DOW Breaks From Drop While NASDAQ Slides Lower
filed in My Investments on Oct.27, 2009
In a perfect world, it would be great for all stocks on all the boards to go the way we want…up! But this is never the case and today, the markets for the most part were lower with only the DOW ever so slightly higher at the close. Today the markets were rattled by a surprise in the consumer confidence. This is basically a measure of how much optimism on the state of the economy that consumers are expressing through their activities of savings and spending. This is announced monthly and for October, the numbers were much lower than anyone expected. Further drops were in the banking and technology sectors. The only good news came from energy stocks which were up today.
Last week I mentioned Exxon shares and today they were up higher. I knew the stock has value and for a long term play, its a great stock. Other good news was seen in the housing prices which are higher once again. The home-buyer credit which is currently set to expire is forcing buyers to close sooner rather than later. It will be interesting to see how the prices hold after the credit expires. I can see the same situation as post cash-for-clunkers sales drop in automobiles.
Here is the market summary for today (video):
Wednesday:
Economic Indicators:
Durable Orders (Sept) estimated 0.5% (previous) -2.4%
Durable Orders excluding Transportation (Sept) extimated 0.1%
New Home Sales (Sept) estimated 450K
Crude Inventories
Earnings:
(CCE) Coca-Cola Enterprises Inc. Q3 2009 $0.46
(GSK) GlaxoSmithKline plc Q3 2009 $0.96
(GT) Goodyear Tire Q3 2009 $0.47
(FSLR) First Solar Inc. Q3 2009 $1.70
There are many more earnings tomorrow but for me, these are the stand outs. I did get into, and got stuck with another solar stock (ESLR) which is down 25% from what I paid, however, if the outlook on First Solar is good, the rally could ignite the other solar stocks, including mine.
Happy Investing!
Aman, MBA
Related posts:
- Weakness leads markets lower, RIMM takes a beating.
- Credit Concerns Drag Markets Lower Wednesday
- Markets Fall Thanks to Surprise Drop in Housing Stats
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