Thursday, May 24, 2007
Thank You Mr Greenspan
Firstly a quick apology (especially to Anna) for the intermittent nature of the posts recently. I am away this week and internet data cards are not all that they are cracked up to be!!
Anyway after a solid start yesterday the markets saw declines. The Dow fell 14.30 points to close at 13,525.65. The SPX gave up 1.85 points to 1,522.28. We are in the green and looking ok.
Initially the news that talks between the U.S. and China went well regarding trade the value of the Yuan initially provided strength. However, later in the session, former Fed Chairman Alan Greenspan stated that he fears that a “dramatic contraction” could be in store for the Chinese stock market after an “unsustainable rally.” It is amazing how much traders still listen to Mr. Greenspan. Remember, it was just a few months ago when the former chairman stated that he saw a 33 percent chance of a recession this year.
All those gains were wiped. I think the consumer durable goods report comes out today. Lets see what that does to the market.
On another note the all time high for the SPX is around the 1532 mark. So far this mark is proving some solid resistance.
Until next time.
Anyway after a solid start yesterday the markets saw declines. The Dow fell 14.30 points to close at 13,525.65. The SPX gave up 1.85 points to 1,522.28. We are in the green and looking ok.
Initially the news that talks between the U.S. and China went well regarding trade the value of the Yuan initially provided strength. However, later in the session, former Fed Chairman Alan Greenspan stated that he fears that a “dramatic contraction” could be in store for the Chinese stock market after an “unsustainable rally.” It is amazing how much traders still listen to Mr. Greenspan. Remember, it was just a few months ago when the former chairman stated that he saw a 33 percent chance of a recession this year.
All those gains were wiped. I think the consumer durable goods report comes out today. Lets see what that does to the market.
On another note the all time high for the SPX is around the 1532 mark. So far this mark is proving some solid resistance.
Until next time.
# posted by Paul @ 2:44 AM 
