Daily Investment Interpretations
Friday, June 15, 2012
(Friday Night): Drum
roll... wait for it... the stock market has been "up" (strongly) two
days in a row! Stocks
push to Friday high;
rise on hope for Greece. The NASDAQ Composite rose 36.47
to end at 2,872.80. The Dow gained
to close at
12,767.17; the S&P 500 elbowed its way up 13.74 points
to settle at 1,342.84. Oil ended the day at 84.00: Oil
gains after OPEC holds steady on output; gold logged off at 1626: Gold
set to extend gains to sixth session . The VIX backed up slightly 0.34
"Stocks stake out gains amid optimism over signs that central banks are ready to act to calm markets if Greece's Sunday election triggers volatility"
"U.S. stocks rose Friday as investors grew more optimistic ahead of the crucial Greek elections this Sunday. More"
A take-home message from today's action is that as of their close today, the indices have broken above the trading ranges in which they've been mired for the past month. Of course, given the current news-driven environment, they could turn around and plunge on a headline or two of ominous news (as a byproduct of computer-driven high-frequency trading). But for now, the augurs are pointing higher.
U.S. to G-20: It's the growth "America is going to push for more economic growth and less austerity at the G-20 leaders summit in Mexico next week, officials say."
Mark Hulbert says that the Wall of worry remains quite strong.
Bernanke, can you hear me?
Investors brace for dramatic new stage in Europe "Investors begin preparing for a new stage in the Europe debt crisis ahead of a weekend Greek vote that could help determine future of the euro zone."
Euro up more than 1% for week
Michael Gayed contributes Central bank paranoia fuels 'Melt-Up'
Uncertain times for U.S. economy "If the U.S. economy falters again, the most likely culprit will be that classic enemy of growth: uncertainty. Financial crisis in Europe and a looming political impasse in Washington are the latest dangers."
Consumer sentiment lowest since December
Factory activity cools
RealtyTrac: Pace of foreclosures seen heating up again (video)
Industrial production slips 0.1% in May
State of the Markets articles include:
Technical Talk: If You Can Ignore The News "While it is tough to do at the present time, if one can ignore the news flow from across the pone the technical picture appears to be improving. But... ... Read More »"
What Is Ms. Market Saying (If Anything)? "Stocks have flip flopped from green to red and from red to green for six consecutive sessions now, all the while staying in a tight little range between 1330 and 1310 on the S&P 500. And the end result of all the back-and-forth, up-and-down movement is that as of Thursday's close the S&P sits in the same place it was on May 29th. So, "going nowhere fast" may be an appropriate label to spack on this market. (Heck even Apple - AAPL - has done nothing for the last 17 days!) To be sure, this ... Read More »"
Industrial Production and Capacity Utilization Below Expectations in May
Empire Manufacturing Index Disappoints in June
University Of Michigan Sentiment Also Weak
Central Bankers Stand Ready If Greek Election Causes Mayhem
For real-time updates throughout the trading day, try State of the Markets Twitterfeed.
This was another "up" week.
Sunday will see the anticipated Greek election take place.