Dave's Daily Market Review
December 9, 2009
BULLS SAVE THE DAY, SORT OF
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.
Today was a confusing day full of mixed messages but with volume still light bulls managed to put the "stick save" in motion with the mostly reliable afternoon buy program extravaganza. But, away from the headline numbers and probing deeper into the markets, things weren't all that bullish.
Tomorrow we get news that's more in focus, Jobless Claims. The consensus is for a number around 460K which means people are still losing jobs. Even a better report will mean the same thing since many people fall off the rolls and can't refile.
Let's see what happens and you can follow our pithy comments on
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