What a week! One of our readers mentioned "window dressing" today, and that certainly could have helped make this a strange day. Especially with that distribution volume at the end of the day. Volume on the NYSE just about dried up this afternoon:
MARKET INTERNALS UPDATE AT 3:30PMET
- NYSE volume 777M shares, about 40% below its six-month average; decliners and advancers are about even.
- NASDAQ volume 1.57B shares, about 12% below its six-month average; advancers lead decliners by 1.1:1.
The European Central Bank’s (ECB) Liebscher says there is currently no room to lower interest rates, due to inflationary tensions. Hankie and Bernanke better get the US dollar rallying, or we will just keep tumbling down. I’ve heard ‘experts’ talking about the anticipated rally of the USD for months now. Have you seen it? Me either.
Where was the buying today? Beats me, but the selling was there. On Monday, we have May ISM manufacturing & prices paid, and April Construction Spending numbers. That is at 10:00am ET. Thornburg Mortgage (TMA) reports earnings after the bell (does anyone still care?). Their shares close at 0.83 today. Wow.
We’ll have the wrap up tonight, and I’ll have a post on Sunday night regarding Bear Stearns and why anyone with money in a "managed" fund should be making some serious decisions right now.
Thanks for all your comments today, they are most appreciated!
2 Comments
May 30th, 2008 at 5:29 pm
Still holding DUG. That position still feels right. Pullbacks are on lower volume.
Today I bought a small position in QTWW near the close ($2.40). This stock isn’t for the feint of heart. Small moves can result in a large % increase or decrease, but there has been massive accumulation in this stock over the last month. It is extended, but has the potential for a bigger move soon. Still haven’t figured my stop loss point…..normally I enter my stop loss order the moment I enter my buy order, but I haven’t figured this one out yet.
IF we get a SP close abover 1410 I have a few stocks on my watch list…
AMSC, ICO, NGAS, CMC, BRP. Again….just watching for now.
May 31st, 2008 at 10:59 am
hi Chuck
The Usa is entering an election year. correct me if i am wrong, but most years of election aren’t good years for market?
and also arent you surprised from the still resilient economy ?(although facing a a major crdeit crisis)