- The First Tradable Rally In Three Weeks
- Stock "Circuit Breaker": Will There Be One?
- Was That The Bottom?
- Watch Value Of Credit Default Swaps Backed By Lehman Bonds
- Uncertainly In Credit Markets Just One Of Key Issues
- Street Despair: No Visibility of Earnings
- Traders Find Their New "Nirvana"?
- Short Sale Ban On Financials Is Over: Make A Difference?
- Paulson To Blame For Late Sell-Off? Read This First
- Why Stock Traders Are Fixed On Bond Market
- Bowyer: Mark To Market Still Lives (Unfortunately)
- Mad Mail: Why Not Shut the Market Down?
- Lightning Round OT: AFLAC, Valero and More
- Lightning Round: Chesapeake, Corning, J&J and More
- Cramer: What’s the Worst-Case Scenario?
- Game Plan: The Crash of '87 Scenario
- Cramer’s Double Secret Borrow-Binge Plan
- Your First Move For Monday October 13th
- History In The Making
- GM Held Talks With Ford Before Turning to Chrysler
- Markets to Fall 20% More at Most: IMF Economist
- G.M. and Chrysler Explore Merger
- Stock Market Crisis: Nation's Mayors Sound Off
- US Banks Keep Pressure on SEC to Deal With Shorts
- Financial Crisis Has Inflationary And Deflationary Potential
- What the Pros Say: Swap Jitters, Bottom Searches
- Viacom Warns of Third-Quarter Profit Shortfall
- US Consumers Lose Faith in Fed Due to Crisis

Stocks moved lower midday as oil and heating oil moved up. The dollar was also weaker, as the ECB is set to raise rates tomorrow.
The key event today was the weakness in leadership groups. Today coal and energy stocks were notably weaker on no real news. There is two schools of thought here: 1) macro types argue that energy stocks should weaken as global demand slackens, and 2) bears argue that in an ongoing bear market the market leadership eventually gets taken out along with everyone else. Then we can start talking about a bottom.
They are not the only leadership group that has weakened; steel stocks were down for a second day in a row.
The primary risk for traders in the next day is headline risk: fear that some event, usually around oil, might happen over the long weekend.
But this will all be gone soon enough, and next week earnings season will begin with Alcoa [AA
Loading...
()
] July 8th. The shares have gone from $40 to $32 on worries that global demand for aluminum would be slowing down. But I am told aluminum prices are holding up, and while North American demand may have weakened, Asian demand remains strong. Alcoa's comments on global demand will be one of the key events next week.
related content |
Questions? Comments?


