Market Update – June 17, 2010
June 29th, 2010 | 
Author:
Well, it was an up down up down up down up day, what can I say. The markets opened positive then shortly sold off after the rose and some economic news was also negative. Initial Jobless Claims rose by 12000 when analyst expected them to fall by 6000. In addition, The Philly Fed’s June index of Business Activity for factories fell by over 13 points to 8 from 21.4. Analyst expected a reading of 21, so this was way off. It also demonstrates how regional the recovery is. Lastly, the Conference Board’s Index of Leading Indicators was slightly off with a .4% increase rather than expectations of a .6% increase. At least that was still positive. In any event, this set the tone for this morning’s markets. During the afternoon, the markets oscillated below breakeven, then at 1:00 CST, it got to even, then immediately sold off. Finally, the last 1/2 hour of the day, it rallied. All 3 major indices ended positive. This is resilience in the face of bad economic news. During the day, the indices tested those resistance levels, now hopefully support levels, and bounced off of the repeatedly. From a technical standpoint, this is all good news. Once again, the main thing we need now is volume to increase. Volume on the NYSE was 5.2 Billion shares, still below its current 6.4 billion 30 day moving average. Some decent even marginally positive economic news and the markets could go higher. However, with the bad economic fundamentals, this should be only considered a short to midterm rally …
Popular Posts:
- Stocks Posting Sharp Losses In Early Afternoon Trading – U.S. Commentary
- TIer 5 Unemployment Extension Update 05/15/2010
- How does one qualify to receive the FED-ED unemployment insurance extension in California?
- NCESC Unemployment Benefits – www.ncesc.com « Breaking News
- How can i get money?I am a jobless person and don’t have any source of income with me.?
Tags: