Markets were down thanks to banks getting hammered on all kinds of negative thinking. Dow was even from gains in energy stocks, but decliners led advancers 2-1 and NAZ declined 20. Banks led the way down, most majors were down 1. NYSE had 333 new lows including: BAC, MOT GM, WFC, AIG, Q, MER, MBI, UNH & UBS. Many are financials & 3 on this list are Dow stocks. There was a lot of talk on Bloomberg TV about the Goldman Sachs analysts making a wrong call a couple of months ago for banks & consumer discretionary sectors. This announcement probably brought a lot of selling after Goldman previously urged investors to overweight consumer discretionary stocks & maintain a neutral weight in financials. Oil rose 1.38 to 136.74 amongst all the confusion about oil demand & supply. Energy did very well, putting points on the Dow & the MLPs followed along. The Alerian MLP index rose over 3 to 289, reversing its recent downward slide. Keep in mind, they are not linked directly to the price of oil as some think!
The FED meeting looms, but the main suspense involves what will be said in their press release. Generally, after all their talk about raising interest rates, it's assumed they will not be changed, but the FED's discussion on the economy & future directions will influence markets.
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