S&P 500 1,113.63 +.53%
Click here for the Weekly Wrap by Briefing.com.
Bottom Line: Overall, last week's market action was mixed. The S&P 500 gained for a fourth consecutive week, its longest winning streak since January, helping the benchmark erase its loss for the year. Most sectors registered gains outside of technology. Volume was 27% below this year's average as many investors and traders were on vacation. The semiconductor index, now down 36.2% from its January highs, made a new low for the year as Intel's gross margins and earnings guidance disappointed. Crude oil prices reversed on Thursday and Natural Gas prices continue to plunge. Base Metal prices are also on the verge of a technical breakdown. Notwithstanding the drops in some of the underlying commodities, commodity-related stocks led the market. Measures of investor anxiety were mixed last week, however most remained at relatively low levels. One measure of investor sentiment that stands out on the bullish side is the Rydex Cash Flow Ratio which is at levels that normally precede sharp rallies.
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