Toro's Running of the Bulls Market Blog

Yahoo! Slags Carl Icahn reports that Yahoo! management is slagging Carl Icahn's recent track record, implying that following Icahn's advice has not been profitable for investors as of late.

Agricultural Storage Stocks

Whether you believe commodities are in a bubble or not, there is no doubt that fundamentals are playing a significant role in the price increases.

Via the excellent Economist's View, stocks of grains are at multi-decade lows. As long as stocks are low, grain prices will stay high.

Zimbabwe Inflation 56,807,877%

With the sham re-election in Zimbabwe of the incompetent thug, Robert Mugabe, its timely to note that inflation - the ultimate indicator of government failure - has risen, by my calculations, 56,807,877% - give or take a couple hundred thousand percent - over the past year, assuming the inflation index lows occurred 12 months ago, not an unreasonable assumption.

Taking Off Some of the Fear Trade

Today, I liquidated a small portion of my The-Economy-is-Going-to-be-Weaker-for-Longer-Than-You-Think Trade, which supplanted The-End-of-the-World Trade after the Bear Stearns bail-out.

I sold some of my gold and my short positions in emerging markets, via sales of the UltraShort MSCI EAFE ProShares ETF, ticker EEV and the Dow Jones REIT ETF, ticker SRS, though I still hold most of my positions in all three. 

Regional Banks - Still Too Early

I ran a screen this evening on 555 regional banks.  Surprisingly, despite all the horrible news, wealth destruction and poor stock performance, only 27 are trading below tangible book value. 

These are the tickers.  Most trade by appointment, many are in problem states such as California and Michigan, and I assume most have some problems with their loan books.

Surely the Top is in for Steel!

From NakedShorts

“I can say with considerable certainty that the volatile years of boom and bust are now relegated to the past,” Lakshmi N. Mittal [chairman of ArcelorMittal] told the Steel Success Strategies XXIII conference in New York...“We have succeeded in transforming ourselves into a profitable and sustainable industry.”

Kinda sounds like

Stock prices have reached what looks like a permanently high plateau.

China Slowing?

Jeff Matthews notes a New York Times article on falling hotel occupancy in China

As we know, the Shanghai Composite has fallen by over 50% from its high a few months ago.

Canada Rolling Over

Canada is rolling over.  It broke through its near term lows and appears to be making one of those head and shoulders top chart pattern thingies. 

The internals on the TSE are awful.  There have been 26 trading days since the first of the tops on May 20.  There have been only five days when the number of advancing issues outpaced decliners.  There have been 12 up days, but seven of those days had more losers than winners, including yesterday.  Over the past 26 trading days, the ratio of advancing stocks to declining stocks has been 0.87.