Rumors Lift Stocks
Filed Under Market Commentary |
1:15pm EST Stocks get a boost from a CNBC report a bailout for Bond Insurers.
Stocks were headed for another bearish close till rumors were perpetuated by CNBC that a bailout was close to being finalized for Bond Insurers. This story is nothing new but it helped traders jump back on the stock market bandwagon! Volume rose on the day giving another bullish day for stocks but on the back of a Wall Street rumor. What remains out there are continued write downs from the sub-prime and prime mortgage market.
We remain running in place at the moment. We have moved very little. Tread carefully!
Market Speculator
Last 5 posts in Market Commentary
- Resistance is Proving to be Too Great for Major Indexes - August 19th, 2008
- Stocks Reversed from Highs in Lackluster Trade - August 16th, 2008
- Low Volume Rally as NASDAQ Retakes a Key Moving Average - August 15th, 2008
- We Are Severely Overbought and the Global Slowdown is Beginning to Show its Face - August 13th, 2008
- Proceeding With Caution, This Market is Shaky at Best - August 12th, 2008
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