Friday October 15, 2010 - 03:11:25 GMT
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Stocks Finish Lower in Lackluster Trade; Google Underpins Market after Close
equity market traded sharply lower early in the day then struggled late in the
session, but still managed to close only slightly lower.
Bullish traders were caught long in the pre-market when the U.S. announced
that Weekly Initial Claims were down 13,000. This triggered the start of a
break which caught traders by surprise. Many investors were looking for another
breakout day to the upside because of the sharply lower U.S. Dollar and greater
demand for risky assets.
Technically, all three major indices were not weakened
severely by Thursdayâ€™s trading action. The main trend remains up, but traders
are likely to be a little more cautious about chasing strength at current price
levels. This may mean additional selling pressure into a retracement zone to
set up fresh buying.
After the close, Google stock soared about $50 a share, or
10 percent after it announced earnings and revenues beat Wall Street
expectations. The surge in Google stock triggered a nice pop in after-hours
trading in the NASDAQ futures market.
Following the initial surge after the Google news, the
market settled into a range with traders asking themselves whether Google can
continue to make money in the search engine game.
The weaker Dollar and lower inventory figures from the
American Petroleum Institute helped December Crude Oil strengthen early on
Thursday, but the rally faded when the U.S. Energy Information Administrationâ€™s
inventory report showed a smaller drop than the API.
Technically, crude oil finished the day with a closing price
reversal top. This could lead to some follow-through selling pressure on
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