The whopping US rally that wasn't
If Wall Street hadn't been closed for Sandy, the market would have jumped on a bevy of positive developments.
First, the big reinsurers in Europe -- the ones that, in many cases, backstop our insurers -- all traded up as Sandy looked as though it would be manageable. This means, first, that they have the reserves and, second, that they can raise rates.
I'm also amazed at how well Deutsche Bank (DB) is doing. The investment-banking business is looking terrific, and the trading side of the ledger has been extraordinary, with only two down days this year. I always knew Deutsche was a great bank, but now it is truly ascendant.
At the same time, UBS (UBS) announced big cuts to its fixed-income desk. The bank is exiting the business, which means the long-awaited consolidation and shrinkage of the business are upon us. Analysts on the Deutsche Bank call were ecstatic about the move. U.S. international banks would be jumping, too.
Over in oil, BP (BP) not only released a terrific quarter last night but also boosted its dividend. This is the same BP that has had to fire-sale properties endlessly because of the Macondo disaster. It looks like the company's earnings power, despite its divestitures, remains more than intact.
Finally, there's the Italian bond market. Last year at this time, we saw Italian 10-year bonds trading at 7%. That move caused a major sell-off in the U.S. market -- the S&P 500 ($INX) lost 400 points on the day that the 7% line was crossed.
Now Italy is raising 10-year money below 5%. And it is real demand, in part because Italy is turning into a success story.
Any one of these might have, at one point, triggered a rally in the U.S. But all of these? Who knows how high the market would have climbed.
Just our luck.
Jim Cramer is a co-founder of TheStreet and contributes daily market commentary to the financial news network's sites. Follow his trades for Action Alerts PLUS, which Cramer co-manages as a charitable trust and has no positions in stocks mentioned.
More from TheStreet.com
Cramer, you are a complete moron ! You might want to think about all of the peple suffering because of this storm instead of making moronic comments.
The only reason the stock market rally is over is because the unending greed and corruption of wall street and our government can't get enough of the tax payers money. PERIOD !!!
This is killing any chance the working class has of saving ANYTHING for retirement !
I sure hope the American people wake up and kick Barrack, Barry or whatever the anti American imposter's name is and his corrupt bottom feeding administration out of the "Peoples White House".
Time to clean the slate and start with honest workig tax paying Americans who actually do give a crap about what happens to the country.
Classic....Lost o/e celebrates,when his Mom brings home Twinkies....
Although I do too, when Miss Lilly buys me some.
Someone, gas @the pump has been dropping drastically, but we had a slight increase this A.M.
Oil per barrel has been down, but there has been a slight glut of gas or fuel. Last fill $3.23...per
We bought hamburger @ $1.88 on a "Wild Wednesday" sale this A.M. (makes good chili)
Otherwise the past 2-3 weeks ground beef (chk steak) @ 2.79-2.89(sale)....I kinda think it's all about smart shopping; We don't clip coupons, but we do wait for deals...ANYONE CAN.
I am all in favor of "cutting a lot of fat and spending" out of the Budget..And eliminating Depts.
But FEMA was never on "MY LIST."
Who the hell,is that stupid.....??
The States have "never had" the Resources to take care of Major Disasters.
Mitt Romney on the wake of the devastation of the East Coast.......Here is a statement he made today in Florida.....about coming together after Sandy.....
DLH....I'm a little perplexed..?? What does your comment mean; "About Dire Straits and 7 hours,"
Directed towards EmptyChair..??
Actually the rally was over about 3 weeks ago. It has been slowly selling off so as not to cause a panic and have alot of investors jerk their money out.
It will improve or get worse after Nov. 6th..
Someone that's kinda lame and really just stupid....If the Storm wiped or wipes out Wall ST.
What do YOU THINK it would do to the rest of the Country ??
Actually that's an oxy-moron, Because YOU DON'T THINK....Do you ??
Hmmmmmmmm, Maybe someday the DOW, "MIGHT" hit 12,000.
Although someday it may hit 14,000; Hmmmm, just sayin' October,31st. 2012. Halloween,Re-TOG.
It's sad to see the devastation on the east coast and the lives that were lost. I was rooting for this storm to miss everything and everyone except Wall St. and leave your commodity gouging, speculating, cut-in -line trading supercomputers pickling in 4' of saltwater brine.
Once Bernanke gets the water out of the printing presses and starts them up again it's DOW 20,000 by the end of this year and DOW 40,000 by the end of next year.
Bernanke go buy a few subpumps and let's get those printing presses going.
(Reuters) - Ally Financial Inc, the U.S. auto lender 74 percent owned by the U.S. government, on Wednesday said it has repaid $2.9 billion in debt issued under a financial-crisis-era program designed to bolster confidence in the banking system.
The debt, issued on Oct 30, 2009, came due on Tuesday. The lender plans to repay the remaining $4.5 billion in debt it issued under the program in December.
Look, folks, I am not in love with the banks either, after what they did to us, however, this entire
argument about (1) Obama getting us into debt, (2) the banks got 'free money' and (3) the government never made a profit are all BUNK! Give it a rest...
Send blood and donations to the Red Cross instead of posting today.
And send Cramer to shill for Fox News. No offense to Cramer, but
FOX could use an 'improvement'.
Copyright © 2014 Microsoft. All rights reserved.
The apparel chain takes a hard hit after blaming the weather for its quarterly sales decline. But cold temperatures don't explain the drop in full-year sales as well.
VIDEO ON MSN MONEY
Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.
Contributors include professional investors and journalists affiliated with MSN Money.
Follow us on Twitter @topstocksmsn.