Friday, December 04, 2009
Late Day Sell Off
Late day sell-off on Thursday leaves stocks in the red on concerns about the financial sector and jitters about Friday’s jobs report. The Dow fell 86.53 points to end at 10,366.15. The SPX lost 9.32 points to close at 1,099.92. We are in the green and looking ok.
Financials led the way lower Thursday on concerns about a dilution of equity in the banking sector with Bank Of America (BAC) leadig the way.
Economic data was heavy Thursday with jobless claims getting attention ahead of the employment report today. Claims for the week ending Nov. 28 fell by 5,000 to a level of 457,000. The prior week’s figure was revised lower to 462,000 from the initial reading of 466,000. The four-week moving average continued its decline, down more than 15,000 claims to 481,250. Economists are looking for nonfarm payrolls to fall by 100,000, which would be the lowest decline since the summer of 2008.
Today could be a key day for the stock market depending on the strength or weakness of the jobs report. The major market indices have been trading sideways for three weeks. At the same time, the SPX has struggled to confirm a break of 1,100 on a weekly close. If this can occur Friday, it could set up a move to the upside as we move into 2010.
If not we might see more sideways move....
Until next time.
Financials led the way lower Thursday on concerns about a dilution of equity in the banking sector with Bank Of America (BAC) leadig the way.
Economic data was heavy Thursday with jobless claims getting attention ahead of the employment report today. Claims for the week ending Nov. 28 fell by 5,000 to a level of 457,000. The prior week’s figure was revised lower to 462,000 from the initial reading of 466,000. The four-week moving average continued its decline, down more than 15,000 claims to 481,250. Economists are looking for nonfarm payrolls to fall by 100,000, which would be the lowest decline since the summer of 2008.
Today could be a key day for the stock market depending on the strength or weakness of the jobs report. The major market indices have been trading sideways for three weeks. At the same time, the SPX has struggled to confirm a break of 1,100 on a weekly close. If this can occur Friday, it could set up a move to the upside as we move into 2010.
If not we might see more sideways move....
Until next time.
# posted by Paul @ 3:45 AM 
