logo

Dave Fry's Market Comments For June 30
By: Dave Fry   Tuesday, June 30, 2009 6:15 PM

Vote for next session
The next market session will close:

Um, “worse than expected”? I guess that sums it up today as Consumer Confidence data was terrible.

Stock price declines today were milder than expected given the news. But, silly me, I forget that this is the quarter and mid-year end—there are bonuses to be had and bullish headlines to be written.

Why did the market rise this quarter? An overwhelming amount of liquidity plus an equal amount of BS. Shorts have been vanquished and, frankly, many don’t trust this market as the integrity of honest market making has been compromised through crony capitalism and double-dealing at the highest levels.

Volume again was light and breadth was negative.








In the meantime the longer-term picture, while stabilizing (I sound like a realtor), is still turning over.







































































































































What impressed me today was the absence of serious selling in major indexes, particularly XLY given the crummy Consumer Confidence data. This tells me bears are basically missing. Volume was rather light and no doubt everyone awaits Thursday’s big employment data before the long holiday weekend.

The tape painters did a good job protecting their positions and propping markets to earn respectable bonuses. It can be an unseemly business and it’s never been more so than currently.


(0)
No Comments
Post Comment
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
   
 
 
 
 
   
 

The above story is the opinion of the author only and it does not reflect iStockAnalyst opinion. Further, the author is not personally advising you regarding the suitability of the story for your investment needs. In no event iStockAnalyst will be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from or arising out of, or in connection with the use of this information. Please consult your investment advisor before making any investment decision.
  
Advertisement
Popular Articles
Related Press Releases
Partner Center
Recent Articles by Dave Fry



Subscribe to Email Alerts rss feed or RSS feeds rss feed for articles from more than 500 contributors, press releases, SEC filings and full text news from more than four thousand sources.
Fundamental data is provided by Zacks Investment Research, market data is provided by AlphaTrade. , and Commentary and Press Releases provided by Quotemedia