Stock Market Update -Oct 25th

The market gave up all of the gains from the previous week! Asian and European market weakness, plus weak earnings reports helped to bring down the markets. Volatility levels hit an all time high, though it didn't feel like it.

In spite of OPEC output cuts, Oil continued to fall. Gold dipped below $700. Currencies came crashing down once again versus the US Dollar (except for the Yen). National City Bank (long on the list of failing banks) was finally gobbled up by PNC; another bank was shut down in Atlanta as well. It was not a good week.

(click to enlarge)

Next week we have a Fed meeting, with an interest rate announcement on Wednesday -could be a market mover. Also, earnings continue to roll in, and we get the GDP report on Thursday I believe, and an election in 2 weeks! For traders, I'm still looking for a turning point in the market in this area; always manage your risk on every trade though! For longer term investors, we are still a long way from any reversal signal at this point.

OPEC Says It Will Cut Oil Output
PNC Buys National City in Bank Shakeout
Currencies Fall as Fears Spread and Stocks Slip
Asian Stocks Plunge on Profit Declines; Kospi Sinks, Yen Jumps
Indexes fall hard on bloody Friday
Capital Flight Into Yen Is Path of Least Resistance

Greenspan Concedes Error on Regulation
Moody's, S&P Employees Doubted Ratings, E-Mails Say
Throwing the bathroom sink at the economy
Fed heads toward uncharted territory
GDP expected to show contraction
Mounting Layoffs: Why They're Different This Time
"Under water" mortgages are growing threat to U.S.
Foreclosure crisis vexes government
Foreclosures Rise 21% from Year Ago: RealtyTrac
For housing, no easy fix

Interesting...
Apple could buy Dell with cash
Stocks and Indexes mentioned in this blog are for educational and illustration purposes only.