Saturday, June 6, 2009

Weekly Market Update 06/06/09 - Free Stock Market Analysis

Here is the latest trading and free market analysis video on the S&P500 (SPX), SPY, QQQQ, DIA, GLD ETFs and more...

06/05/09 16:25 ET Dow +12.89 at 8763.13, Nasdaq -0.60 at 1849.42, S&P -2.37 at 940.09:
[BRIEFING.COM] Stocks surrendered early gains as enthusiasm for a better-than-expected nonfarm jobs report faded. For the rest of the session stocks generally traded sideways before closing in mixed fashion.

Participants bid stocks higher in the first few minutes of trading after receiving word that payrolls fell by 345,000 during May. Given that the number of job losses were below the 520,000 that were expected and that they declined from the 504,000 that were registered in April, many participants warmed to the notion that macro conditions may be improving, or at least resisting further deterioration.

That consideration aside, unemployment has reached a near 26-year high of 9.4%, up from 8.9%.

The initial lift among stocks took the S&P 500 to fresh 2009 highs, but listless trading left stocks susceptible to an early selling effort, which left stocks to trade in a relatively narrow range for the rest of the session. >> see 6/5/09 post for more info.

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