Toro's Running of the Bulls Market Blog

Exxon Topping

It appears that Exxon has put in a structural top and may have seen the highs it will see for many years.

Greater Fool

Housing Still Too Expensive

That is the conclusion of the IMF, via The Big Picture.

Somewhat Relevant Investment Observation of the Day

More people die each year from pig attacks or coconuts falling on their heads - or even getting their head stuck in an electric car door window - than die of shark attacks!

From James Montier, in the book Just One Thing

Unrelenting Negativity

Having been unplugged for the first four trading days of the week and having no connection to the financial markets other than the Internet and periodic updates on CTV Newsnet, my reading of sentiment is not in real-time.  However, I have been catching up on my backlog of readings which piled up over the past month, and what struck me was the intense negative sentiment of almost every commentator I read.

"We're Here to Screw You" - Frank Quattrone

Frank Quattrone, former superstar technology shill investment banker (who didn't actually say those words in the title of this post, our lawyer advised us to write - ed.), is a bit miffed that investment banks aren't given carte blanche to totally whore themselves to their clients at the expense of you, the investing public.

"Wall Street on Crack Cocaine" - Bush

Well, not really.  The President said Wall Street was "drunk."

But he should have said Wall Street was on crack cocaine.  It would have been more accurate.

On Vacation

Market Action, June 17 2008 - Near-Term Bottom

I have been looking for a near-term bottom in the stock market either this week or next, and I think we got it.

Yesterday was a huge up day, followed by another big up day today.

The panic bottom on Monday was accompanied by tremendous volume, almost equaling the record volume on the lows in January.  Today's volume was bigger than yesterdays, and yesterday was heavy, suggesting the market is ready to bounce.