Mixed Thoughts, GDP ahead, Euro approaching Critical Support

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Mixed Thoughts, GDP ahead, Euro approaching Critical Support

Post  harpal1980 on Wed Oct 28, 2009 2:53 am

The U.S stock indices presented another mixed session yesterday, as current levels continued to act as a barrier going forward. In addition economic data had an impact on the intraday session as numbers came out worse than expected.

Confidence unexpectedly dropped for the second month to 4.7 in October, compared to an expected 53.7 points. The figure, which was the first decline in over three months, had a rippling effect on sentiment, raising suspicion that the 4th quarter, known to be often driven on end-of-year spending, could show a disappointing result. In addition the number raised thoughts regarding the upcoming GDP figure. If consumer confidence is still showing problems, how will the GDP result come out? especially when analysts are expecting quite a promising figure.

The housing sector also showed its share of problems, as the S&P/CS Home Price Indices Composite came out at a negative -11.3%. Even though the number was better that the forecast, it showed that the housing market still has a long way to go, to a full recovery.

Stocks dropped during the session, backed by bad fundamentals, but managed to retrace during the second part of the day. The S&P500 closed the session down with a loss of -0.33%, while the Russell 2000 finished with a loss of over 1%. The lager of the day was techs, with the Nasdaq closing down by -1.39%.

Read the full article at Dodjit.com


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