Tuesday, August 25, 2009

S&P, Bernanke, Case-Shiller and Texas Tea!

First--the S&P 500. We had a chance to finish up for a fifth straight day yesterday, but the markets retreated b/c of some negative news about financials. Financial stocks closed down 0.9%, dragging the S&P 500 to its first losing session in a week--albeit a very mild sell-off. The S&P 500 closed down 0.56, or -0.05%. Hardly a reason to riot in the streets!

Second--Big Ben Bernanke gets the nod from the Prez for a second term. This is hardly a surprise, but welcome news for the media b/c now they have something to talk about for a few hours.

Third--Case-Shiller index is scheduled to be released at 9:00am, NYT. This number should--remember, should--report higher -17.1% year-over-year print we received in May. (Stay tuned for an analyst following the release.)

Forth--And, finally, oil action yesterday was more than sweet as crude approached $75/barrel. The run-up pushed oil and gas stocks higher, but 1.3%. A solid report from Case-Shiller should push oil prices even higher. We'll keep you posted throughout the day.

Until later,

Todd M. Schoenberger, Managing Director
LandColt Trading, Inc.

2 comments:

  1. Forth--And, finally, oil action yesterday was more than sweet as crude approached $75/barrel. The run-up pushed oil and gas stocks higher, but 1.3%. A solid report from Case-Shiller should push oil prices even higher. We'll keep you posted throughout the day.

    This thinking proved to be incorrect. Positive home data, oil sells off... what gives?

    ReplyDelete
  2. For the day, because of uncertainty in China. Let's be honest here--data from China isn't ever going to be the most reliable, so any growth figures taken with a small sense of doubt. No worries, though--oil is up .15 cents as of this writing.
    Thanks for the comment.

    ReplyDelete

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