Another day of mixed action across the board. The NASDAQ lead the way in terms of percentage gain yesterday, closing with a gain just over 0.50%. The Dow closed slightly higher, at +0.15%, while the S&P 500 closed flat. US stock futures are trading sharply lower this morning.
It seems the sub prime issue is making headlines once again. A Bear Sterns hedge fund that was reportedly worth just over $600 million in March is now said to be worthless. Yes. Zero. Downgrades in the sub prime sector have been taking place all morning as well.
Aside from sub prime news, there were several data releases this morning. They are as follows:
Core CPI m/m: +0.2% vs +0.2% consensus
CPI m/m :+0.2% vs +0.1% consensus
Core CPI y/y: +2.2% vs +2.2% consensus
CPI y/y: +2.7% vs +2.6% consensus
Housing Stats: 1467 vs. 1450K consensus
Building Permits: 1406vs. 1480K consensus
The yield on 10 year Treasury remains stable, now at 5.05%. Crude Oil is now putting pressure on 75 resistance, trading at 74.24 per barrel. Gold has stabilized a bit after seeing some upside momentum, now at 667.10 an ounce.
That's all for now. I am look ing for a picture to post in my next entry. Look out for it.
King of the Birds, Lord of the Skies
Gather ye rose buds while ye may, old time is still a flying;
and this same rose that you see today, tomorrow will be dying.
CarpeDiem: Seize the Day!
- Dead Poets Society
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