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Market Commentary
by Bob Spencer, staff
writer
07/02/09-- On Thursday a selling frenzy occured on Wall Street from the opening bell right into the close. The bear bit his teeth deeply into the bull after what looked like a week of stablization and consolidation. The S&P and DOW closed down roughly 2 1/2%, while the NASDAQ closed down almost 3%. The financials also continued their downward trend. The XLF Financial SPDR closed down 3 1/2%. The latest jobs report is reportedly to blame for the selloff. A worse than expected decline in non-farm payrolls puts the anticipated recovery in doubt. U.S employers shed half a million jobs in May. The unemployment rate jumped to 9.5%. The bears now have their case to take this market further down. Next week is extremely important. Look out if the shorters view today as their signal to get in.
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