The broad market had suffered a pullback of more than one percent intraday, but a late surge catalyzed by the financial and energy sectors provided the necessary boost to provide flat to slightly green closes to the major indexes. A late day surge was seen on BP after reports stated that the company has finally
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On the heels of President Obama’s Oval Office address on Tuesday night, and following a meeting of top BP officials with the President on Wednesday, BP dominated financial press coverage today. In Tuesday’s televised address, Obama announced his administration had directed BP to step up oil recovery efforts and to mobilize more equipment and technology
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In spite of yesterday’s afternoon fade, the bears had little to celebrate today as market action was unanimously bullish right from the opening. IN fact, some market observers suggest that ‘risk appetite’ is coming back. Notable is the muted reaction to European news (emerging from financially troubled areas such as Greece and Spain). Some of
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In the absence of US economic data releases, the market found some follow-through from last Friday’s bullish market action but then faltered late in the session, particularly over the final hour of trading. An initial boost came from positive action seen on overseas markets, as well as strength in the euro. This strength had been
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The major indexes finished the week on a positive note (seeing the first weekly up-close in a month) despite the release of disappointing monthly retail sales data. Some profit taking occurred when the poorest Advance Retail Sales Report in two months was released today. Retail sales were off 1.2% in May (consensus estimate: a modest
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The major indexes finished the week on a positive note (seeing the first weekly up-close in a month) despite the release of disappointing monthly retail sales data. Some profit taking occurred when the poorest Advance Retail Sales Report in two months was released today. Retail sales were off 1.2% in May (consensus estimate: a modest
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European fiscal health troubles continue to weigh on market participants. The US equity market suffered even in the face of the Euro staging its best single-session gain against the US dollar in close to a year (after having just logged a new four-year low against the greenback). Market observers say the Euro simply saw a
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Stronger selling pressure after an early rally on US markets was blamed on Germany. That country has announced it would ban naked short-selling of government debt and the shares of major financial companies. That message was interpreted – in fact, ridiculed – by some market commentators in the US as being a vote of non-confidence
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Market observers say today’s action was clearly a (short-term) win for the bulls, for two reasons: S&P 500 futures had been down considerably overnight, but rebounded before the US stock market open. Then, the bears dismantled the US market, taking the major indexes down strongly (with the Dow down nearly 200 points intraday). However, the
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Current market psychology is dictated by the fact that the bulls likely feel vulnerable after having suffered a huge loss last week and after having seen this week’s early recover fall flat. After months of successfully buying the dip, bulls may have become fearful that a slip like last week’s ‘flash crash’ could occur again.
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