Friday, October 26, 2007

US Markets On the Move

Apparently, or, if you just measure the US economy from the activity on Wall Street, we're in great shape. The Dow jumped 240 points on the week. Even better, the NASDAQ popped 79 points, or 3% in the past five sessions.

How much of it is smoke and mirrors is unknown, but speculation is that much of it is not sustainable. When a company like Countrywide Financial (CFC) can move up 33% in one day on the news that they lost $1.2 billion in the previous quarter (missing their estimate by more than $1.50), anything is possible and the level of deceit and corruption in boardrooms and trading desks is probably higher than a giraffe's ear.

Dow 13,806.70 +134.78; NASDAQ 2,804.19 +53.33; S&P 500 1,535.28 +20.88; NYSE Composite 10,189.13 +159.58

It was a bull session for certain. Advancers put the kibosh on declining issues by a 5-2 margin. New highs finally surpassed new lows, 418-245. Much of the momentum is no doubt tied to expectations for another rate cut by the Federal Reserve on Wednesday of next week.

While Wall Street parties, so do the oil barons.
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Forex Foreign Currency Exchange Trading Beginner's Resource Center.
Crude was up another $1.40 to close at another all-time high of $91.86. Gold shot up $16.50 to $787.50. Silver gained 38 cents to close at $14.28. Everything's going up except the value of your home (and probably your wages).

The Fed is expected to announce a rate cut of 25 basis points on Halloween. Spooky.

NYSE Volume 3,616,435,000
NASDAQ Volume 2,593,624,000

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