Hi ,
I put together a 10 stock portfolio to buy and hold into Mid January and today's recap
1. Ford
2. MGM
3. FVL
4. XLF
5. UNG
6. ACAS
7. KBH
8. DYY
9. PCX
10. STLD
Stocks finished higher on Thursday in a choppy session of trading. Major indices opened the day gaining following Italy’s fairly well received T-Bill Auction and the announcement that Lucas Papademos would be Greece’s new interim Prime Minister. A better than expected jobless claims report also helped stocks in the opening minutes of trading.
About 15 minutes after the open, stocks began a decline that would last throughout the early morning and pare the market’s gains for the day. The move was attributed to a rumor of S&P downgrading France, based on a post on S&P’s site that listed France’s BICRA rating as “revised to ‘NA’ from 1.” It seems to be happening a lot lately, but it turns out the computers trading on the headlines sold the market based on information that simply was not true. S&P later announced that the post was erroneous, and that it was made due to a “technical error.”
After a late-morning “sigh of relief” rally after S&P backed its AAA ratings of France, stocks spent the majority of the afternoon maneuvering sideways. A decent rally into the close brought all major indices back in the green, though finishing well below their intraday highs.
Thursday’s session can be viewed as a positive for the bulls, as the S&P 500 finished well above its key support at 1220 (closed at 1239.70). However, it’s important to note that the session was nearly a disaster in the morning based on an erroneous headline. This just goes to show how sensitive this market is to any and all things that have to do with Europe.
Close Recap: S&P 500 +0.86%, NASDAQ +0.13%, DJIA +0.96%, Midcaps +0.48%.
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