Flat Tuesday
filed in My Investments on Jun.23, 2009
Tuesday was a flat day on the markets primarily as investors wait for the Fed meeting to end tomorrow. The expectation is the that interest rates will be zero but the concern is how the Fed feels the economy will fare for the short term. May sales of existing homes were lower than expected even with the lower prices and tax incentives. This was not enough for a sell off in the markets.
After yesterday’s complete sell off, its good to see that it was replicated on Tuesday. In previous drops in the market, there was always continued volatility for the following days. This can be seen as a good sign when the stock market keeps its footing like it did today.
Here is the complete market summary for Tuesday:
Looking at Wednesday:
Economic Indicator:
7:00AM Weekly Mortgage Applications
8:30AM Durable Goods Orders for May
10:00AM New Home Sales for May
10:30AM Crude Inventories
News:
Oracle Profit Exceeds Estimates on Support Contracts.
Red Roof defaults on $361 million commercial loans.
Wednesday looks to be similar to Tuesday at the present moment. Until the Federal Reserve meeting ends, it will look to be another flat day. Financial stocks should be poised for movement after what the Fed comes out with. If its bad news, (SKF) is my friend, otherwise I will just play a bank stock.
Happy Investing!
Aman, MBA
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