No Help From GOOG or Financials! Soft Economic Numbers Are Taking Their Toll.
Yesterday, the market spent most of the day in negative territory. With one hour left to go, BP announced that the well was capped and the oil was contained. Energy stocks rebounded on the news. A few minutes later, the SEC that it would release major news after the close. Traders suspected that it had reached a settlement with Goldman Sachs in the fraud case. Financial stocks rallied on the news. This morning, Bank of America and Citigroup posted results. Both stocks traded lower on the news. Credit conditions are stabilizing, but topline growth is nonexistent. Trading volumes are down and …
July 16, 2010
• Posted in: Options
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