After opening and going 100+points South, the DOW then headed North, inch by inch today. Closing 51.29 points up, at 13,020.83 and the S&P 1418.26.
Also you can see the graph, the MACD was making higher consistent lows, exhibiting strength.
On the open this morning, Fannie Mae noted a lost of $3Billion, cut its dividend to .25, and committed to raise over $6Billion. Most analyst say they should raise more capital. Yet the stock closed up 8.91%.
This is a positive sign that cannot be ignored while the VIX closed at 18.90 today.
Agriculture and Commodities are up again today. Oil and the DBA were both up. Oil set a new record after Goldman Sachs predicted a spike in oil to a possible 200 per barrel.
Keep in mind the summer driving season is always a historical time for gasoline/oil.
The dollar appreciation trade may be back on the scene, but prob not this week and possibly not before July 4th.
Financials finished strong today also.
Record oil prices has not shut down the equities, and everyone we hear talk, wants to mention all of the regional banks(1000 out of 3500) that risk failure. This could trigger a major downside for commerical real estate(IYR is the ETF).
After hours, Sprint announced it might do a deal with Clearwire, and with data growing quicker than voice, this could be a great match. Disney reported better than expected earnings due mainly to theme park management, and so did Cisco with higher revenue.
Good Fortune from Trade Equity!!!
