• The S&P 500 touched a new intraday high and the Nasdaq was briefly trading above 3,500 before reversing course to close slightly in the red. This after four straight weekly gains on the major indexes. It will be a light week for market-moving economic data, so traders may be more focused on the finale of earnings season which will see 27 S&P 500 companies reporting this week.

    Yahoo! (YHOO) a the top attention-getter today on Wall Street as the company announced it's buying micro-blogging site Tumblr. Shares edged higher on the news of the plan. This will be Yahoo's seventh and biggest acquisition since Marissa Mayer became company CEO last July. The web portal will pay $1.1 billion dollars for Tumblr which boasts 108 million members and a very young user base with a high "cool factor."

    Campbell Soup Co. (CPB) is hot, although investors seemed to cool to the stock today. Shares fell 4% despite the company beating on earnings. Excluding items, it posted profits of 62-cents a share when

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  • Jim Rogers: The Commodities Bull Market Is Still On

    By Bernice Napach | Daily Ticker – Mon, May 20, 2013 2:11 PM EDT

    Silver prices have slumped to their lowest level since September 2010 and gold prices are down 18% year-to-date leading many market observers to declare that the super-rally in commodities is over.

    Jim Rogers, the legendary investor and Chairman of Rogers Holdings, says the commodities bull market continues. He calls the latest slump in prices a correction. “I still don’t see massive new supply coming into the market which will keep prices down,” he tells The Daily Ticker.

    Rogers correctly called the commodities bull market that began in 1999 and the housing slump of 2007-2008 well before either occurred.

    Related: Commodity Selloff NOT a Sign of Global Slowdown...and It's Good for Stocks: Sethi

    Despite the decline in precious and industrial metals like copper, not all commodity prices are falling. Oil prices, for example, are actually higher so far this year. WTI crude today is trading at $97.14 a barrel, up 5%. Cotton futures are trading near 11-month highs.

    Farmland prices,

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  • As is the case with grief, there are five stages of bull markets.

    Stage one is residual fear of the prior bear market.

    Stage two is denial that a bull market exists at all.

    Stage three is anger at having missed out on enormous profits. This has been the most hated rally in market history since at least October of 2009. That qualifies as anger.

    Stage 4 is when strangers ask me if it's too late to buy Tesla (TSLA). Last weekend the bull market entered Stage 4.

    If you're still deciding whether or not to buy stocks it's safe to say you missed the bottom. What matters is where we go from here and how investors can dip a toe into stocks without feeling like the unwitting sucker at a high-stakes poker game.

    In the attached video, Greg Troccoli, co-founder of ChartLabPro.com, suggests giving the market room to run but not without a backstop. Troccoli, who suggested stocks could be poised to rally when he joined Breakout in March, says the 1,700s aren't outside the realm of possibility now that resistance has been broken.

    Related: The Last Resistance Level Before a Major S&P 500 Breakout

    Troccoli is a technician; he takes the stages of bull markets and all other emotion out of the equation and lets the charts guide him. Right now he's dispassionately rolling up his stops to avoid giving back his gains. At the moment Troccoli's sell signal is a close below support on the S&P 500.

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  • $615 million doesn't go as far as it used to. That is how much SAC Capital Advisors paid to settle a civil case with the SEC in March. As part of the settlement, SAC neither admitted nor denied wrongdoing. Apparently that wasn't good enough. Over the weekend SAC founder and billionaire Steven A. Cohen received a subpoena to testify before a grand jury as part of a different investigation into insider trading.

    The fact that the government has been trying to build a case against Cohen is hardly news. Cohen has been playing Moby Dick to a series of would-be Ahabs in the government. The chase has been well documented, most recently in an exhaustive Vanity Fair piece, which cast U.S. Attorney Preet Bharara as the current harpoon thrower.

    If Cohen is charged and convicted it would be the most significant blow against the Wall Street Insider Club since the 80s, when Rudy Giuliani took down Michael Milken. There have been high-profile cases since, but none of the targets were as central to the day-to-day business of trading as in the case against Cohen. Bernie Madoff was a one-off Ponzi scheme, massive in scale but relatively obscure. After Madoff's fraud was exposed, the collapse was swift and conviction was a foregone conclusion.

    SAC is different because it is of the Wall Street system. The firm reportedly pays more total brokerage commissions every year than any other group on earth. Cohen isn't just a Moby Dick to ambitious politicians like Bharara; he's also a whale to every firm on Wall Street. Instead of spears, brokerages and analysts bombard SAC with ideas, edges, speedy fills and every other micro-advantage that comes with being a target customer.

    "His advantage over those many years has been some kind of trading savvy but also just minute advantages of information," says Yahoo! senior columnist Michael Santoli. "It seems as if that's been exactly the ethos of the firm, to stretch for the last piece of information."

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