Daily Investment Interpretations

Thursday, May 24, 2012

2012-5-24: (Thursday Night): The markets dove today and then climbed back up, ending about where they started: Street stages a comeback; U.S. stocks end mixed amid Europe worries. The NASDAQ Composite closed down 11.04 points (-0.38%) (almost exactly as much as it rose yesterday) to end at 2,839.38. The Dow jumped 33.6 points (0.27%) to close at  12,529.75; the S&P 500 advanced 1.82 points (0.14%) to settle at 1,357.50. Oil ended the day at 90.96: Oil on rebound, back above $90 a barrel; gold logged off at 1560: Gold rebounds, ends three-day losing streak. The VIX slipped 0.79 to 21.54.  
    "Dow industrials regain positive territory with blue chip Hewlett-Packard rallying after a large-scale
job-cut announcement. Nasdaq finishes in the red, but is off day's worst levels.
    "U.S. stocks finished mixed Thursday, as investors reacted to a batch of lackluster U.S. economic data and ongoing concerns about Europe's debt crisis and the risk of Greece exiting the eurozone. More"

    Marketwatch says: 
    Darrell Delamaide note that Private-equity debate marks silly season.
    Peter Brimelow writes Successful bull stays serene
    Bank profits at highest level since 2007: FDIC
    Debt crisis now taking toll on German economy
    U.S. sells 7-yr debt at 1.203%; bonds stay down  
    Treasury yields move up from near-record lows
    Downside risks key to rate hike  "Short-term interest rates are likely to remain ultra-low until late 2014, Fed's Dudley says."
    Requests for jobless benefits fall slightly  
    U.S. mortgage rates little changed last week  
    Spending slump could be trouble  
    State of the Markets articles include:   
    Technical Talk: Will It Be Different This Time? 
    Looking Ahead to Friday's Market  
    The Return of the Rumor Rampage
 "So we're back to that. The shoot first, ask questions later, and oh by the way, don't bother me with any details type of market environment, that is. If you will recall, investors were treated to a brutal period of volatility during the last go-round with the Greek crisis that occurred from August through mid-December of 2011. During this nightmare of a market, an environment many professionals called the most difficult they'd seen in 30 years, stocks would soar or plunge based on the latest rumor, comment, or headline from across the pond. Traders didn't bother to check their facts or examine the logic; they simply programmed their computers to ... Read More "
    Two Outspoken Critics of the Facebook IPO Process  "The Facebook IPO has been an unmitigated disaster on many fronts. But perhaps the most glaring aspect is the fact that individual investor once again got the short end of the stick ... Read More
    Europe Update: Summit Summary  
    Bloomberg Consumer Comfort Index Upticks      
    Flash U.S. Manufacturing PMI Reading Falls in May  
    Durable Goods Report Disappointing in April  
    Weekly Jobless Claims Hold Steady  
    Eurozone PMI's (Preliminary) Continue to Pull Back  
    German IFO Sentiment Index Falls Hard in May  
    Market futures are 0.1% negative tonight.