Seeking Alpha

Market recap: Stocks rose steadily all day after a string of mostly favorable economic reports...

Market recap: Stocks rose steadily all day after a string of mostly favorable economic reports and roared to a strong close, with the S&P breaking through its 200-day moving average and all 30 Dow components posting gains. But the biggest gains were on the Nasdaq, as Best Buy's (BBY) report noting strong PC sales boosted techs. The euro rose past $1.23, reflecting more confidence in Europe's handling of its debt crisis.
From other sites
Comments (11)
  • dinamo7
    , contributor
    Comments (186) | Send Message
    good one - "mostly favorable"
    15 Jun 2010, 04:13 PM Reply Like
  • dinamo7
    , contributor
    Comments (186) | Send Message
    guess they are counting algore affair with larry davids ex as a "favorable report." LOL.
    yes, its all built all fundamentals
    15 Jun 2010, 04:22 PM Reply Like
  • montanamark
    , contributor
    Comments (1452) | Send Message
    even better is the comment about "confidence" in the way europe is handling the debt crisis.
    15 Jun 2010, 04:25 PM Reply Like
  • rooftop
    , contributor
    Comments (140) | Send Message
    I readily admit that I guessed completely wrong and did not expect this upswing at all.


    Having said that, the reason I did not expect it is because I think it's completely insane. What jobs report? What shadow inventory? What oil spill? What European debt downgrades? What austerity measures that will certainly cripple what's left of European economies?


    I'm not bearish for the sake of being bearish but I simply do not see a rosy picture here, I see a few disasters in the making. Borrowing your way out of a debt problem is like drinking your way to sobriety.
    15 Jun 2010, 04:38 PM Reply Like
  • nobby73
    , contributor
    Comments (1176) | Send Message
    This is the only rational way to think about it. I suppose there is a notion that once the market "gets through the bad news", it can continue being positive about the future, but the news directly relates to the future, so we don't just get through it. As an experiment, we would need all humans to stop trading for 48 hrs and see what would happen. My guess, the computers would push it up a couple of percent.


    Why are the computers programmed to grind stocks higher? I can think of reasons why the government wants them higher (simulates negative interest rates, counters deflation, prevents local govt pension funds collapsing too quickly, boosts consumer spending) and why the finance industry does (if the little guy abandons the markets it's all over for the banks, as they need us to be the suckers). Either way, there is a complete recoupling with reality and it is very dangerous.


    This market, as Colbert could say, is not sinking like the Titanic, but soaring like the Hindenburg.
    15 Jun 2010, 04:47 PM Reply Like
  • rpodraza
    , contributor
    Comments (298) | Send Message
    Why do we have to go the the foriegn press to hear what's really happening? I guess its good news to find out that the patient is only a little dead.


    I still see hard times comming. Heard a bit ago that the unfunded US debt is now over 130 tirllion. This cannot end well.


    Here's a link from Drudge.

    15 Jun 2010, 04:39 PM Reply Like
  • youngman442002
    , contributor
    Comments (5129) | Send Message
    I think they are pumping up the markets so the pensions look better than they are.....the Feds can´t bail them out without serious problems.....there is no reason for stocks to be this high...some computer is working overtime pumping...It smells to me what is going on...I just don´t understand the economics of the just doesn´t work for me...
    15 Jun 2010, 05:06 PM Reply Like
  • dinamo7
    , contributor
    Comments (186) | Send Message
    another favorable report - BP oil spill est 60k barrels a day
    15 Jun 2010, 05:09 PM Reply Like
  • stevepoddy
    , contributor
    Comments (54) | Send Message
    About the Euro.We need a weak $ to continue to export.Internal demand is still wake and volatile.
    The spill is a tragedy,but it's an ambush.Beware.
    About the week.I think it's true,traders need some volume.Today they sold,tomorrow many will take gains,the week will finish in red.
    Good luck to everybody.
    15 Jun 2010, 05:28 PM Reply Like
  • inthemoney
    , contributor
    Comments (981) | Send Message
    All reports today were misses - empire state, homebuilder, bestbuy. Is this some kind of a joke?
    The market is up on robotrades that folloow EUR/USD.
    15 Jun 2010, 11:00 PM Reply Like
  • rpodraza
    , contributor
    Comments (298) | Send Message
    Can't wait for the unemployment report tomorrow AM.


    I'm becomming a cynic.


    I almost expect that a few thousand people won't get their initial unemployment claim filed because of the long lines, the jobless report will show a decline in new filings, and we'll see another 200+ spike in the Dow.


    Happy days are here again!
    16 Jun 2010, 07:16 PM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs