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Market Wrap Up

Market Wrap Up

Going into close, the major indices have given back much of the gains of the day despite a bright outlook on new home sales. Currently, the DJIA is trading below 10,000 down 45.50. The NASDAQ is down 8.52 and the S&P is down .24. The WMM Micro Cap index is up 13.36 or 2% and the WMM Nano Cap index is down 2.09 or 22%. 
The Euro has reached a new low against the dollar finishing the day at 1.21 down another 1.45%. Oil is down 3% and investors continue to flee the equities market into GOLD which is now up 15 points or 1.28%. There has also been chatter in the market concerning a downgrade for Spain’s sovereign debt, although this has not been confirmed.   
The same fears that have been plaguing Wall Street for the past two weeks continue to hinder solid trading. In a new Associated Press Exclusive, Truitt Crawford, a drilling rig owner has blown the whistle on BP concerning the oil spills stating “”I overheard upper management talking saying that BP was taking shortcuts by displacing the well with saltwater instead of mud without sealing the well with cement plugs, this is why it blew out,”
The most current and approved solution is for BP to plug the leak by force feeding heavy drilling mud and cement. For a live feed of 20,000 barrels of oil leaking out into the gulf, click here
In response to the flash crash of May 6th, the SEC is now pushing to require a uniform system for tracing securities orders, thus leaving a trail of bread crumbs in following any further crashes in the market.
Although the market looks like it may keep correcting towards the end of the week, many analysts are saying that the recent pull back is not part of a double dip recession. Experts are instructing investors to be patient and use the dip as a buying opportunity into large Tech stocks such as AAPL, finishing the day at 5.48 or GOOG finishing the day at 6.62


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