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Michael Santoli Profile
Michael Santoli

@michaelsantoli

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CNBC Senior Markets Commentator. Markets. Business. Baseball. Cranky New York parochialism.

New York
Joined October 2012
Don't wanna be here? Send us removal request.
@michaelsantoli
Michael Santoli
5 years
The Dow is down a full S&P 500.
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@michaelsantoli
Michael Santoli
7 years
The S&P 500 is up 19.21% since Election Day 2016. On this date in 2013, the S&P 500 had gained 19.24% from Election Day 2012.
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@michaelsantoli
Michael Santoli
3 years
The tape isn't so tough to read. Just imagine there are only four investors in the market: -Gamma-Squeeze VWAP Gap-Fill Volume-Pocket LLC -Compounder Wide-Moat Never-Sell Capital Partners -Macro-Beta Second-Derivative Revision-Momentum & Co. -Low-Info YOLO/FOMO Punters LP
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@michaelsantoli
Michael Santoli
4 years
Venture capitalists discovering payment for order flow in equity trading: "An app that's free to use but earns revenue by selling users' data - who ever heard of such a travesty?"
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@michaelsantoli
Michael Santoli
5 years
When someone says this market is just like 1999, it helps to mention that in 1999 there were 546 IPOs and their average first-day price gain was 68%. Stuff needs to get a lot crazier in a hurry to merit the comparison.
@CNBC
CNBC
5 years
Paul Tudor Jones says this 'crazy' stock market run reminds him a lot of 'early '99'
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Michael Santoli
3 years
A quick reminder that one reason there are 12 regional Federal Reserve Banks is that in 1913 it was considered important that every financial institution in the country be within one day's train journey from a Fed district bank in order to transport checks and cash efficiently.
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@michaelsantoli
Michael Santoli
4 years
Hearing that Citron shorted the Chiefs at 9-0...
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@michaelsantoli
Michael Santoli
10 months
"Chair Powell's heart grew three sizes that day..."
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Michael Santoli
4 years
"Greed, for lack of a better word, is here..."
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Michael Santoli
2 years
Ferocious rotation at work today, selling the YTD winners hard and buying laggards for a beta grab in case the market can keep running. The ten worst S&P 500 performers today are all up for the year. Lots of profit-taking in defense, pharma/healthcare, insurance...
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@michaelsantoli
Michael Santoli
4 years
The #MysteryBroker says unequivocally that most of tech is in a bubble and near a peak. He notes that a technology or Internet bubble happens every 15-20 years (1968, 1983, 2000, 2020)...
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@michaelsantoli
Michael Santoli
4 years
Mass-muting people who quote Apple's gross cash holdings without netting out its $100 billion debt...
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@michaelsantoli
Michael Santoli
4 years
"My investment mandate doesn't let me buy Bitcoin but I can own the common and converts of a public company that has made itself into a Bitcoin proxy..." "My mandate says I can't buy subprime, but if you slice up a pool of bonds to create a triple-A-rated tranche..." I kid...
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Michael Santoli
4 years
The cat was already named Tulip at the time of adoption, so can't say for sure if she was named for the 17th-century speculative bubble.
@SquawkCNBC
Squawk Box
4 years
.🐱sighting on Squawk Box @michaelsantoli
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@michaelsantoli
Michael Santoli
6 months
The #MysteryBroker checks in with an extensive investment-outlook report that blends a benign near-term view with what he sees as a very challenging setup for longer-term stock returns. He was cautious most of last year but turned constructive after the October selloff, says he
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@michaelsantoli
Michael Santoli
6 months
The #MysteryBroker checks in with a quick tactical observation: "McClellan Oscillator is at an extreme level that usually precedes strong short-term rallies (a few days to a week or two). Expect a 100- to 200-point rally in S&P 500 very soon." He emphasizes it's "a very short
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@michaelsantoli
Michael Santoli
6 years
“Lifestyle. Relationships. Society.” And market timing? Happy Sunday morning...
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@michaelsantoli
Michael Santoli
6 years
Finance Twitter must've been intolerable on the day in 1958 when stocks' dividend yield fell below the 10-year Treasury yield for the first time in history. Then stayed there for 50 years.
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Michael Santoli
2 months
The #MysteryBroker puts a short-term Sell on stocks at the close, exiting the successful tactical rally call from last Tuesday. Says S&P 500 has retraced 62% of the pullback from intraday high to low, market breadth unimpressive. The paper trail here...
