Friday, June 27, 2008
Carnage!
Only word for Thursday is carnage....everywhere.
The Dow fell a whopping 358.41 points closing the session at 11,453.42. The SPX lost a huge 38.82 points to finish on 1,283.15.
A combination of higher crude prices, disappointing tech outlooks and negative analysts comments on financials left stocks sharply lower Thursday. Crude prices hit $140 a barrel for the first time in history today, ultimately closing with a gain of $5.09 to $139.64. Comments from OPEC’s president that prices could hit $150 to $170 a barrel did nothing to ease concerns.
Earning from RIMM and Oracle were very poor and GM was downgraded and lost over 10%!
All in all not a great day.
1280 is the next support line. Any breach of this will be very bad news.
Until next time.
The Dow fell a whopping 358.41 points closing the session at 11,453.42. The SPX lost a huge 38.82 points to finish on 1,283.15.
A combination of higher crude prices, disappointing tech outlooks and negative analysts comments on financials left stocks sharply lower Thursday. Crude prices hit $140 a barrel for the first time in history today, ultimately closing with a gain of $5.09 to $139.64. Comments from OPEC’s president that prices could hit $150 to $170 a barrel did nothing to ease concerns.
Earning from RIMM and Oracle were very poor and GM was downgraded and lost over 10%!
All in all not a great day.
1280 is the next support line. Any breach of this will be very bad news.
Until next time.
# posted by Paul @ 11:13 AM 
