Thursday, June 11, 2009
Not Much Happening
A fairly choppy session ends with losses on Wednesday, but stocks do come off intraday lows following disappointing Treasury action. The Dow fell 24.04 points to end on 8,739.02. The SPX lost 3.28 points to a level of 939.15. We are in the green and looking ok.
The bulls got off to a good start Wednesday on Home Depot's (HD) raised outlook and the feeling the economy is on the mend. However, these gains didn't last long with crude prices moving above $72 a barrel and an awful Treasury auction leading stocks lower for most the session. The Dow has shown little movement this past week, yet it has remained above its 200-day moving average.
The Treasury sold $19 billion in 10-year notes Wednesday, but the yield of 3.99 percent was at the high end of expectations. Traders are hoping that an $11 billion auction of 30-year debt will not be so "awful." Traders also were not pleased with the continued rise in crude prices, which moved above $72 a barrel. Weekly inventory levels showed a decline of 4.4 million barrels, which was much more than anticipated.
The economy will be in focus Thursday will jobless claims data on tap, along with the May retail sales release. On Wednesday, the Fed Beige Book showed that their remains a lot of economic weakness across the country.
Until next time.
The bulls got off to a good start Wednesday on Home Depot's (HD) raised outlook and the feeling the economy is on the mend. However, these gains didn't last long with crude prices moving above $72 a barrel and an awful Treasury auction leading stocks lower for most the session. The Dow has shown little movement this past week, yet it has remained above its 200-day moving average.
The Treasury sold $19 billion in 10-year notes Wednesday, but the yield of 3.99 percent was at the high end of expectations. Traders are hoping that an $11 billion auction of 30-year debt will not be so "awful." Traders also were not pleased with the continued rise in crude prices, which moved above $72 a barrel. Weekly inventory levels showed a decline of 4.4 million barrels, which was much more than anticipated.
The economy will be in focus Thursday will jobless claims data on tap, along with the May retail sales release. On Wednesday, the Fed Beige Book showed that their remains a lot of economic weakness across the country.
Until next time.
# posted by Paul @ 5:42 AM 