@michaelsantoli
Michael Santoli
3 months
The #MysteryBroker , who called for a 10% correction July 19, issues a tactical Buy for the S&P 500 at 5200 this morning. Playing for a short-term bounce for now, not an "all clear." says will "most likely" need a retest. His initial correction call...
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@michaelsantoli
Michael Santoli
5 years
Hard to see how this Apple news isn’t already priced in, the stock’s only up 4% the past month.
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@michaelsantoli
Michael Santoli
1 month
The #MysteryBroker goes to a short-term Buy today with the S&P 500 at 5555. He says: "A successful retest of 5400 is enough of a retest and back and fill of the August correction to 5100-5200. Market breadth has overall been good. Tech appears to have bottomed and the rest of
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@michaelsantoli
Michael Santoli
4 years
Don't worry, it's nothing, I've been assured it's nothing....
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Michael Santoli
3 years
"It will shock you how much it never happened."
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@michaelsantoli
Michael Santoli
22 days
Quick #MysteryBroker update: He continues to give the stock market the benefit of the doubt after having bought back in at 5550 on the S&P 500 a few weeks back. Sees likely further new highs into year-end, adding "the correction [avoided in September] is likely to come in
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Michael Santoli
1 year
I've noted for months the way the S&P 500 has been tracking the 2021 market path to an unusual degree, at nearly the same absolute levels. The index closed two years ago today at 4361, right there now. First chart is through today, the second is from a month ago...
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Michael Santoli
1 year
On vacation this week but checking in with a quick overnight update from #MysteryBroker . He sees bulls taking a premature victory lap over an economic soft landing. Says we’re well within normal lag time for recession to start late ‘23/early ‘24 as he’s been predicting.
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Michael Santoli
2 years
The #MysteryBroker weighs in after Friday's bounce to say it "likely" marked the low for the current phase of the downturn, sees 4-6-week rally totaling 8-15% in S&P 500 based on some rare oversold indicators and persistent bearish sentiment.
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Michael Santoli
4 years
So much bubble talk percolating in this market again, spoken by those who seem not to grasp what a true bubble looks like. (One way to know we're not in a bubble is to observe the swarm of replies to this tweet insisting that we are.) New column.
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Michael Santoli
3 months
The #MysteryBroker , who called for a 10% correction July 19, issues a tactical Buy for the S&P 500 at 5200 this morning. Playing for a short-term bounce for now, not an "all clear." says will "most likely" need a retest. His initial correction call...
@michaelsantoli
Michael Santoli
3 months
The #MysteryBroker looking for a 10%-ish correction. Elevated valuation, no room for multiple expansion, even if earnings estimates are hit into 2025 they'll downshift from there, believes a Trump win is being overvalued by markets in the near term. Adds that "The increase in
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Michael Santoli
1 year
A very long overnight update from #MysteryBroker details why he remains negative on the market and continues to expect a recession: "Investors have been jumping the gun this year. They are too early trying to anticipate a recovery in the economy and corporate profits."
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Michael Santoli
2 months
The #MysteryBroker notes the run from the early-August low has been one of the strongest rebounds among 20 or so over 7-12% corrections over the last 35 years. Comparable to the bull-market setback in Oct 2014 (as well as Sept 2001 and March 2020, both bear-market backdrops),
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Michael Santoli
7 months
Sure, this is when the earthquake hit but I was reacting to the DJIA trying to test its 50-day moving average from below right here.
@gator_phd
Matthew G. 
7 months
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Michael Santoli
2 years
A year ago, how many would have signed up enthusiastically for a chance to buy $GOOGL at 17x earnings and a minimal premium to the market? How many today are convinced it's a value trap?
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Michael Santoli
6 months
The work of a pullback in a bull market is to unwind over-aggressive positioning, drain excess optimism, reset expectations and take prices down to meet fundamental buyers’ conviction. Where to things stand in this process after a 5% retreat that has started to flash oversold
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Michael Santoli
4 years
Tony Dwyer at Canaccord, who's been bullish and has carried a "3300+" S&P 500 target, says this morning he is "withdrawing SPX targets because there is no precedent to how high valuations can go."
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Michael Santoli
9 months
No it wasn't at the very top, the market ran up another 13% over the next seven months, relax...
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Michael Santoli
2 years
Your S&P 500 index fund first bought $TSLA at $695. Still in the money, for now.
