Tuesday, July 15, 2008
It Started Well......
Stocks started well Monday....but ended badly. The Dow fell 45.35 points Monday to close the session at 11,055.19. The SPX lost 11.19 points to 1,228.30. We have no play on and with this movement it is unlikely anything is happening in July.
The financial sector was the hardest hit once again Monday despite news of a bailout for Freddie Mac (FRE) and Fannie Mae (FNM). However, traders were also concerned about the failure of IndyMac bank last Friday, which was the second largest bank failure in the U.S. FRE and FNM initially saw large gains following news the Fed was prepared to lend the two mortgage backers what was needed. The Treasury is also going to ask Congress for approval to buy shares of these two stocks. Nonetheless, FNM shares fell 5.5 percent on the session to $9.69 with FRE off 8.3 percent to $7.11.
Todays session will be highlighted by earnings news, as well as a number of important economic reports. Data on producer prices, as well as retail sales could impact trading.
Until next time.
The financial sector was the hardest hit once again Monday despite news of a bailout for Freddie Mac (FRE) and Fannie Mae (FNM). However, traders were also concerned about the failure of IndyMac bank last Friday, which was the second largest bank failure in the U.S. FRE and FNM initially saw large gains following news the Fed was prepared to lend the two mortgage backers what was needed. The Treasury is also going to ask Congress for approval to buy shares of these two stocks. Nonetheless, FNM shares fell 5.5 percent on the session to $9.69 with FRE off 8.3 percent to $7.11.
Todays session will be highlighted by earnings news, as well as a number of important economic reports. Data on producer prices, as well as retail sales could impact trading.
Until next time.
# posted by Paul @ 5:01 AM 
