Wednesday, October 26, 2005

Parting shots

The market finished on a weak note, unable to maintain its gains as the SPX bounced off of its overhead 200-day. It now looks like the market will have to do a little more consolidating before making another attempt to get through this resistance. But I do not think this is the start of a renewed downtrend.

Interest rates didn't help, as the bond market pushed the yield on the 10-year to a 6-month high of 4.59%. Oil declined to below $61/barrel, but that didn't help much either, especially as energy stocks gave up their gains as well. Interestingly, the bank and broker indexes finished in the green, which is definitely a positive.

There are more and more earnings on tap, so make sure you stay on top of your positions. And have a great night--


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