Volatile Markets, Fannie Mae Plunges, Yahoo Jumps

By | TradingMarkets.com | July 07, 2008 12:00 AM
Symbols: FNM, YHOO, NTAP, MAY, LEH

Indexes closed down today in a wide swinging, volatile session. Sub Prime concerns and dropping oil prices threw the market violently in both directions, prior to closing, with the DJIA ending down -56.58 to 11231.96, the Nasdaq dipped -2.06 to 2243.32 and the S&P 500 slipped -10.59 to 1252.31.


Fannie Mae ( FNM | Quote | Chart | News | PowerRating) collapsed 16.19% or $3.04 to $15.74/share when it was discovered that it may need to raise $75 billion in new cash, along with Freddie Mac, due to write downs and accounting rule changes.


Yahoo ( YHOO | Quote | Chart | News | PowerRating) jumped 12.88% or $2.75 to $24.10/share on Microsoft's statement that it may renew takeover talks with the search giant.


NetApp Inc. ( NTAP | Quote | Chart | News | PowerRating) grew by 5.61% or $1.23 to $23.18/share due to an analyst upgrade from neutral to outperform.


Lehman Brothers ( LEH | Quote | Chart | News | PowerRating) fell 9.98% or $2.28 to $20.57/share due to an energy pricing company placing them under review and blocking trading access to certain oil contracts, per Reuters.


Oil fell over $5.00/Barrel today, prior to bouncing back to end the session down $3.63 to $141.66/barrel. Gold fell $4.80 to $928.80/oz and the VIX broke technical resistance at 26, hitting a high of 26.87 prior to pulling back, closing up 3.83% to 25.75.









Market Snapshot
















Dow

-56.58 11231.96






NASDAQ

-2.06 2243.32






S&P 500

-10.59 1252.31












Economic
News




Pending Home Sales (May): Consensus -2.8%, Consensus 6.3%


Wholesale Inventories (May): Consensus 0.6%, Prior 1.3%


Consumer Credit (May): Consensus $7.0B, Prior $8.9B


Crude Inventories (07/05): Consensus NA, Prior -1982K


Initial Claims (07/05): Consensus 395K, Prior 404K


Export Prices ex-ag (Jun): Consensus NA, Prior 0.4%


Import Prices ex-oil (Jun): Consensus NA, Prior 0.5%


Trade Balance (May): Consensus -$62.2B, Prior -$60.9B


Mich Sentiment-Prel (Jul): Consensus 55.5, Prior 56.4


Treasury Budget (Jun): Consensus $33.0B, Prior $27.5B


Read David's latest thoughts on his blog, www.marketsurfer.com
Original publication: July 07, 2008

How to Successfully Trade ETFs

Do you want to learn how to trade more successfully, more consistently ... and with more confidence? If so, then the TPS strategy is for you.

Hundreds, if not now thousands, of ETF traders successfully use the TPS trading strategy to find the best ETF trade set-ups each day to place winning trades.

FREE NEWSLETTERS

What Stocks and ETFs are headed up and down this week?

Our Weekly Newsletter covers this in dept and gives performance information on the previous week.

TradingMarkets Weekly Newsletter

UPCOMING EVENTS
Learn new strategies, how to trade in this market, and the stocks you should be focusing on each day. Join us for our free 20 minute tele-seminars during the week.
Tuesday February 21 01:00 PM
Presented By Phil Suarez
Thursday February 23 12:30 PM
Presented By Kevin Haggerty
* Attendance is strictly limited and seats are filled on a first-come, first-served basis.