When is the last time that the Federal Reserve said that they will keep rates low until 2013? This is certainly the most bizarre statement that we have ever heard from the central bank. Sure, the stock market likes low rates, however, when the Federal Reserve makes comments like this it starts to sound and look like Japan. The Japanese economy has gone nowhere in twenty years.
This morning, the major stock indexes have opened sharply lower to start the day. All of the leading sectors are trading down except the large financial stocks. The too big to fail financial stocks have actually rallied right from the opening bell. Traders should remember that the financial stocks are the leading industry group to follow.
This morning, the major stock indexes are fading into the sunset once again by giving up the pre-market gains. Traders and investors are now starting to have fear that the major stock indexes can break sharply lower. There are a lot of stocks that are very oversold which tells us that a bounce could occur. It is the financial stocks that should be followed most closely this morning.
This morning, all of the major financial stocks are declining lower. This sector has lead the markets lower throughout the trading year. Stocks such as Bank of America Corp.(NYSE:BAC), and Morgan Stanley(NYSE:MS) are making new 52 week lows this morning. Other leading financial stocks such as Goldman Sachs Group Inc.(NYSE:GS), J.P.
The large financial stocks have been some of the weaker stocks over the past three months. This morning, Citigroup Inc.(NYSE:C) reported earnings that were better than expected. Citigroup stock is trading higher by 0.81 cents to $39.82 a share. Yesterday, J.P. Morgan Chase & Co.(NYSE:JPM) reported earning that were well received by investors in the early part of the trading day.
Wall Street is a sea of red as the major stock indexes are getting pummeled. The NASDAQ Composite is trading lower by over 2.0 percent, this index is leading the decline. The U.S. Dollar Index is trading sharply higher today and this is certainly helping to deflate the major stock indexes. When the dollar is higher the stock markets are usually lower. Should the U.S.
The action today has increased the support/resistance levels on the S&P 500 (SPY) (1,345/1,357)/Nasdaq Composite (QQQ) (2,872/2,874) but has the levels the same on the DJIA (DIA) (12,605/12,760)...Each of the three indexes was up at least 0.7%...A few interesting things to note underneath the hood of the stock market direction from a sector perspective today-defensive sector Utilities traded the m
DJIA (DIA), S&P 500 (SPY), and Nasdaq Composite (QQQ) finish with gains of at least 1%...Looks like we might have gotten an improvement in volume thanks to the 2.5% gain in the Semis on strong volume...Keeping with the current market trend we are raising the support/resistance levels on the DJIA (12,391/12,427), S&P 500 (1,317/1,331), and Nasdaq Composite (2,766/2,799)...All 9 market sectors were
Thursday, June 2, 2011 (Stocks Close Mixed Ahead of Tomorrow’s May Jobs Report)
Today was quit a volatile session before the May jobs report is disclosed tomorrow morning at 8:30. Stocks traded in both directions today significantly. At the end of the day the Nasdaq Composite (QQQQ) led the market today with a mild 0.2% gain while the DJIA (DIA) and S&P 500 (SPY) fell in small order 0.3% and 0.1%, respectively.