Friday, November 19, 2010

Dull End to a Wild Fortnight

At the end of a wild two weeks, everybody needed a break and they got one, in one of the slowest trading days in some time. News flow was also minimal.

In sync with the rest of the market, General Motors (GM), on its second day of trading as a new, reformed entity, fell almost back to its IPO price, hitting 33.11 at just about 10:00 am. The stock and the rest of the market (Dow was down 62 points) took a sudden turn and churned to slight, positive gains by the sessions end.

Overall, the major indices have barely moved since the mid-term elections. The Fed's incessant currency devaluation efforts have also, thus far been for naught.

Dow 11,203.55, +22.32 (0.20%)
NASDAQ 2,518.12, +3.72 (0.15%)
S&P 500 1,199.73, +3.04 (0.25%)
NYSE Composite 7,641.08, +21.14 (0.28%)
NASDAQ Volume 1,878,265,250
NYSE Volume 3,921,869,500

Advancers finished well ahead of losers, 3546-2632. There were 279 new highs and 73 new lows. Volume was extremely light.

Oil was flat, at $81.85. Silver last printed 27.35, +0.36. Gold spot closed at $1354.10, up 60 cents.

Rinse, repeat, ponder the future. Ireland remains in talks with the EC, ECB and IMF. They're getting the "full monty" from the financiers, if you will.

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