Market Update September 24, 2012
This market still needs a good catalyst to create a price expansion
in one direction or another. The ECB and
Fed provided those the last couple of weeks but there is e no clear direction
as is indicated by the tight trading range on the S&P 500 (SPY). Most traders are waiting to see the price
action pullback a little further before getting long and I am certainly in that
camp. I would also like to see volume
pick up a little more.
Today there were some interesting stories out there.
Euro Banking System Oversight
Globally stocks were down as the German Chancellor Angela
Merkel and French President Francois Hollande were not able to agree to a time
frame when both countries will begin the oversight process for the European
banking system. This is somewhat
critical because of the prominent positions both economies have in the EU, this
will help set the stage in how the EU banking system will function
to a degree going forward.
Facebook Falling
If you are interested in owning FB stock you better wait
until its $15/share. Barron’s came out
with an assessment that the social media stock is only worth $15 and is still
overvalued prompting a 10% sell off in Facebook to trip a circuit breaker,(a
system used to protect companies from short sellers), at the NASDAQ exchange.
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