The market made modest gains this week,bolstered by a stable Euro as debt crisis fears receded.The S&P rose 2.5,while the Dow notched 2.8 and the NASDAQ garnered 1.1.The VIX volatility index closed down 23.7.The market has been moving in tandem with the Euro recently,and this week was no exception.With earnings season some weeks off,the market is event-driven,and the European debt crisis is the main event on traders' minds.The S&P futures signaled a cautious Monday opening with a drop of 1.50,and bond futures rose.
In golf,Graeme McDowell,a British golfer best known for his wins in Europe,led the U.S. Open at Pebble Beach on California's Monterrey Peninsula.Phil Mickelson had an outstanding second round,scoring six birdies for a -1,while McDowell was at -3.Mickelson shared second place with Dustin Johnson,Ryo Ishikawa and Ernie Els.Tiger Woods was buried in the field at +4.Several golfers said the remarkable ocean side scenery was a distraction.
Showing posts with label Eurozone. Show all posts
Showing posts with label Eurozone. Show all posts
Friday, June 18, 2010
Friday, May 21, 2010
S&P In Correction's Shadow
The S&P remains in correction mode this weekend,being down 10.6% from its April high.For the week,the index fell 4.2,while the Dow stumbled 4.0 and the NASDAQ crumbled 5.0.Yes,the Eurozone debt crisis was a fundamental concern;but it wasn't just Europe.Unemployment claims here rose sharply and unexpectedly,up 471,000.Two important manufacturing reports,the Philly Fed and the Empire State,showed a decline in new orders,and the index of Leading Economic Indicators was down as well.
In sum,the recovery went on vacation this week,leaving investors behind to contemplate a return to serious worry.The idea of a double dip recession had been receding this year to almost invisibility,but has a renewed credence now.Cash is looking more attractive than it has in some time as we grope our way through a new maze of uncertainty.Indeed,it seems the path of wisdom until the fear index settles back at least somewhat.
The futures are a mute equation.Both the equity and bond futures are up,indicating confusion about what lies ahead.Baseball is simpler.Baltimore led Washington tonight in inter league play,while Virginia was topping Miami in college ball.
In sum,the recovery went on vacation this week,leaving investors behind to contemplate a return to serious worry.The idea of a double dip recession had been receding this year to almost invisibility,but has a renewed credence now.Cash is looking more attractive than it has in some time as we grope our way through a new maze of uncertainty.Indeed,it seems the path of wisdom until the fear index settles back at least somewhat.
The futures are a mute equation.Both the equity and bond futures are up,indicating confusion about what lies ahead.Baseball is simpler.Baltimore led Washington tonight in inter league play,while Virginia was topping Miami in college ball.
Friday, May 14, 2010
The Pond Is Small
A one-track market was linked to European affairs this week,with very choppy conditions prevailing.Even so,all the major indexes were up for the week,with the Dow garnering a 2.3 rise,and the NASDAQ climbing 3.6 as the S&P notched 2.2.All the major overseas markets rose as well.Until the Eurozone debt arrangements are actually implemented,the U.S. markets are unlikely to settle down.Triple digit swings may be expected to continue,regardless of positive economic data,such as today's retail sales report showing an increase for the seventh straight month.The days of Fortress America are long over.Today there are nothing but bridges to distant territories.
In college baseball,Miami was wishing it was distant from Georgia Tech tonight.The Yellow Jackets were pounding the Hurricanes 13-1 as a rain delay stopped the 6th inning.ESPN was already talking about college football,while the S&P futures headed down 21.50 and bond futures gained.
In college baseball,Miami was wishing it was distant from Georgia Tech tonight.The Yellow Jackets were pounding the Hurricanes 13-1 as a rain delay stopped the 6th inning.ESPN was already talking about college football,while the S&P futures headed down 21.50 and bond futures gained.
Friday, May 7, 2010
Reaping The Whirlwind
The financial crisis was back in force this week,casting doubt into the minds of investors.Those old days of 2008 seemed to have returned.Headlines were to be dreaded once again.The Eurozone debt problem generated huge slides in equity prices,raising the possibility that there may be another leg down in a seemingly endless time of economic peril.The S&P was off 6.39 for the week,while the Dow lost 5.71 and the NASDAQ tumbled 7.95.
A positive employment report was all but brushed aside in the climb up the wall of worry.To be sure,the Eurozone issue has been on the radar screen for several months.As a May 19 deadline for Greece approached,however,it came into unnervingly sharp focus,sending rioters into the streets of Athens.A summit of European leaders this weekend to address the problem could hold the market's fate in its hands.In response,the S&P futures were down 15.40 this evening.
The Florida Marlins were leading the Washington Nationals 4-2 in the highly competitive National League East,and golf fans awaited the Players Championship,where Tiger Woods will face Phil Mickelson in another chapter of his return saga.
A positive employment report was all but brushed aside in the climb up the wall of worry.To be sure,the Eurozone issue has been on the radar screen for several months.As a May 19 deadline for Greece approached,however,it came into unnervingly sharp focus,sending rioters into the streets of Athens.A summit of European leaders this weekend to address the problem could hold the market's fate in its hands.In response,the S&P futures were down 15.40 this evening.
The Florida Marlins were leading the Washington Nationals 4-2 in the highly competitive National League East,and golf fans awaited the Players Championship,where Tiger Woods will face Phil Mickelson in another chapter of his return saga.
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