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Michael Santoli
2 years
A long #MysteryBroker update overnight boils down like this: He's very skeptical a new bull market is underway, even though it looks like a long multi-month base in the S&P 500 and we got a classic October bottom/midterm tailwinds with some strong breadth.
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Michael Santoli
1 year
The mild market drop this month has made a loud enough noise to scatter the sparrows a bit. Equity exposure among tactical fund managers in the weekly NAAIM survey hits the lowest level of 2023.
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Michael Santoli
2 years
Forget the other explanations, clearly rallying on the fact that it's now a whole 4 weeks before the next CPI report. Only 55% joking. That plus the extremity of the starting point (6 days down, 50% unwind of post-Covid rally, median bear market loss reached) = "enough for now."
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Michael Santoli
4 years
For those keeping track, your S&P 500 index fund's breakeven price in $TSLA is $695.
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Michael Santoli
2 years
All those puts bought last week now now fouling the sidewalk behind the NYSE…
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Michael Santoli
3 years
I’m off this week but did get a #MysteryBroker update overnight. He’s a buyer into the equity weakness, sees it as essentially a retest of the Jan. 24 low, his sentiment gauge showing a pessimism level last seen near the the late-2018 market low.
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Michael Santoli
1 year
Now vs almost ten years ago, when S&P 500 was under 1700...
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@michaelsantoli
Michael Santoli
5 years
Finally, the standard disclaimer on #MysteryBroker stuff: He's a source I've quoted for more than a decade since my time at Barron's; is a real person; is not me; is not someone whose name you'd know. I provide the updates as I get them mostly because people ask for them.
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@michaelsantoli
Michael Santoli
4 years
Merge the Dakotas to keep it at an even 50
@CNBC
CNBC
4 years
House passes bill to make Washington DC the 51st state
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Michael Santoli
4 years
"There's no one as bearish as a sold-out bull..."
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Michael Santoli
5 years
The crash that no one called has investors calling back to earlier cataclysms, grasping for historical threads that can serve as a guide. Plenty say there’s no relevant precedent, but that shouldn’t stop the search for historical touchstones. New column.
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@michaelsantoli
Michael Santoli
5 years
"How can the stock market possibly resume its climb if the US-China trade rift remains 'unresolved' and becomes an indefinite state of mutual hostility and containment, like the Cold War?"
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@michaelsantoli
Michael Santoli
8 months
The #MysteryBroker surfaces with an update. He's been holding, somewhat uncomfortably, to a tactical Buy signal on the S&P 500 from the 4370 level last fall. While he sees no clear catalyst for a bad downturn he's more focused on potential hazards than open running room ahead.
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Michael Santoli
4 years
The #MysteryBroker went to a short-term Sell on stocks at Friday's close. After a 90% surge in S&P 500 in 13 months, expects a tough correction lasting perhaps 3-6 months. Analogous to the deep 2010 correction, which was not previewed by serious divergences or other warnings.
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Michael Santoli
2 years
For those asking after (and dunking on) #MysteryBroker , a quick update. He's "not deterred" from his belief a "vicious rally" is setting up by the S&P 500 giving up the bounce that began last Thursday. Says the S&P filled a gap and indiscriminate selling in "safe" sectors a plus.
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Michael Santoli
4 years
Dialing back in after a week away from the screens, let's see if I have things straight: -The S&P 500 is up all of 1% over three weeks but folks are acting as if it's on a rocket ride just because it happened to nudge to a new high...
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@michaelsantoli
Michael Santoli
2 years
A #MysteryBroker update overnight reiterates his bearish stance on stocks and low assessment of the quality of the post-October rebound. He remains upbeat on longer-term Treasuries (called 4% 10-yr yields "a gift" a few times in recent months), expects recession is not far away.
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Michael Santoli
4 years
Apple, ten years, log scale. Probably means nothing, I'm no trendline whiz, to say the least.... $AAPL
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Michael Santoli
2 years
"Stocks fell again Tuesday because a steady stream of back-fitted dual-axis macro charts said that they must..."
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@michaelsantoli
Michael Santoli
4 years
As the anniversary of the Covid crash bottom nears, the S&P 500 is a whisper from 4000, Dow hits 33K, Disneyland is set to reopen, the VIX prints two closes below 20 after a year above and everyone carried Powell out of his press conference on their shoulders. Good luck to all...
