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Inside Markets

Inside Markets

Switzer Daily
16 June 2009

The market did not move that far but the market mover was disappointing after the 10-year Treasury auction produced a yield higher than expected of 3.99%. This worked against the positives of Home Depot raising its profit outlook.

The Dow lost 24 points to 8,739.

The Nasdaq slipped 7 points to 1,853.

The S&P 500 gave up 3 points to 939.

Also there is some concern that the 10 banks paying back their TARP money could be doing so too prematurely and that they will have to come back to the Government for more money. This looks like worrying for the sake of worrying and to spook the market!

On the economics front, the Federal Reserve in its Beige Book report said economic conditions remain weak, however signs indicate the worst of the slump is over.

On CNBC this morning there were two stories that showed where the market lies. One warned of a pullback soon, and the other predicted the Dow at 12000 by September or October!

The latter looks like a massive call. The other makes more sense but it explains why many investors continue to buy the dips in the market.

And what about that sensational jump in consumer sentiment! The index rose by 12.7% – the biggest monthly surge in 22 years and it is now at 17 month highs. While we will see some bad news with unemployment, there are good signs that our economy will have a mild brush with the recession winds.

The Aussie dollar kicks off the day at 80.36 US cents.

Have a great day,
 

Peter 

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