Today was one of those market days where you just felt like the stock market was headed lower no matter what. A report from the World Bank showing lower recovery is expected in 2009 and in 2010 did not help. It took the sails out of the commodity sector and therefore out of stocks. With little economic data to center on, traders just continued the momentum of selling to take profits. We are also seeing a reversal here where now the market needs great news to rally.
Here are today's closing bell levels:
Dow 8,339.01 -200.72 (-2.35%)
S&P 500 893.04 -28.19 (-3.06%)
Nasdaq 1,766.19 -61.28 (-3.35%)
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It is rare to cover ETFs such as the DIAMONDS TRUST (NYSE: DIA) and the SPDRs TRUST (NYSE: SPY) on a closing bell because of the notion that these just track the markets. But if you are a technician or are interested in how traders act around certain key events, the charts for both the DIAMONDs and SPDRs tracking the DJIA and S&P 500 were at critical levels today because of converging 50-day and 200-day moving averages that are also right around current index levels.
Apple Inc. (NASDAQ: AAPL) was up originally after disclosing that Steve Jobs had a liver transplant two months ago and after disclosing very strong iPhone 3G S sales, yet the weak stock market and the wondering over whether this is fair disclosure or not took shares down. Shares were down 1.25% at $137.72 late in the day.
Marvell Technology Group, Ltd. (NASDAQ: MRVL) initially rose by 3% in early trading after the communications chip company said that revenues would be above prior guidance for the quarter and might have a profit. Yet shares were down by 4% at $11.53 late in the trading day.
SIRIUS XM Radio Inc. (NASDAQ: SIRI) was a winner on the word that it is selling $350 million of Senior Secured Notes in order to pay down its credit pact. As this helps the books, shares were up 5% at $0.36 late in the day.
Suntech Power Holdings Co. Ltd. (NYSE: STP) was down almost 7% late in the day at $16.82 as the solar sector is proving to be nothing more than leveraged oil bets as far as the stocks are concerned. With oil off so much today, that is what you'd expect.
Wal-Mart Stores Inc. (NYSE: WMT) was up 1.3% at $48.79 right before the closing bell. This was not on news other than traders looking to get more defensive.
Yahoo! Inc. (NASDAQ: YHOO) was the Barron's cover story for the weekend as the publication said "investors win, even without a buyout." But another report from 24/7 Wall St. showed that the stock may never recover to the post offer highs in a buyout from Microsoft Corporation (NASDAQ: MSFT). Yahoo! was down by more than 6% at $14.81 late in the day.
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Reader Comments (Page 1 of 1)
6-22-2009 @ 7:39PM
DWillard said...
And World Bank is who? Is that an acronym for the "Warburg Group?"