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Michael Santoli
4 years
As Warren Buffett has always said, "Stocks breaking out to a new high are more often a Buy than a Sell, and a cup-and-handle formation can be a powerful bullish technical setup..." $BRKB
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Michael Santoli
4 years
Happy anniversary to this wild moment
@michaelsantoli
Michael Santoli
5 years
The Dow is down a full S&P 500.
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Michael Santoli
4 years
Flash sentiment check: When a one-percent intraday dip in the S&P 500 is treated on here as if it were the Battle of Anzio, folks have probably been lulled into thinking the upward grind had become inevitable.
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Michael Santoli
8 months
Lot of people seem pretty excited that gold is up 5% over three-and-a-half years and Bitcoin is almost breakeven over 28 months.
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@michaelsantoli
Michael Santoli
4 years
This kind chart pattern should be called a hernia - little ruptures in the trend wall. If hernias pop back into place they're usually nothing to worry about. If not...
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@michaelsantoli
Michael Santoli
4 years
The #MysteryBroker , who called for a pullback a week ago Friday, says the ongoing correction is "purely technical," likely will still be limited to a 5-10% decline in S&P 500 all told. Over-excited tech cooling off as needed, but he remains upbeat on recovery in the real economy.
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Michael Santoli
3 years
#MysteryBroker says Monday had "all the hallmarks of a capitulation day." The reversal, small-cap outperformance, no late-day fade = possible bottom. Notes January known for brief corrections. With AAII bears > bulls 7 of 9 weeks, rare to see more than a few % further downside.
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Michael Santoli
4 years
Bears, two months ago: "This market pattern is just like late 2008, look for a retest and lower lows." Bulls: "Irrelevant." Bulls, now: "This market pattern is tracking the rally off the March 2009 low, new bull market." Bears: "Irrelevant."
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Michael Santoli
5 years
@TheStalwart How many have been named Fauci?
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Michael Santoli
1 year
A #MysteryBroker update reiterates his negative market stance. He sees a Catch-22: "The only way the Fed lowers rates is either when the core PCE inflation rate falls to 2%, which would be next spring, or if we enter a recession. Either scenario is not good for the stock market."
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Michael Santoli
5 years
-Stocks at a record -Bond yields tame -Yield-curve sloping up -Credit spreads tight -Unemployment rate 3.6% -Wages up 3.2% -GDP above trend -VIX at 13 The obvious question, of course, is how the Fed has gotten it so wrong...
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Michael Santoli
4 years
Frat party market: boot and rally.
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Michael Santoli
6 years
On Wall Street, the shutdown will become known as the Immaculate Interruption: long enough to cement the Fed's patience, reveal the economy's resilience, temper investor sentiment and grant Q1 data a blanket mulligan. Not long enough for lasting damage to companies or consumers.
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Michael Santoli
4 years
"Random walk," is it? ;) $QQQ
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@michaelsantoli
Michael Santoli
7 months
The top year-to-date performers in the S&P 500 all heavily for sale today. Pin it to tax payments, heavy-handed rotation or a general "Enough for now" message from the market...
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Michael Santoli
7 years
Can't wait until everyone just passively owns a low-cost index of football players and we no longer have to hear Monday fantasy-league talk.
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@michaelsantoli
Michael Santoli
5 months
What are we doing here? Past three days, sellers leave for lunch and don't come back.
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@michaelsantoli
Michael Santoli
5 years
The only IPO scheduled on the NYSE today. Initial pine offering.
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Michael Santoli
1 year
The #MysteryBroker checks in to reiterate his skepticism toward the rally, citing history to suggests a Fed pause isn't generally bullish, often precedes or coincides with recession and in any case the recent 25% S&P 500 gain front-loaded whatever relief such a pause might bring.
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Michael Santoli
6 years
Mr. Met is due to ring the NYSE opening bell tomorrow. A year ago when he visited, the Dow dropped 340 points after a quiet opening. (Not trading advice.)
@michaelsantoli
Michael Santoli
7 years
It’s all starting to make sense now. The Dow was flat on the day when this guy showed up on the floor.
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Michael Santoli
2 years
An update from the #MysteryBroker arrived overnight, including a review of his 2022 calls and a generally cautious outlook for this year...
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@michaelsantoli
Michael Santoli
2 years
"Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning." -Winston Churchill "We have a ways to go." -Jerome Powell
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Michael Santoli
4 years
The #MysteryBroker still doesn't see S&P 500 breaking below the Sept. low (down ~2% from here). This a retest. Says bull market intact, credit fine and given likelihood of vaccine/medical progress within months, "what happens in the economy in next two months doesn't mean much."
