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After a Monday in which everyone with any real money on Wall Street sat on the curb and watched, the markets got up Tuesday, pulled into traffic, and started moving. By afternoon the Dow had picked up more than 150 points and the NASDAQ more than 30 - not even a rally, much less the start of that long-dreamed-of "summer rally," but still buying. Which means that somebody was optimistic about something...
...Probably not too much. Last week Wall Street spent a few days grasping at a rally (you know times are hard when PeopleSoft is a market-moving bellwether) and the rest of the week selling it off. (In the end, the Dow lost 150 points for the week; the NASDAQ broke about even.) The equities slingers are bouncing along the bottom and crying "summer rally" with every jolt, and hey - if they will it, it will come. But if it does, it won?t stay long, not without anything resembling profits or even incipient demand pushing up on the charts...
...markets started Tuesday in quicksand and kept sinking steadily during the Fed chairman's testimony before the Senate Banking Committee, and wound up with the Dow shedding 183 points and NASDAQ 29 points. But you'd sell, too, in Lucent was practically running out of employees after cutting 20,000 more jobs, selling $2.75 billion worth of assets to raise cash and embarking on yet another desperate restructuring, if Amazon.com suddenly looked even less like it would ever make money, if manufacturing outfits like Alcoa, 3M and International Paper served up another painful reminder that inventories were nowhere near gone...
...what did you expect this week - optimism? Wall Street came back from an idyllic East Coast summer weekend with Friday's clouds in tow, using - gasp! - lackluster earnings news from 3M and Lexmark Technologies to sell the Dow off 100 and the NASDAQ off 25 by noon. (Disney presumably did not help matters by announcing that will buy Fox Family for $3 billion - and keep the 700 Club...
...comments or the dark: Inventory corrections are still going on, businesses are still blanching at the thought of capital investments, and the next six months are going to be very grim indeed. In any case, stocks slid on frenzied volume all morning - the Dow was off 100 and the NASDAQ 50 by noon. In times like these, when we're still waiting for those first six cuts to show up on the economic radar, bearishness from the Fed is not exactly what we've been looking...