at $22.50. The drop was so steep that analyst Scott Sweet, senior managing partner at IPO Boutique, said the IPO was hit by “extremely fast money,” as investors appeared to … [Read more...]
Dow Theory Breakdown
There's trouble a brewing according to Dow Theory. The Wall Street Journal's Paul Vigna reports here. This time it's Dow theory adherents, who are troubled that there's been a breakdown this month that could spell trouble for the bull market, according to research the Wall Street Journal cited Tuesday. The market looked weak on Monday, saved only by a late spurt of buying that narrowed the losses. It may not be the last time it looks weak. The much ballyhooed Dow Theory is flashing a warning sign: While the Dow Transports made a new high in March, the Dow Industrials did not. The … [Read more...]
Jeremy Grantham’s Wise Words
It's always a good idea to pay attention to Jeremy Grantham. Jeremy Grantham's interesting words from a Barron's interview. What else are you seeing in terms of sentiment? There is a high level of enthusiasm from the financial professionals, hedge funds in particular. This time you have a very high level of confidence from the professionals—but not a very high level of confidence from the individual investors. The individuals are a bit more down to earth. They felt the pain of 2009 longer than the institutions did, and they have been slow to come back into stocks when you look at net … [Read more...]
Is Tesla a Buy?
If you've been following the financial headlines this week you no doubt caught wind of a major upward spike in shares of Tesla Motors. Tesla has been one of the hottest stocks on the market over the last year. It is a bubble-lover’s bubble stock. While the S&P 500 has gained over 30% over the last twelve months, Tesla is up over 600%. The catalyst for the spike in Tesla stock earlier this week was an upgrade from Adam Jonas, the Morgan Stanley analyst covering the company. Mr. Jonas decided that Tesla wasn't worth the $153 per share he had estimated only a few weeks prior, but $320 … [Read more...]
What’s in a Name
Here's one take on the world's top brands. It's worth noting how many either don't pay a dividend or are not worthy of your investment. … [Read more...]
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