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Inside Markets

Inside Markets

Switzer Daily
19 June 2009

Despite worries about swine flu and how long this rally can last, Wall Street only registered a small loss showing the bears are not in control, at least for the moment.

The Dow dropped 52 points or 0.6% to 8,025.
 
The S&P 500 slipped 8 points or 1% to 857.
 
The Nasdaq gave up 15 points or 0.9% to 1,679.

The big watches for this week are consumer confidence tomorrow, GDP on Wednesday and the ISM for manufacturing. On May 4 we get the full rundown on the stress tests, but so far so good on the company reporting front. The economic revelations will carry a lot of weight for the market’s direction.

A great observation comes from Barton Biggs, a hedge fund manager who writes in Newsweek. He watches the Performance Manufacturing Indexes around the world and they are pointing to recovery.

And while these indicators are good, we need to see improvements in big economic indicators such as GDP, housing and employment.

Until this happens we will see speculation to the downside.
 
The Oz dollar is at 71.29 US cents.
 
Have a good day,

Peter 

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