The Fed today downgraded the economy today stating that they believe it will take five to six years or around 2015 to 2016 nearly at the end of President Obama’s second term (if re-elected) is complete. Interesting timing here. Despite the downgrade, and the initial move down in the market, in uncanny fashion, the market recovered to barely eek out a seven day UP streak for the Dow and Nasdaq.
The Dow closed up 4 points to 10367. The S&P was down less than a point at 1095. The Nasdaw gained a mere 7 points to 2249. The 10 year treasury note was up 20/32 to yield of 3.05% based on an auction of treasury 30 yr bonds that somehow brought stronger than predicted demand.
Intel should have led the technology rally today reporting earnings yesterday that was the best in their 42 yr history. Oddly, the follow through was not as great as any predicted. As expected, with people losing more jobs than ever, retail sales were down for the month of June. Volume remained anemic at 1.06 billion shares.
HERE IS THE INSIDE SCOOP FROM THE WALL STREET OUTSIDER:
Spoon: Consolidation of the market and collusion of keeping the market up during option expiration week.
Scoop: Expect a market decline coming next week of at least 400 points. The next two days expect a relatively flat market until market expiration.
Idea: Write Puts on your favorite stocks - gain a little premium
The Dow closed up 4 points to 10367. The S&P was down less than a point at 1095. The Nasdaw gained a mere 7 points to 2249. The 10 year treasury note was up 20/32 to yield of 3.05% based on an auction of treasury 30 yr bonds that somehow brought stronger than predicted demand.
Intel should have led the technology rally today reporting earnings yesterday that was the best in their 42 yr history. Oddly, the follow through was not as great as any predicted. As expected, with people losing more jobs than ever, retail sales were down for the month of June. Volume remained anemic at 1.06 billion shares.
HERE IS THE INSIDE SCOOP FROM THE WALL STREET OUTSIDER:
Spoon: Consolidation of the market and collusion of keeping the market up during option expiration week.
Scoop: Expect a market decline coming next week of at least 400 points. The next two days expect a relatively flat market until market expiration.
Idea: Write Puts on your favorite stocks - gain a little premium
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