Daily Investment Interpretations
Thursday, May 17, 2012
(Thursday Night): The
markets sank yet again today: The slow-mo stock decline;
Stocks end at 4-month lows.
The NASDAQ Composite slid another 60.35
to end at 2,813.69. The Dow plunged
to close at 12,442.49; the S&P 500
tumbled another 19.94 points
to settle at 1,304.86. Oil ended the day at 92.75: Oil notches fifth losing session;
gold logged off at 1574: Gold higher on relief rally after 10-month low.
The VIX rose 2.22
"A disappointing gauge of manufacturing in the Philadelphia region added to worries about Europe to keep stocks in the red again. J.P. Morgan lower on report losses may be closer to $3 billion."
"Stocks get further knocked after a disappointing read on manufacturing adds to Europe fears."
"Investors fled stocks and flocked toward the safety of U.S. Treasuries Thursday as worries about Greece's future in the eurozone continued to escalate. More"
The S&P 500, having broken a major resistance level at 1340, is now defenseless down to its next major resistance level at 1300. The sticking points are Europe (Greece and Spain) and suggestions that the U. S. economy may be faltering as Europe enters recession.
I'm entirely in cash, and anticipating the expected extremely-oversold bounce.
Philly Fed factory index turns negative in May.
Leading indicators dip in April
Mortgage rates fall to record lows with 30-year at 3.79%
U.S. 10-year yields hit lowest closing level ever
Are the bears due for a win?
H-P to lay off thousands "Reports surface that Hewlett-Packard is planning to cut as many as 30,000 jobs."
Lawrence McMillan: In focus: Oversold, but wounded.
Kevin Marder warns that Every bear market starts with a correction.
Darrell Delamaide notes that Deficit talk distracts from real issues
Michael Ashbaugh points out that the Nasdaq edges under 10-year support
Spain clears bond sale, borrowing costs rise
Spain's Bankia triggers stock rout in Europe.
Spain GDP contracts as austerity hits spending
Spain's Bankia: Depositors have nothing to fear
Moody's cuts ratings on 16 Spanish banks
More ECB unconventional easing may be needed- IMF
Banks might need to raise $566 billion: Fitch
Peter Brimelow asks Is oil spoiled?
State of the Markets articles include:
Looking Ahead to Friday's Market
Why Greece Does and Doesn't Matter "Good morning. Stocks have been down ten of the last eleven sessions. According to Bespoke, the NYSE Advance/Decline line is now at one of the most oversold levels seen since 1990. The talking heads on T.V. told us yesterday that the NASDAQ is now officially in "correction" territory. The S&P has fallen 6.6% since April 2nd. And the global equity markets have reportedly lost $3 trillion in value since the beginning of May. All thanks to Greece - a country whose GDP is barely larger than that of Houston, Texas. If you are anything like me, I'm fairly confident that you are tired of hearing about almost anything related to ... Read More »"
Philly Fed Index Surprises With Big Miss in May
Leading Economic Indicators Also Miss Expectations
Bloomberg Consumer Comfort Index Sags
Weekly Jobless Claims Hold Steady at Higher Levels
JPMorgan Trade Loss Now Exceeds $3 Billion (And Counting)
Spanish Bond Auction Sees Yields Continue to Rise
Spain Officially In Recession
Japanese GDP Above Expectations in Q1
Market futures are 0.2% higher tonight.