Friday, March 09, 2007
Some upward movement again?
Stocks saw some solid gains yesterday but came off intra day highs. The Dow added 68.25 points Thursday to close at 12,260.70. The SPX gained 9.92 points to 1,401.89.
Gains in overseas stock markets helped get U.S. stocks off to a good start Thursday. The decline of the yen was a positive as well and the fact stocks have fallen hard of late have provided some incentive to buy. Yes, traders are still concerned with the economy and inflation, but CNBC was reporting that the feeling is that maybe the selling was overdone and that the economy really isn’t destined to fall into a recession. As you should all know by now these feelings can change in a heart beat so I wouldn't put much stock in that!!
With the strength seen in stocks the past three sessions, many analysts feel a tentative bottom is in place. However, this could fail quickly if the jobs data today shows weakness. Concerns about a global slowdown were the reason for the start of the bear move in the first place, so any further weakness could create another bout of selling.
Watch this space today.
Until next time.
Gains in overseas stock markets helped get U.S. stocks off to a good start Thursday. The decline of the yen was a positive as well and the fact stocks have fallen hard of late have provided some incentive to buy. Yes, traders are still concerned with the economy and inflation, but CNBC was reporting that the feeling is that maybe the selling was overdone and that the economy really isn’t destined to fall into a recession. As you should all know by now these feelings can change in a heart beat so I wouldn't put much stock in that!!
With the strength seen in stocks the past three sessions, many analysts feel a tentative bottom is in place. However, this could fail quickly if the jobs data today shows weakness. Concerns about a global slowdown were the reason for the start of the bear move in the first place, so any further weakness could create another bout of selling.
Watch this space today.
Until next time.
# posted by Paul @ 5:21 AM 
