Tuesday, June 26, 2007
Reversal of Fortunes
The markets reversed fortunes yesterday with the all the indexes handing back big earlier gains. The Dow, which was up triple digits in the morning, lost 8.21 points to close at 13,352.05. The SPX gave up 4.82 points to end on 1,497.74. We are in the green and looking ok.
Since my last post the markets have seen declines on rising oil and subprime concerns. These themes again took hold yesterday.
In short the day started with gains as traders bought stocks following last week’s losses. A decline in oil prices and drop in bond yields helped the bulls. However, stocks took a turn for the worse in the afternoon session with subprime issues taking the spotlight once again as Bear Sterns (the bank behind the two nearly collapsed hedge funds) share price fell 3%. The major market indices did bounce back from their lows of the days, but the bears won the battle.
Lets see what today brings.
Until next time.
Since my last post the markets have seen declines on rising oil and subprime concerns. These themes again took hold yesterday.
In short the day started with gains as traders bought stocks following last week’s losses. A decline in oil prices and drop in bond yields helped the bulls. However, stocks took a turn for the worse in the afternoon session with subprime issues taking the spotlight once again as Bear Sterns (the bank behind the two nearly collapsed hedge funds) share price fell 3%. The major market indices did bounce back from their lows of the days, but the bears won the battle.
Lets see what today brings.
Until next time.
# posted by Paul @ 1:28 AM 
