Tuesday, July 08, 2008
It Could Have Been Worse
Stocks come off intraday lows on Monday but still failed to close positive. The Dow lost 56.58 points to close the session at 11,231.96. The SPX fell 10.59 points to 1,252.31.
Not much to report today. Oil fell but again the poor financial sector caused woes with Fannie Mae (FNM) and Freddie Mac (FRE) rumoured to need more capital.
Earnings season kicks off again today with Alcoa reporting after the bell. Markets are not expecting much from earnings so any good news cold be a catalyst.....and who knows what bad news will do!
The Dow has real solid support at 11,000. I reckon we might see a test of this support over the next few days and then a bounce. Any breach of the 11,000 mark would be very bad.
Until next time.
Not much to report today. Oil fell but again the poor financial sector caused woes with Fannie Mae (FNM) and Freddie Mac (FRE) rumoured to need more capital.
Earnings season kicks off again today with Alcoa reporting after the bell. Markets are not expecting much from earnings so any good news cold be a catalyst.....and who knows what bad news will do!
The Dow has real solid support at 11,000. I reckon we might see a test of this support over the next few days and then a bounce. Any breach of the 11,000 mark would be very bad.
Until next time.
# posted by Paul @ 5:33 AM 
