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November 22, 2011
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Stocks are seeing red again after GDP numbers were revised lower this morning. The GDP for the summer months came in at 2%. The futures had been slightly higher during the overnight session but headed south on the economic report. The SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $118.76, -0.86 (-0.71%).
In addition to the poor GDP number in the United States, worries continue in Europe. While usually a holiday week moves the markets higher, this week traders face worry. Fear of the next issue in Europe is keeping Wall Street players from buying into the holiday. In addition, many traders are selling to avoid the risk during the holiday.
The bank stocks JPMorgan Chase & Co. (NYSE:JPM) and Goldman Sachs Group, Inc. (NYSE:GS) are leading the decline. Goldman Sachs Group is trading at $88.66, -2.64 (-2.89%).
In addition, there was a key break down today on First Solar, Inc. (NASDAQ:FSLR) below the master $42.50. The next stop for this stock is $39.75 and $34.50.
The only positive to this market is Federal Reserve POMO and light volume. Should this market inch higher later, that would be the culprit.
Gareth Soloway
InTheMoneyStocks.com
