The dollar has played a key role in the market action of the past two days, with dollar-denominated assets exhibiting a strong inverse relationship with the currency. Technical levels have also played a role in the end-of-week action. After declining as much as 2% in early going, the market was able to erase huge losses. Volatility could remain elevated next week as the market continues to digest macroeconomic factors and growing uncertainty.
Saturday, February 6, 2010
Found support
The dollar has played a key role in the market action of the past two days, with dollar-denominated assets exhibiting a strong inverse relationship with the currency. Technical levels have also played a role in the end-of-week action. After declining as much as 2% in early going, the market was able to erase huge losses. Volatility could remain elevated next week as the market continues to digest macroeconomic factors and growing uncertainty.
Friday, February 5, 2010
Dropped on debt fears
Fears about the fallout from a growing debt crisis in Europe dragged on Wall Street.A surprise rise in weekly jobless claims ahead of today's non-farm payrolls report in combination with the sovereign debt issue has got investors a bit spooked. Cisco failed to hold early gains after better-than-expected quarterly sales and earnings. QQQQ implied volatility jumped to 23.14.
Thursday, February 4, 2010
Gaining momentum
Stocks struggled, as two-session advance lost steam after a weak reading on the services sector of the economy and a mixed reading on the labor market unsettled investors. Large traders are looking for more indications that a recovery is taking hold, after pushing stocks higher last year in anticipation of such a rebound. After the close, Cisco Systems and chipmaker Novellus reported better-than-expected quarterly sales and earnings. QQQQ implied volatilty inched lower. The technical chart looks very bullish in the short term.
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