Dow -1.5% 8451.19
S&P -1.2% 899.23
NASDAQ -0.4% 1269.80
VIX +9.4% 69.95
Crude -6.8% 80.70
USD +1.9% 82.88
The winners on the day were tech, led emphatically by AAPL up 9% to close at 96.80, and financials, led by an enormous move from Wachovia (+43%) on news that the Wells Fargo deal has surpassed the Antitrust hurdles. Despite the Dow being down for the 8th straight day, this was by far the best day this week. Do no forget the continuing huge swings in volatility, clearly seen today when the Dow was down over 600 pts in earlier trading.
I think we can take the late rally from the Dow as a positive going into this weekend. However, with the VIX at record levels, do not think for a second that we have hit bottom yet. Many of the financials release earnings next week, JPM, C, and WFC being the big guns. Other notable earnings announcements to keep in mind are JNJ, DNA, INTC, NOK, and COF.
As you may or may not have noticed, I am a resident of the great city of Brotherly Love, so lets give it up for my Phillies in Game 2 tonight against Manny and the Dodgers. And as always, happy trading.
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1 comment:
My long term pick, PPL, down 43% YTD. As long as Rendell can keep his grubby paws off of the deregulation set to go into full swing by 2010, this company is set to doulbe its earnings.
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