The market opened slightly weak this morning on the heels of a weaker than expected jobs report. The economy added only 92,000 new jobs (consensus 135,000), which means it is running at a below average rate. Also, the unemployment rate ticked up slightly to 4.6%.Within an hour, the news came out that S&P cut its credit rating on Bear Stearns (BSC) to negative. This caused a wave of selling pressure that took down the brokers first, and with them the whole market deteriorated. From a contrarian point of view, maybe this even will mark a shor[...]
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[Source: The Money Blogs]
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