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Dave's Daily: Bulls Save the Day, Sort Of

Dave's Daily Market Review

December 9, 2009


With volume and news light it didn't take much for the 2:15 Buy Program Express to leave the station nearly on time Wednesday. Markets moved higher early on lighter than expected oil inventories which boosted prices initially. However, later oil prices fell sharply and markets rose. The Treasury auction was poorly received but the dollar declined once again. Treasury Secretary Geithner wants to extend TARP just as some banks are paying their loans which make you wonder if this is some kind of revolving credit line. Things got more confusing when headlines like those below came close together with the opposite message.

Grasping at anything bulls seized on upgrades of MMM and S (Sprint Nextel) and a declining dollar to kick-start the Buy Program Express.

Volume was once again light and breadth was flat overall. The advance in NASDAQ share volume indicates heavier buying in larger names.

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SPY $185.27 -0.09%
GLD $114.46 0.77%
VTI $93.72 0.06%
UNG $7.50 -2.34%
XLB $39.65 -0.95%


Chart of I:DJI
DOW 15,914.74 -99.64 -0.62%
S&P 500 1,851.86 -0.35 -0.02%
NASDAQ 4,283.5920 +14.8290 0.35%

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