Stock Market Close

Posted: May 9, 2008 at 4:39 pm by Lisa

What started as a down day, ended as a down day. A couple of spikes today, but they were brought right back down. Volume is still quite low on a six-month average. Daytrading, while watching your back, remains my mantra. The US dollar remains in trouble and gold isn’t giving up it’s gain today.

FDX (Federal Express) Cuts Q4 forecast:

DUE TO ENERGY COSTS: NOW SEES Q4 EPS $1.45-$1.50 V $1.69E (PRIOR GUIDANCE RANGE HAD BEEN $1.60-$1.80)
- FDX says fuel costs up 7% since its previous forecast

That’s quite a cut in guidance. I really don’t think rising fuel costs are going to abate any time soon. The proposals coming out of the government are not going to be effective. Let’s hope they will finally deal with this "oil" problem before it’s too late.

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One Response to “Stock Market Close”

Chris on May 9th, 2008 5:01 pm

Thanks for the earlier info on “distribution”.

I was curious on how high the XLB would go today. Your chart seemed to predict 26. That ended up being very accurate and helpful knowledge.

Thank you.

Any thoughts on the market’s upward movement at around 3:20pm? It seemed to come out of nowhere. Would you guess it was caused by any of the following: PPT, futures/cash imbalance, pros, retail? Also, any suggestion on how to predict such an event?

Thanks again.