The Market Should Have Rocketed On The News - It Did Not. Selling Pressure Is Strong!
Yesterday, the market continued to slide. Overseas markets were weak and cyclical stocks gave cautious outlooks after releasing earnings. Initial jobless claims disappointed for the third straight week and investors hit the exits. Before the open, the first estimate for Q4 GDP was released. Analysts were looking for 4.6% and the US economy grew by 5.7%. The S&P 500 instantly shot eight points higher on the news. Businesses are building inventories and they are starting to spend a little more (business spending up 2.9%). This was the strongest growth we've seen in more than six years. After the open, Chicago PMI …
January 29, 2010
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