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Michael Santoli
1 year
Join @Downtown Josh Brown and me for a @CNBC special this evening at 6pm Eastern time. Two Long Island guys chopping up the week in markets, keeping it loose and fast-paced. Just what you're looking for on a summer Friday...
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Michael Santoli
2 years
Who's ready to suggest $META spending madly into a slowdown to minimize profits fits into a sly long game? Maybe one way to get government permission to do material acquisitions again is to make a company look like a disrupted basket case rather than market-dominating bully.
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Michael Santoli
1 year
Just under a month ago, #MysteryBroker tactically backed off his generally bearish stance on stocks to call for a multi-week relief rally. The S&P 500 managed a few percent of upside to the April high and he's now back to a negative posture on the market.
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Michael Santoli
4 years
People out there must think a 4-for-1 split means you buy one share and they give you three for free.
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Michael Santoli
9 months
We’re doing this again? Bears are yelling “1999” in a crowded tech-led market. Bulls are dancing to the echoes of 1995, the pristine soft landing, when the Fed’ trimmed rates into a ripping equity rally. Assessing the debate. New @CNBCPro column.
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Michael Santoli
4 years
Just about every cycle, the market systematically takes money from those who overplay the market-relevance of electoral politics and gives it to those who understand it's almost never the key driver.
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Michael Santoli
3 years
The #MysteryBroker backs off his call for a fuller correction, now expects stocks to work higher, cites the market’s “resilience” absorbing threats (Delta, debt ceiling, inflation, energy, EPS-forecast dip), near-textbook technical bottoming process and coming seasonal strength.
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Michael Santoli
4 years
“Why aren’t stocks down more?” Now a popular question that implies the market is too cheery about a recovery. You can rant that the market’s delusional and rigged, or try to understand what’s going on within it. Weekend column goes the latter route.
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Michael Santoli
6 years
Short-term tactical call just now from the #MysteryBroker : "The stock market is going to rally 150 to 200 S&P 500 points starting either today or Monday. My technical indicators are short-term at levels that always cause a vicious rally. The shorts are going to be covering."
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Michael Santoli
2 years
Quick #MysteryBroker update: Still dislikes the risk-reward in stocks, unimpressed with power of the post-Oct. rally, much prefers Treasuries given his view that inflation has downside momentum and economy will soften in coming months as typical policy lag effects start to bite.
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Michael Santoli
5 months
The stock was 80% lower two-and-a-half years after this. You can tell yourself you would've held on or averaged down or loaded up, but fair to assume that not very many did.
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Michael Santoli
6 years
Between Buffett's acquisition of 75m more Apple shares last quarter and the company's repurchase of 137m shares, these two buyers with time horizons of roughly "forever" soaked up 212m shares. That's more than 9% of all the $AAPL shares that traded over those three months.
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Michael Santoli
1 year
That's one of the more symmetrical trips below and back to a 50-day moving average you'll ever see, with the post-close Nvidia-powered pop in Nasdaq 100 futures. Cute...
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Michael Santoli
6 years
Spending the day off brushing up on the 1962 bear market, which accompanied no recession but came after a presidential attack on the steel industry and combined a businessman’s panic, a ‘flash crash’ and an SEC probe of its causes. Didn’t end til after the Cuban Missile Crisis.
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Michael Santoli
4 years
The part of the cycle where rich nerds try to buy their way into the cool clique...
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Michael Santoli
5 years
The S&P 500 this month has formed a classic Back-to-Back-Elephants-Tied-At-The-Tails formation. Means either the market is making a Big Top or the bulls are about to stampede.
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Michael Santoli
5 years
Found the key to the market, time for them to change the locks...
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Michael Santoli
4 years
Unforgivable error just now on @SquawkCNBC : I said "Livin' La Vida Loca" was released at the market peak in March 2000. It debuted in fact March 1999, so we had a full year of crazy living after that. @BeckyQuick @SullyCNBC
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Michael Santoli
3 years
Maybe it can work out fine when a self-regarding SEC-targeted billionaire whom people love to hate buys as a side project a dysfunctional organization that people love to mock. The Mets are 5-2.
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Michael Santoli
2 years
Market getting pretty frisky, S&P 500 High Beta now even with the Low-Volatility basket on a one-year frame... $SPHB $SPLV
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