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Many of the most actively traded stocks in the contest are having trouble getting any traction in the market. Both (F) Ford and (GM), along with some of the more popular energy names are seeing some significant drops. The perception by many investors is the lifeline provided the automakers will not ultimately save them. Ford and GM are down over 15% today adding to yesterday’s 20% down move. This has caused a drop again in the price of oil based on declining demand. It is hovering under 38 dollars a barrel, near the lows for the year. Some of the more popular energy stocks are moving in tandem with oils recent slide. This news seems to be tainting any momentum the market could possibly garner with the recent rally.
The remainder of the week looks to be on the quiet side as the Holidays loom. Tommorrow brings a Durable Goods Number and an Oil Inventory Number and no major earnings releases. Trading will likely remain dull with light volume but prone to a little bit of uncertainty as many of the major liquidity providers head for Grandmas House. Happy Holidays and Good Luck!!
Steve Quirk
thinkorswim, Inc. and its registered employee, Steve Quirk do not solicit or recommend any form of trading in the individual stocks (or their derivatives) mentioned above. Please do careful, independent research before investing any money as well as weigh the possible consequences on your particular financial situation before doing so. The risk of loss may be substantial.
