OVERSOLD, BUT STILL NOT AT A HISTORICAL BUYING POINT

We’re oversold, but not at good historical buying level just yet.

THREE THINGS I THINK I THINK

Just a few brief comments on the market at the current levels. I was relatively optimistic about the equity markets coming into the beginning of the year.  The themes that had dominated much of 2009 (better than expected earnings, accommodative Fed, continuing stimulus, etc) appeared to be largely intact.   To…

INSIDERS CONTINUE TO INCREASE THEIR BUYING

For the third consecutive week insiders have been buyers of the dip.  The 4 week moving average in insider buying jumped to its highest level since March of 2009 as insiders bought  $38.4MM in stock.  This brings the 4 week trailing average to $20.1.  This was still well below the…

EVENING READING

What happens if Greece defaults? –  Yahoo$ Don’t misread the trade implications of the Euro crisis for China –  Pettis Deflation and economic weakness are the best catalysts for gold –  Daily Gold Galbraith (correctly) defends deficit comments –  WSJ Is Germany fighting the phantom menace? –  BondSquawk If you…

FLECKENSTEIN: INFLATION IS COMING

William Fleckenstein, president of Fleckenstein Capital Inc., talks with Bloomberg’s Betty Liu, Sheila Dharmarajan and Jon Erlichman about the April U.S. consumer price index and the prospects for deflation. The cost of living in the U.S. fell 0.1 percent, the first decrease since March 2009, figures from the Labor Department showed today. Fleckenstein also discusses investment strategy.

MARKET WRAP – STOCKS DECLINE ON CONTINUING EURO CONCERNS

The hangover from Angela Merkel’s comments weighed on stocks today as markets declined  0.6%.  As has been the trend on negative days the volume was extremely high with volume at the NYSE surpassing 1.5B shares.  Breadth was equally negative at 4:1.   The Euro actually managed to climb on the day…

RUMORS OF ECB SUPPORTING EURO

Bloomberg Television reported that rumors are swirling around that the ECB is buying the Euro.

KLARMAN: MORE SCARED NOW THAN HE’S EVER BEEN

There are a handful of investors who really make my ears perk up when they speak.  Seth Klarman at hedge fund powerhouse Baupost is one of those investors.  Obviously, Klarman is a reader of TPC, seeing as how negative he has become in recent weeks.  In all seriousness though, the…