We finally got some upside movement in the market this week, especially on Friday (Santa Claus rally?) Strong earnings from RIMM and Oracle helped to give the market a boost, along with foreign aid for some of the ailing financial institutions (see news below). Interestingly enough the bank shares didn't really participate in the rally.
The US Dollar continued to gain strength, while Crude Oil and Gold also held their ground. Bonds were up all week until Friday when the stock market rallied -I think we will have this seesaw action in Bonds for a while.
Looking ahead, we could see this rally continue into year end and into the early part of January when earnings season starts again -we will wait to see how that affects the market then.
HAPPY HOLIDAYS TO EVERYONE!
Market News:
Morgan Stanley Posts Loss, Sells Stake to China
Merrill Lynch said to receive $5 billion investment from Singapore’s Temasek Holdings
Chrysler said to be 'operationally bankrupt'
How Goldman profited from subprime meltdown
U.S. stocks to continue Santa Claus rally next week
Sub-Prime:
Bear Stearns Posts First Loss in 84 Years
European Central Bank Pumps $500 Billion into Banking Systems
Analyst warns Merrill's write-downs may mount
Credit Crisis Hits Top Bond Insurer
Bond insurer defaults threaten big banks
Stock Market, stocks this week, earnings week
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- 123Trader
- I've been trading stocks on-line since 1993. I started off like most people knowing very little about the market, but I have since traded Stocks, ETFs, Options, Forex, Futures and Commodities. I now mostly trade Options. I primarily use charts to analyze price movements, but I avoid using a lot of technical indicators. My primary indicators are Trendlines, Support & Resistance, and sometimes MACD extremes and Volume. I may hold positions anywhere from a few days to weeks, or months, as long as the trade continues in the right direction. Happy trading to all!
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