The market saw up and down swings. Financials lead the way in early trade through the afternoon. Market took a turn when news reports quoted former Greece Prime Minister Lucas Papademos as saying that preparations for the country’s exit from the euro zone are being considered, sending the euro and markets lower.
American Vanguard Corp. (AVD [stock AVD]) is showing unusual option activity today, with call volume at more than 1,000% of average. The August 30 call has a volume of 2,636 contracts.
Technical Screens found trouble in the energy sector.
The US Dollar (ticker: USDOLLAR) traded lower against the Australian Dollar and other high-risk counterparts on a modest improvement in financial market sentiment, but overall momentum left it poised for modest gains against the Euro and British Pound. It was a quiet start to the trading week as highly-anticipated events over the weekend failed to produce material breakthroughs or shifts in financial market sentiment.
Traders find themselves back in a risk on scenario across the board after the G8 statement indicated the euro zone policy makers would like to keep Greece in the family.
Final upgrade list for Friday May 18th 2012
On yet another day selling on fears of the euro zone the afternoon has produced a couple of 52 week highs
S&P fair value is at +4.50. NASDAQ fair value is +7.00. The Dow posted it’s 11th out of 12 trading loss while the S&P 500 posted its 10th out 12 trading loss yesterday setting up the U.S. markets for
Market took a pounding for the 10th day but a couple of brights spots can be found with today’s analyst upgrades.
U.S. markets started out flat but eventually gave into selling pressure to lock in the 10 loss in 12 days and a new multi month low.
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