Friday Night's Show Highlights:
Friday's payroll number matters, but watch these stocks...
Friday, September 26, 2014
CHANGE NOTICE - Mon./Tues. now shown on Wednesday night's show.
OUR "PIVOT" TO IMPROVE EVERYTHING for you... Please read explanation here>>
Jim: Hey, we bounced back from yesterday's bruising, and I don't know about you, but that bounce tells me something, with the Dow gaining 167 points. I think it says that there are still plenty of people who want in; they just wanted a pullback like yesterday to throw money at the market. You can average the three days and, even after yesterday's beatdown, come out ahead. Even though there are many larger forces that normally would indicate that this is not the time to commit new money.
And I've got to admit, I'm kind of in that camp here, especially although I was very heartened to hear about a Ukraine/Russia pact over energy - the real reason why we rallied so hard - I think this market is not what it once was when it soars like today. Rallies don't inspire confidence anymore. Some could say they are better to scale out of, than to buy into. Why? I think they're too many unknowns right now that I want to know about. And this hair trigger up/down volatility does you no favors if you are a bull.
The best example of the difficulty in figuring out what's really going on... the junk bond fracas ignited by the departure of Bill Gross from the firm he founded, Pimco. Hey, I've been a devotee of Bill Gross, whom I regard as synonymous with Pimco, for ages. You don't get to be the bond king by being a bum. So when I read the headline this morning, right before Squawk On The Street started, "William H. Gross joins Janus Capital," the first thing I said was, "Whew! That's not Bill Gross. That would roil the bond market for good. It's some other Gross by the name of William." Whoops. Wrong! It was Bill Gross. Normally...