Categories

Login Status

You are not logged in.

Polls

Is Facebook overvalued at $40/share?

View Results

Loading ... Loading ...

Calendar

May 2017
M T W T F S S
« Oct    
1234567
891011121314
15161718192021
22232425262728
293031  

Morning Market Briefing – Friday- 08/30/2013

Yesterday, the market was shocked and owed with unexpected good news.  The second quarter GDP was revised up to 2.5% from 1.7%.  At first, it seemed that good news was bad news.  The US market began at the lows.  However, once the news was out that the good news (GDP growth) was in fact not so good; the market climbed most of the day on weak volume.  In the afternoon, a late day reversal canceled much of the days gain.

Thankfully, the upward revision to GDP growth did not suggest that the economy is on fire.  Nearly all the entire upward revision came from a stronger-than-originally reported trade deficit.  This however is likely to reverse in the third quarter because the increase in GDP pulled potential growth from the third quarter.

Although the market finished green, one sector did not do so well.  Fears of the war with Syria not escalating hammered the energy sector.  Energy sank 1.1%, dragged down by the selloff in crude (-1.9% to $107.98 per barrel).

Today, the market is expected to open green again.  Considering that it’s a Friday “a happy day”, the last trading day of the month and the last workday before a Holiday, I’m expecting a good positive day.

This content is restricted to site members. If you are an existing user, please login. New users may register below.

Existing Users Log In
 Remember Me  
New User Registration
*Required field

Comments