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Stock Market Analysis: The Day Revealed

May 24, 2011 12:54 PM ETSPY
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Seeking Alpha Analyst Since 2009

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 The markets have slowly faded off the opening highs as fears about the global economy continue. This market is not just worried about the European debt crisis which has bubbled up again, but also the debt ceiling issue in the U.S., inflation, jobs and the end of QE2. There is a ton of gray in the short term future of the economy and big money seems hesitant to commit.

With the markets fading slowly, the commodity stocks are still holding strong. While off their highs, Chevron Corporation (NYSE:CVX)  and Exxon Mobil Corporation (NYSE:XOM) are still strong. Halliburton Company (NYSE:HAL) is also higher on the day, trading at $47.23, +1.07 (2.32%).

Financial stocks like Goldman Sachs Group, Inc. (NYSE:GS) and JPMorgan Chase & Co. (NYSE:JPM) are weaker today as is technology. Key technology stocks that continue to see selling are Apple Inc. (NASDAQ:AAPL) and Amazon.com, Inc. (NASDAQ:AMZN).

As the markets inch towards the Memorial Day holiday weekend, volume will likely get even lighter. The general analysis tells us the market may turn up as early as Wednesday and could head flat to higher into the weekend.

Gareth Soloway

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