Stocks are hitting their fresh day lows. S&P surrendered its early gains, finishing the day 1.9% down. There seems to be a heavy activity at JUN 09 850 puts. All the sectors of S&P today declined. There are 74 advances and 421 declines, rest unchanged.
Oil managed to close the session at 63.45 a barrel , up 1.6%. It seems like investors weren't optimistic about tomorrows economical calendar. Durable goods orders, jobless claims and new home sales are all due in the morning.
Volatility Index for S&P, VIX, is now trading at 32.36. We have seen VIX over 80 this year, ever highs since it was introduced. In normal economies, we see it trading at or below 20.
Wednesday, May 27, 2009
Commodities pull back
S&P found some support at 906 and resistance at 911. It is now stuck in a very narrow range. Thanks for the Energy and Technology stocks helping S&P stay in green.
Oil pulled back from its days highs to $62.45 a barrel. OPEC meeting will be held tomorrow. The productions cut is unlikely according to reports.
Gold also is having an uneventful morning. It is trading at 953.30, unchanged.
Oil pulled back from its days highs to $62.45 a barrel. OPEC meeting will be held tomorrow. The productions cut is unlikely according to reports.
Gold also is having an uneventful morning. It is trading at 953.30, unchanged.
Exisiting home sales
Existing home sales for April numbers came in-line with the expectations. It came to 4.7 million, up from the rate of 4.6 million for the prior month. Existing home sales therefore increased by 2.9% from the previous month which was better than expected. The consensus was 2%. Investors did not seem to love this news though. Sellers pushed the S&P down 2 points to 909.31.
Home sales and prices have been under pressure because of the rising unemployment rate.
US Dollar is on the rise. It is $80.36, up .26 cents.
Home sales and prices have been under pressure because of the rising unemployment rate.
US Dollar is on the rise. It is $80.36, up .26 cents.
Opening Bell
Every sector of S&P 500 except Energy, started the day in the red. Energy Sector is doing solid gains though. Oil is also up, $63.45 a barel. Investors are waiting for the 10am Existing Home Sales report.
AutoZone, AZO, announced its quarterly reports today topping the consensus by $.24 for the fiscal third quarter. It came to $3.13. Surprisingly, it is trading at 156.78, down almost 4%. As you well know, AZO has been hitting its ever-highs because of the credit crisis. According to the company report people tend to fix their cars more often now. They try to avoid buying new ones.
As of now, 9.52am, S&P is in positive territory at 911.23.
The word on the street is that GM now is getting closer to bankruptcy. The stock is now trading at $1.32, down almost 10%.
S&P lowered its recommendations for Staples, SPLS, from buy to hold.
The stocks are trading in a mixed fashion pushing the major Indices up and down. There seems to be some buying now. It is 10am! Existing Home Sales report is released now!
AutoZone, AZO, announced its quarterly reports today topping the consensus by $.24 for the fiscal third quarter. It came to $3.13. Surprisingly, it is trading at 156.78, down almost 4%. As you well know, AZO has been hitting its ever-highs because of the credit crisis. According to the company report people tend to fix their cars more often now. They try to avoid buying new ones.
As of now, 9.52am, S&P is in positive territory at 911.23.
The word on the street is that GM now is getting closer to bankruptcy. The stock is now trading at $1.32, down almost 10%.
S&P lowered its recommendations for Staples, SPLS, from buy to hold.
The stocks are trading in a mixed fashion pushing the major Indices up and down. There seems to be some buying now. It is 10am! Existing Home Sales report is released now!
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