Floor Talk: Afternoon volatility around Obama speech After what has been a calm afternoon, the market has seen a bit of volatility around Obama's first press conference since being elected on Tuesday. The averages had edged up to afternoon highs prior to Obama's speech, which was focused on the state of the economy. It seems that expectations may have been heightened heading into the event, and when Obama didn't say anything that would come as a surprise, the market saw a sell-the-news type reaction. We wouldn't read too much into the market's reaction to the speech as it makes sense that Obama would keep his comments relatively general at this point.
Yeah, seems like it. But 920 a crucial level now. A convincing pass at this level can fuel a rally to the close, making a close at day high perhaps? Any thoughts?
yeah i can see how that is possible but it is very tough to say. the mkt has been very controlled today. not breaking out to new highs and not breaking down to new lows either. very tight trading range which creates a potential breakout scenario next week.
Bulls finish with a mini-meltup - 30 points in 30 minutes, but another down week for the markets Weekly performance for the major stock indices Based on the last Friday, Oct 31st official settlement INDU: -4.2% SPX: -3.9% COMPQ: -4.2% NDX: -4.8% RUT: -5.8% Was this a brief bear rally? Or, can they sustain this next week? Of course, only time will tell. Have a good weekend.