Friday - June 19, 2009

Screenshot from http://finance.yahoo.com/

The markets closed slightly up on Friday. Over the week, S&P500 was down -2.6%, the Dow was down -2.9% and the TSX lost -3.35%.
As summer is here, the markets are expected to slow down.
By the way, happy birthday to BFM! (bones has started shrinking) :|

Friday - June 12, 2009

Screenshot from http://finance.yahoo.com/

The market was moving in a narrow range today and ended in a slightly positive zone. This is the 10th consecutive day in which the market moved within 1%. For the week, the Dow gained +0.4% whereas the S&P500 climbed +0.7%. The TSX also finished the week with +0.7%.
Gold has had a 3-week rally and investors are seeking profits. Gold prices dropped 2.2% to finish at $940.5. Crude oil pulled back a little to $72.05 a barrel finishing the week with +5.3% gain. The Organization for Petroleum Exporting Countries (OPEC) lowered it's forecast for oil consumption this year in its monthly oil report. It also said that the world oil demand appears to be settling down as the world economy stabilizes.
Consumer confidence rose again but it didn't bring the market higher. As oil (i.e. gas) prices rising, people are going to cut back in expenses. They are also concerned about inflation and higher interest rates. The market seems to be in a tug-of-war. It needs big news to push itself higher.

Friday - June 5, 2009

Screenshot from http://finance.yahoo.com/

Friday, the markets were not affected much by the jobless data. Overall this week, D0w was up +3.09%, S&P500 +2.28% and TSX +1.92%. Oil was at $68.38.
The US unemployment rate in May is at the highest in 25 years, at 9.7%. When close to 1 in 10 people is out of a job, people are going to continue to cut spending and are likely to default on their debts. We, the Canadians, are not a lot better. Our unemployment rate is at 11 year high, at 8.4%. The province of Ontario is the worst due to the weakening automotive and manufacturing industries. Employment recoveries typically lag economy turnarounds. So, economists predict that the jobless rate is going to get higher.

Have we hit bottom?

Friday - May 29, 2009

Screenshot from http://finance.yahoo.com/

Our first poll ended. 50% of people thought it was a bearish week and 50% said otherwise. It turned out that Dow was up +2.7% and TSX was up +3.77%.

GM is filing for brankruptcy on Monday. More layoff is coming.

Week of May 18 - 22, 2009

Screenshot from http://finance.yahoo.com

The past Monday, NY market was up and then the rest of the week trailed off to an overall of 0.5% gain. Toronto market was doing quite well this week, up by 2.36% for the week. Toronto market is always led up by oil and materials because they make up a big percentage of the index. I have to admit that I place my research effort on NY market market more then then Toronto market because my favorite stocks are listed on NY market only.

Not too much news this week in NY. Even though Home Depot and Lowe's reported optimistic quarter results and outlook, it does not mean that the housing industry recovers. Home Depot did very well on cost cutting. They reduce the use of energy in their store significantly. Housing industry remains weak with housing starts was reported at record low.