Weekly Stock Market Information Letter, July 14, 2008
The Week Ahead: Stocks fell for the sixth straight week while bond yields rose as Fannie Mae and Freddie Mac's stock price collapsed losing almost half there value. This has cast a cloud over the specter of a market turnaround, but Fed chairman Bernanke begins his Capital Hill testimony on Tuesday which could ease investor fears. Also look for the PPI and business inventory reports. Wednesday, the CPI, industrial production, and the FOMC Minutes release from last months policy meeting will be in focus. Thursday brings the housing starts number.
Stocks to Watch: Shares of URS Corp. (URS) jumped significantly based on a pending contract to build a nuclear complex in the United Kingdom. Jacobs Engineering (JEC) was added to Goldman Sachs "buy list" after saying it recently became oversold. Webster Financial (WBS) boosted its 2nd quarter loss provision to $25 million from $10-15 million as its stock touched a new all time low. Teva Pharmaceutical shares were off on a threat of generic competition from rival company Momenta.
Special Note: The Dow Industrials and S&P 500 appear to be readying to test or breach their 2006 lows of 10683 and 1219 respectively. If broken would open the door to more selling pressure. Similar to what happened with the Bear Stearns rescue at the March lows, a resolution to the crisis surrounding the government sponsored entities of Fannie Mae and Freddie Mac could be the event that marks another turning point for stock markets here and around the world.
Commentary provided by Barry Ward, Registered Principal, NobleTrading.com, Inc.
To view all of NobleTrading's historical newsletters, click here.
Click here to open an account.
NobleTrading Direct Access Trading
email: info@nobletrading.com
phone: 877.872.3311
web: http://www.nobletrading.com
Stocks to Watch: Shares of URS Corp. (URS) jumped significantly based on a pending contract to build a nuclear complex in the United Kingdom. Jacobs Engineering (JEC) was added to Goldman Sachs "buy list" after saying it recently became oversold. Webster Financial (WBS) boosted its 2nd quarter loss provision to $25 million from $10-15 million as its stock touched a new all time low. Teva Pharmaceutical shares were off on a threat of generic competition from rival company Momenta.
Special Note: The Dow Industrials and S&P 500 appear to be readying to test or breach their 2006 lows of 10683 and 1219 respectively. If broken would open the door to more selling pressure. Similar to what happened with the Bear Stearns rescue at the March lows, a resolution to the crisis surrounding the government sponsored entities of Fannie Mae and Freddie Mac could be the event that marks another turning point for stock markets here and around the world.
Commentary provided by Barry Ward, Registered Principal, NobleTrading.com, Inc.
To view all of NobleTrading's historical newsletters, click here.
Click here to open an account.
NobleTrading Direct Access Trading
email: info@nobletrading.com
phone: 877.872.3311
web: http://www.nobletrading.com
posted by Daniel Pipitone at
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