Friday, May 30, 2008

Stocks Finish Week Mostly Higher

The Dow flirted with the flat line all day and finally succumbed to selling pressure in the final half hour of the session to post its first loss - though marginal - in the past four days. All other major indices finished the week on a positive note, though gains were well-confined..

Volume was pedestrian, as it had been all week, giving rise to concerns that the markets once again are poised to fall.

Dow 12,638.32 -7.90; NASDAQ 2,522.66 +14.34; S&P 500 1,400.38 +2.12; NYSE Composite 9,401.08 +29.21

Advancing issues finished ahead of decliners once more, 3425-2850. There were more new lows than new highs (155-145). As has been the case all week, the indicators gave few clues to market direction, and with little impetus from economic news or government data, the markets continue to drift.

Forex Beginner's Resource Website
Forex Foreign Currency Exchange Trading Beginner's Resource Center.
As this week was mostly the result of a small snap-back rally following last week's 600+ point decline (Dow Jones Industrials), the see-saw should shift back to the bears in the first week of June.

Oil rebounded slightly, gaining 73 cents to settle at $127.35. Precious metals also recovered from yesterday's bloodbath, with gold gaining $9.80 to $891.50 and silver up 35 cents to $16.87. Both are well off their recent highs.

As noted above, volume is telling. Friday's volume was in line with the limited trade of the entire week.

NYSE Volume 1,327,792,000
NASDAQ Volume 2,135,954,000

No comments: