Wed May 19, 2010 (3.30pm) at close:
DJI: -66.58 (-0.63%)
SPX: -5.75 (-0.51%)
EUR/USD: +0.01785 (+1.46%)
CL: +1.85 (+2.67%)
GLD: -2.85 (-2.39%)
The market bounced off the important 1100 support level for the SPX, oil saw a rally ending its three week decline (futures at 71.21). Gold and silver sold off as well.
Eurozone overhang is been causing recent market turbulence with Germany imposing short selling restriction (yesterday) in order to prevent speculation on the bank stocks that own Greek debt. EUR sold off to new lows after the news.
The bounce off the SPX support and the comeback in crude, eur and gold may be read as some restoration of faith in the markets, we may want to see evidence of that in the next few days. Failure to hold this level would portend poorly for the bulls.
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