|11-05-2009, 04:32 AM||#1|
Join Date: Aug 2009
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The Fed Disappoints Wall Street, the Dollar Didn’t Show Relative Strength
The markets took the news more than lightly, erasing their intraday gains, after bouncing higher at the start of the session. Even though additional fundamental data helped to spark buying throughout the session, including a better ADP result, of -203.00k, the market lost its steam during the session. One must note that the ADP result was better that last month’s result, but came out lower than expected.
After presenting some volatility the major indices began to decline, led lower by the financial sector. The fed also mentioned that while the overall market has improved the battered financial market didn’t show signs of improvement during October. The major indices closed mixed with the S&P500 holding on to positive territory. The Nasdaq closed the session lower, down by 0.09%.
From a technical point of view, the S&P500 is still holding above it prior low, but is yet to complete its current turnaround and form a higher low.
Read the full article at Dodjit.com
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