The stock market was all over the board today. Intel finally admitted what Advanced Micro Devices (AMD) had been telling us all along; they're losing market share. AMD really did not have to say anything, watching the stocks performance the over past 6 months says it all.
The struggle between the bulls and bears ended with the major averages little changed. The strong rebound we witnessed shortly after noon erased most of the markets early losses, but the bulls looked exhausted after the Dow and Nasdaq were unable to hold on to the bounce.
DJIA: 11021.59, down 3.92
S&P 500: 1287.23, down 1.91
NASDAQ: 2302.60, down 8.50
The bond market continued to sell off as rumors of foreign selling began weighing on the minds of bond investors. Remember our article about a competing oil exchange opening in Iran?
30-Year T-Bond 4.66%
10-Year T-Note 4.68%
5-Year T-Note 4.67%
2-Year Note 4.74%
Other factors weighing on the bond market was a report from the Institute for Supply Management. The ISM nonmanufacturing index rose to a level of 60.1 which continues to point toward a stronger economy.
Next week we could begin to see the markets give way to increased selling pressure. The markets have held up remarkably well in light of the current economic, political, and geopolitical events facing the economy. It will be interesting to see if the bulls can hold their ground, or are they too exhausted and ready for a rest.
