Daily Investment Interpretations
Tuesday, May 22, 2012
(Tuesday Night): The
markets yo-yoed up and down today, ending about where they started: Stock market runs ragged;
Stocks turn lower on new Greece worries.
The NASDAQ Composite closed off 8.13
to end at 2,839.08. The Dow eased
to close at 12,502.82; the S&P 500
incremented 0.64 points
to settle at 1,316.63. Oil ended the day at 91.56: Oil below $92 a barrel;
gold logged off at 1588: Gold marginally lower amid gains for other metals.
The VIX rose 0.47
"Gains evaporate as investors look askance at Europe, but recover most of their losses."
"U.S. stocks turned sharply lower during the final hour of trading before recovering to end Tuesday relatively flat, as worries over Greece overshadowed upbeat U.S. economic reports. More"
Last night, I wrote: "What happens after this bounce is what counts." That's still true. Today's action might be followed by a continuation of the decline, but a lot will depend upon the headlines. We're again back in a "risk-off", news-driven trading environment.
Jon Markman observes that Swift European unity could spur epic rally.
Michael Ashbaugh presents Technical Indicator: Charting corrective bounce
Commentary: Loose talk destroying euro zone
Mark Hulbert on Indicators of a market top "If bull market ended in May, it will have been an unusual demise."
Paul Farrell: How Facebook threatens U.S. economy
Insights on taxes and the wealthy
Stock market is getting cheap
Obama spending binge never happened
Members of Senate Banking Committee took Wall Street cash
SEC, CFTC looking into J.P. Morgan and disclosure rules
David Marsh writes: Senators seek Fed board shake-up "Fallout from J.P. Morgan's trading loss spreads as two lawmakers moved not only to have CEO Jamie Dimon, but all bankers removed from boardrooms of the 12 Federal Reserve regional banks."
Irwin Kellner writes Better red ink than dead economy
Lagarde: liability-sharing needed
State of the Markets articles include:
Technical Talk: Sticking To The Script
Looking Ahead to Wednesday's Market
Facebook Fallout "Oh, we know you might have had it up to your eyeballs on the non-stop commentary on Facebook’s IPO and the numerous issues which have led to quite a bit of finger-pointing. And you might be “punned out” by all the witty commentary. “Facebook Faceplant” (failure to hold the offering price) “Zuckerberg’s Big Post-IPO Merger” (his marriage) “Facebook’s IPO Not Making Many Friends” (on today’s further price drop, with lows of $31.00 as of this writing and a bit of a bounce but well below the $38 offering) But we don’t think we would be doing our job if we did not point out some of the bigger issues here and also a couple of ... Read More »"
Man vs. Machine: A Real-Time Example "Everybody knows that computerized trading accounts for the vast majority of trading on Wall Street these days. However, here is an example of the machines getting it wrong... ... Read More »"
Existing Home Sales Up 3.4% in April; Prices Up
Support for Eurobonds Gaining Momentum But...
Spanish Bank Losses Could Hit 260 Billion
Revisiting The Correction Playbook
OECD Cuts Eurozone Growth Forecast; Supports Eurobonds and Growth Measures
Market futures are down ˝% tonight.