4:05pm EST
The DOW sold off today, possibly due to short covering on the announcement post yesterdays Fannie Mae increase on news of $6B in capital raising. The DOW closed at 12813.78, down 207 today. S&P closed at 1392.57, down 25+. Also, the general consensus says the market is concerned over a possible interest rate rise.
With the overall market down over 2%, the Financials keep selling off and XLF currently showing 3.78% down for the day.
Crude finished up $1.74, over $123 barrel.
AIG reports earnings tomorrow. This should be an important number for the market to follow.
While the SEC announce today that it was going to increase Broker disclosure of capital resources, MBI and UBS issued bad financial news that could lead to more headaches, and a possible "can of worms" for companies that marketed mortgage debt prior to the Subprime meltdown. They agreed to pay $35M back to 20 towns in Massachusetts.
The VIX jumped 8.3% today to 19.73. This could be a sign that increased volatility is on the rise.
Watch the 20 level for significant movement.
Good Fortune from Trade Equity!!!
Wednesday, May 7, 2008
Wednesday Lunch
Oil announced over 5 million barrel surplus yet currently is up 1.29 per barrel.
The market is currently down 90 points with the financials leading the fall(small banks and mortgages), after showing a small gain around 10:30am EST.
Fluor announces two-for-one stock split (FLR) 162.57 currently.
It would be a plus if we could close above 13000 DOW today, but it is not looking good.
The VIX is up 2.58% but still under 19 at 18.68.
CRS and DRYS are up over 2.25% today
Good Fortune from Trade Equity!!!
The market is currently down 90 points with the financials leading the fall(small banks and mortgages), after showing a small gain around 10:30am EST.
Fluor announces two-for-one stock split (FLR) 162.57 currently.
It would be a plus if we could close above 13000 DOW today, but it is not looking good.
The VIX is up 2.58% but still under 19 at 18.68.
CRS and DRYS are up over 2.25% today
Good Fortune from Trade Equity!!!
PreMarket Buzz
Clearwire and Sprint are doing a $12B joint venture and Sprint is set to open 7% higher.
With 15 minutes to market open, oil is down .15, and the S&P Futures is down 1.5, DOW Futures are down 2.
Polycom(PLCM) announced a $300M share repurchase program this morning.
Transocean(RIG) and Owens Corning(OC) beat earnings estimates today
Keep an eye on the following announcements today:
Pending Home Sales(10 am EST)
Crude oil inventories(10:30 am EST)
Consumer Credit(3pm EST)
Good Fortune from Trade Equity!!!
With 15 minutes to market open, oil is down .15, and the S&P Futures is down 1.5, DOW Futures are down 2.
Polycom(PLCM) announced a $300M share repurchase program this morning.
Transocean(RIG) and Owens Corning(OC) beat earnings estimates today
Keep an eye on the following announcements today:
Pending Home Sales(10 am EST)
Crude oil inventories(10:30 am EST)
Consumer Credit(3pm EST)
Good Fortune from Trade Equity!!!
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