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Market is a bit Bearish

by Rick

A rather dull performance was turned in by U.S. equities in the latter half of last week, as all four popular averages pulled back after the mid-week rally last week. The Nasdaq Composite held up best, dropping 37.75 points (-1.43%) on the week to close at 1588.96. Trailing only slightly was the Russell 2000, which went through a reshuffling this week, to close down 13.44 (-1.58%) to finish at 834.75.

Big stocks led the way lower, as the S+P 500 gave up 30.35 (-1.95%) to end the week at 1502.56, a couple points above key support. The Dow Jones Industrial Average was the week’s worst performer, retracing 279.22 points (-2%) to close at 13.360.26. The Dow and S+P both failed to make new highs and rolled over this week. All four popular averages appear to be in upward trading channels that may suggest lower prices in this week’s trading action.

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Posted in News on June 25th, 2007

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