MARCH CONSUMER CREDIT: $15.3B V $6.5 prior revised
- Growth in consumer credit largest since Nov 2007
- Annualized rate of credit growth 7.2% v 3.1% annualized in Feb
We’ll do some more analysis on those numbers this evening.
The indices closed to the downside today: Dow 12814 (-206) Nasdaq 2438 (-44) S&P 1392 (-26) Volume was low on the NYSE and decliners were certainly outpacing advancers:
NYSE volume 949M shares, about 27% below its six-month average; decliners lead advancers by 4.3:1.
- NASDAQ volume 1.88B shares, about 5% above its six-month average; decliners lead advancers by 2.4:1.
CTX (Centex Homebuilders) has been downgraded to BB from BB+, junk status.
TREASURY’S $15B 10-YEAR NOTE AUCTION BID-TO-COVER RATIO: 2.21 V 2.34 PRIOR AND AVERAGE OF LAST FIVE AUCTIONS
- indirect bidders take 28.4% of competitive bids
- notes draw 3.937%
Check in later for nightly commentary!
4 Comments
May 7th, 2008 at 5:18 pm
Any thoughts on why the XLF
May 7th, 2008 at 5:22 pm
Sorry about previous incomplete post.
Any thoughts on why the XLF shook off very negative news yesterday but not today?
Also, Chuck, you used the term “Distribution” maybe twice in the last three days. Can you clarify what you mean by the term?
Thanks.
May 7th, 2008 at 8:36 pm
Chris,
Hope your well!
Don’t mean to speak for Chuck, but
distribution is Wall Street jargon.
Distribution equates to Selling.
Will give the floor to our Leader;
for any other questions you may
need.
Chris, glad you joined Rebel Traders!
As I’m sure other members welcome
you aboard.
Cheers Chris,
Noel
May 7th, 2008 at 8:47 pm
Thanks, Noel. Yes, Chris, distribution equates to selling. Technically, trading volume would be higher than previous session without price appreciation. That usually leads to a decline in the stock price. We have been seeing this on many charts.