Courtesy of Mish Fed chairman Ben Bernanke’s memory seems to be failing at an amazingly convenient time, for Bernanke. Please consider Bernanke Blasted in House. Federal Reserve Chairman Ben Bernanke faced open hostility from lawmakers who barraged him during a Congressional hearing over his handling of the financial crisis and the central bank’s...

Courtesy of Tyler Durden at Zero Hedge The SPY is stuck between Friday’s low and Monday’s gap open on no volume – and it is RUT rebalancing day! Also high beta is the place to be it seems today (IWM outperforming). And guess what – VWAP reversion wins, at least every 5 minutes or so.

Palm’s hotly anticipated touchscreen phone the Pre, debuted June 6, after the close of the quarter, and an estimated 150,000 have been sold so far. Palm says it has shipped 351,000 smartphones in the quarter and booked a sell-through of 460,000 smartphones. We are hearing rumors floating around that there could be a 350,000-400,000 unit backlog....

BEA: Personal Income and Outlays, April 2009 Personal income increased $167.1 billion, or 1.4 percent, and disposable personal income (DPI) increased $178.1 billion, or 1.6 percent, in May, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $25.1 billion, or 0.3 percent. In April, personal income increased...

(Reuters) – Clean Energy Fuels (CLNE) said its public offering of 8.2 million shares was priced at $8.30 apiece, a discount of 8 percent to the stock’s Thursday closing price. The natural gas provider, one of the many energy firms who have chosen equity offerings as a means to raise funds to bolster their capital budget and expansion plans,...

Crude oil was higher overnight trading above the 20 day moving average crossing at 70.27 as it extended this week’s rebound. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term. Closes above the 20 day moving average crossing at 70.32 are needed to confirm that a short term low has been...

The S&P 500 index was lower overnight due to light profit taking as it consolidates some of Thursday’s rally. Stochastics and the RSI are turning bullish signaling that sideways to lower prices are possible near-term. Closes above the 20-day moving average crossing at 921.27 are needed to confirm that a short-term low has been posted. If...

Courtesy of  Phil - Phil’s Stock World California lost more than Michael Jackson yesterday. They also lost their credit rating as Fitch dropped them to A-minus and even that rating was immediately placed on negative credit watch.  California faces a $24 billion-plus budget deficit for the fiscal year that begins Wednesday, rapidly declining...

Courtesy of The Razor’s Edge There is a lot of talk about healthcare these days, and much of it is coming from the executive branch as President Obama has begun the task of overhauling the industry.  Costs have escalated at a much faster rate than that of inflation over the past few years, and there is a wide variety of prescriptions to fix...

Courtesy of David at The Oxen Group Tomorrow, one sector that looks bullish is the smart phones. Extremely bullish earnings came out for Palm Inc. yesterday with the stock reporting higher earnings than expected, as well as, much higher revenue. The company reported an EPS of -0.40, compared to The Oxen Group’s expectations of an EPS of -0.64. The...

This buy signal in HUDSON CITY BANCORP INC occurred just a little while ago and is a classic Trade Triangle signal. All of our Trade Triangles are now showing a 100% reading as the monthly Trade Triangle just kicked in today at 13.42. Symbol:HCBK Name: HUDSON CITY BANCORP INC Open: 13.22 High: 13.62 Low: 13.07 Last: 13.62 Point Change: +0.58 % Change:...

Here is an excellent piece from Corey Rosenbloom on today’s action. Be sure you visit his site Afraid To Trade and checkout all his material. What a day!  We got an unexpected “Type II Trend Day” up which just so happened to form a text-book complete Elliott Wave pattern.  Let’s take a look and learn from some of today’s lessons, including...

Courtesy of Phil Davis at Phil’s Stock World How much smarter is China than the US? Well let’s see – The US has spent $1,000,000,000,000 fighting in Iraq and thousands of our soldiers have died and we have secured ZERO barrels of oil for ourselves.  China was not part of the coalition of the willing but, for just $8.8Bn, they are...

The S&P 500 index closed higher due to short covering on Thursday and above the 10-day moving average crossing at 909.56 signaling that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Friday. If September renews this month’s decline, the reaction low crossing at 874.00 is the next downside...