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» InformedTrades Market Wrapup: All the Data That Matters for 12.4.08 |
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Dec 04, 2008 - by David Waring
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Video Technical Review:
Good overview of today's market action as well as levels to watch going forward from Brian Shannon over at Alphatrends.net. If you like Brian's market wrapups you will love his book, Technical Analysis Using Multiple Timeframes.
Fundamental Overview:
Bloomberg: U.S. Stocks Drop, Led by GM; Exxon Falls on $25 Crude Forecast - The S&P 500 lost 2.9 percent to 845.22 and the Dow Jones Industrial Average fell 215.45 points, or 2.5 percent, to 8,376.24 pushed down by concern General Motors Corp. may file for bankruptcy and a plunge in energy shares following Merrill Lynch & Co.’s prediction that oil will hit $25 a barrel.
More Top Stories:
Bloomberg: Bernanke Says Government Must Step Up Efforts to Prevent Home Foreclosures
Bloomberg: Dodd, Frank Say Treasury May Not Get More TARP Funds, Echoing Republicans
CNNMoney: Auto jobs at stake: Check your state
CNNMoney: Bank lending falls
Reuters: Dollar falls vs euro after ECB cut, jobs data loom - The U.S. dollar fell against the euro on Thursday as some investors lauded the European Central Bank's bolder-than-expected interest rate cut as a proactive step to stave off a deep recession in the 15-nation region. In late trading in New York, the euro was up 0.5 percent against the dollar <EUR=> at $1.2771, more than two cents from the session low of 1.2550, and the pound was down 0.8 percent at $1.4651 <GBP=>, having earlier touched a more than 6 year low of $1.4471.
CNNMoney: Oil under $44 as global economy falters - U.S. crude for January delivery fell $3.12 to settle at $43.67 a barrel on the New York Mercantile Exchange as concern about the economies of Europe and the United States continued to weigh on energy demand and Merrill Lynch issued a report calling for $25 a barrell oil.
Marketwatch: Gold futures end lower as dollar trades mixed - Gold for February delivery, the most active contract, closed down $5, or 0.6%, at $765.50 an ounce, as the U.S. dollar traded mixed following big rate cuts by major European central banks.
Chart of the Day
Same chart as yesterday with the exact same line where we were talking about the 846 level being a key battleground for the S&P. We closed right on it today so tommorow's action should be very interesting.
S&P Daily
I use Prorealtime Charts. Find out why here.
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