Tuesday, December 15, 2009
Hitting Resistance Again?
Stocks started the week brightly leaving the major market indices at new 52-week highs. The Dow gained 29.55 points today to close at 10,501.05. The S&P 500 added 7.70 points to end at 1,114.11. We are in the green and looking ok.
The big stories Monday came out of Dubai and in the energy sector. Traders were pleased to hear that Dubai's neighbor, Abu Dhabi, would provide $10 billion in aid Dubai to help them avoid defaulting on a payment. Though problems remain in Dubai, this news did ease some of these concerns. The dollar did lose ground against the euro and yen as oil prices moved below $70 a barrel.
Today's focus could turn to the economy with several economic reports on tap. Traders will get releases dealing with manufacturing when the industrial production report and Empire State Mfg. Survey are released. Tuesday also marks the start of the two-day Fed meeting that will culminate with an interest rate decision and statement Wednesday afternoon.
Until next time.
The big stories Monday came out of Dubai and in the energy sector. Traders were pleased to hear that Dubai's neighbor, Abu Dhabi, would provide $10 billion in aid Dubai to help them avoid defaulting on a payment. Though problems remain in Dubai, this news did ease some of these concerns. The dollar did lose ground against the euro and yen as oil prices moved below $70 a barrel.
Today's focus could turn to the economy with several economic reports on tap. Traders will get releases dealing with manufacturing when the industrial production report and Empire State Mfg. Survey are released. Tuesday also marks the start of the two-day Fed meeting that will culminate with an interest rate decision and statement Wednesday afternoon.
Until next time.
# posted by Paul @ 4:22 AM 
