October 27th, 2008 Taylor Blaisdell Posted in Energy, Reports, United States |
Recap:
Today’s close doesn’t bring much encouragement. The day started off rather uneventful even with economic news; new home sales rose 2.7 percent in September (greater than expected) after falling 12.6 percent to a 17-year low in August (year over year it it is still down 1/3). And then in the last hour of trading the market sold off (on light volume and a rumor that suggests a market on close sell program).
The DJIA closed down 2.4 percent, the S&P 500 down 3.2 percent, and the Nasdaq shed 3 percent. Whatever the cause, investors are sure to be in for another volatile week. The CBOE VIX traded sideways all day and then clocked a close above 80 for the second time in 1 week (and historically).
Oil and Natural gas were both down today, 2.9 and 3.2% respectively. The US dollar / Yen continues its slide down .26%. Despite recent weakness in Gold it closed up slightly at 732.1.
THE WEEK AHEAD
Earnings from:
Aetna, AstraZeneca, Colgate, Corning, CVS/Caremark, Electronic Arts, ExxonMobil, Palmolive, Kellogg, Kraft, Motorola, P&G, Qwest, Royal Dutch Shell, Sony and Visa.
TUESDAY:
Fed begins two-day meeting
Case-Shiller home-price index
Consumer confidence
WEDNESDAY:
Weekly mortgage applications
Durable goods
Weekly crude inventories
Fed announcement on interest rates
THURSDAY:
Weekly jobless claims
First look at Q3 GDP
Weekly natural-gas inventories
FRIDAY:
Personal income and spending
Consumer sentiment
You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.
Leave a Reply