holiday cheer

Merry Christmas, happy Hanukkah and happy new year.

shortened sessions, low volume, low volatility, everyone (well almost) is taking a breather before the clock re-sets on January 2nd.

Happy short week.

DJIA 8,515.55 +47.07

NASDAQ 1,530.24 +5.34

SP500 872.80 +4.65

'08 winding down

oil keeps tumbling, now trading under $35 a barrel. The big oil analysts who were calling for $200/barrel just a few months ago are now targeting $25/barrel oil. Gotta love the sell-side guys.

Looks like Big Auto is going to get some sort of bailout. It is one of the last things that the current lame duck administration is going to push through. Might as well just add it to our tab, guys.

The continuing saga of Bernie Madoff fills the news sites and blogs as more info is learned about Madoff's history, the investors caught up in the scheme and the complete and utter miss by the SEC on this guy's operation.

Interesting article in the current issue of Vanity Fair. Gives a rather depressing outlook on the culture of Wall Street and how the hit to that sector is having ripple effects into real estate, art, the nyc economy, and even the actions of the still-standing funds and firms.

Holidays are almost upon us. Short week next week, including travel and snowy weather. Good times.

So close one can taste it.

Happy weekend.

DJIA 8,579.11 -25.88

NASDAQ 1,564.32 +11.95

SP500 887.88 +2.60

due diligence

What a week and it ended with a bang.

Three words: Dreier and Madoff. And the utter and complete lack of due diligence on the part of the institutions and individuals who were duped by these guys.

The former a blue-chip white-shoe Park Avenue attorney who stole hundreds of millions from HFs. The latter, a well-respected 40+ year veteran of the Street who took HNW individuals and institutions for billions. The fall-out from the escapades of these two crooks will go on for years.

In a much brighter note, the schedule opens up and the final push for the last 19 days of 2008 continue.

Happy weekend.

DJIA 8,629.68 +64.59

NASDAQ 1,540.72 +32.84

SP500 879.73 +6.14

rollercoaster cont.

Missed the post for last week given the holiday and the shorted Friday session. Never fear, the markets continue their epic rollercoaster ride to end all coaster rides. This week, more of the same, big day up to end the week. Next week? Who knows.

Coming into the holidays, the retailers are hoping for a miracle, the unemployement rate jumped again and the bailout of the 3 auto-makers is on the front burner for the government to figure out.

Someone this week said oil is going to $25 a barrel. Crazier things have happened.

Happy weekend - what is left of it.

DJIA 8,635.42 +259.18

NASDAQ 1,509.31 +63.75

SP500 876.07 +30.85