16 January 2021
1300 794 893
Subscribe

Inside Markets

Switzer Daily
22 June 2009

The testing of the three-week rally is now on with the Obama Administration pushing the boss of GM to resign. Also some remarks from Tim Geithner about more money for banks added to the spooking of the market.

The Dow Jones lost 254 points or 3.2% to 7,522.
 
The Nasdaq dropped 43 points or 2.8% to 1,501.
 
The S&P 500 gave up 28 points or 3.4% to 787.

Despite more bears going to the bull-side, we still have to see if the latest rally can keep the S&P 500 index above the devil’s number of 666 — the most recent low. If this happens, we go sideways and build the bottom that we missed out on in the New Year.

As always, we need leadership to be better than expected and the first test is the G20 meeting in London on Thursday. There will also be a swag of economics data as well, which could help if they come in better than expected.

Right now, the rally has to deal with the fact that this is the end of a month, a quarter and even the year for some companies. This could push the market down as well.

The big hope is, as I have already said, that we can resist breaking the market low and resume the rally. The next few weeks will be interesting and pray for good news to beat bad news.

Have a good day,

Peter 

Click here to subscribe to the Switzer TV channel on YouTube and keep up to date with all of our shows.

Comments
Get the latest financial, business, and political expert commentary delivered to your inbox.

When you sign up, we will never give away or sell or barter or trade your email address.

And you can unsubscribe at any time!
Subscribe
1300 794 893
© 2006-2021 Switzer. All Rights Reserved. Australian Financial Services Licence Number 286531. 
homephoneenvelopedollargraduation-cap linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram