Stocks tumbled badly after the FED's meeting yesterday. Dow is down 180 (trying to test yearly lows), decliners over advancers 3-1 & NAZ is down 51. Times are tough! The FED issued a statement that didn't say much because there wasn't much to say, after all they're trying to juggling many balls at once. They did signal rate cuts are finished, so the main question is when do rate hikes start? Banks have a ton of problems. Goldman Sachs gave a very ugly assessment for Citigroup (C), a Dow stock, pushing C down 1. In sympathy all banks are getting hammered with Bank of America (BAC), another Dow stock, yielding over 10%! Some of the leading new lows today are: C, F, BAC, GM, WM, AIG, AXP, BA, MMM, LLY & UPS (not a lot of wimps in this list, many are in the Dow). The Alerian MLP index is down 3.38 to 283. Looks like it may be going after the Mar low.
Oil is back up, pushing 139 in it's confusing world. The longer it remains above 130, the uglier its news will be. This is a time for a stiff upper lip, use the time to study for good buying opportunities.
Showing posts with label NYSE lows. Show all posts
Showing posts with label NYSE lows. Show all posts
Thursday, June 26, 2008
Tuesday, June 24, 2008
Higher bank stocks fail to lead markets upward!
Higher bank stocks did not lead the markets forward today. Dow was down 35, decliners over advancers better than 2-1 & NAZ declined 17. There were 406 new lows including many from the banking sector. However banks had a very good day from an extremely oversold condition. For example, Bank of America (BAC) dropped 15% in a week to new 6 year lows. Today it went up 74¢, closing near its high. Banks got encouragement from Wachovia (WB) on news that they are seeking advice on what to do with the billions in loans they're stuck with. Tomorrow banks should be pretty much absent from the new lows list, instead it will focus on regular struggling companies. REITs went up a little & junk bond funds were mixed to slightly up. But markets in general were down on more dreary news. The Alerian MLP index pulled back 1.56 to 287.49, remaining below the important 290 support level. Oil rose slightly to 137 amidst all the confusing news on supply problems, whatever.
Tomorrow the FED will announce any interest rate changes, none expected, & the outlook for the future. Investors will be hanging on every word in their outlook.
Tomorrow the FED will announce any interest rate changes, none expected, & the outlook for the future. Investors will be hanging on every word in their outlook.
Thursday, June 19, 2008
Techs led stocks higher
Techs rose nicely, but the overall markets were mixed. Dow up 34, advancers equalled decliners & NAZ was up a big 32 largely on the strength of tech benefiting from the lower price of oil. Volume was a little stronger, nearing 1.3B on the NYSE. The 204 new lows on NYSE included: BAC, MOT, BBT, GE, UNH, RF, GM, NOK,& BMY. Banks continue to be well represented.
China raised regulated prices for fuel 18% which led to oil dropping 4.45 on the theory it will reduce their consumption. Although these days who knows what drives the wild swings in oil! Citigroup (C) warned more writedowns were coming for the usual reasons. Banks were weak although well off the lows around midday. REITs rebounded a little. The Alerian MLP index slipped 2.63 to the 286s, breaking decisively though the 290 barrier. The 2 Bear Stearns managers pleaded not guilty to charges which are complicated making them difficult to prove. In addition, another 400 or so lending officers have been arrested on practices related to loan activities.
Dow held 12K, but barely & remains only 63 above that support level. The Alerian MLP index broke 290, may be the start of another leg down. Tech was strong today, but the rest of the markets did not pay attention.
China raised regulated prices for fuel 18% which led to oil dropping 4.45 on the theory it will reduce their consumption. Although these days who knows what drives the wild swings in oil! Citigroup (C) warned more writedowns were coming for the usual reasons. Banks were weak although well off the lows around midday. REITs rebounded a little. The Alerian MLP index slipped 2.63 to the 286s, breaking decisively though the 290 barrier. The 2 Bear Stearns managers pleaded not guilty to charges which are complicated making them difficult to prove. In addition, another 400 or so lending officers have been arrested on practices related to loan activities.
Dow held 12K, but barely & remains only 63 above that support level. The Alerian MLP index broke 290, may be the start of another leg down. Tech was strong today, but the rest of the markets did not pay attention.
Friday, June 13, 2008
Stocks rise on interest rate hopes
Stocks rose on hopes that the FED will hold off interest rate hikes because the core inflation number for May came in at a relatively moderate 0.2% rate. Dow was up 165 (also up slightly for the week), advancers ahead of decliners 2-1 and NAZ up 50. Prices closed near highs for the day but volume continues very low, just over 1B. 157 new lows on NYSE including: GE, KEY, WB, RF, MRK, Q, UNH, CMA, FHN, CBS, SNY (i.e. a bunch of banks just on this list & 2 Dow companies). Banks & REITs were generally a little higher, nothing dramatic. The Alerian MLP index inched up but still closed a little under 290.
Oil pulled back to under 135, remaining in super high territory. Corn, our biggest crop, hit a new another record high close. We'll have a lot to think about over the weekend, but the markets remain tough with the Dow still going sideways in the 12Ks.
Oil pulled back to under 135, remaining in super high territory. Corn, our biggest crop, hit a new another record high close. We'll have a lot to think about over the weekend, but the markets remain tough with the Dow still going sideways in the 12Ks.
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