Stock Indexes Struggling
By Kristina Zurla Landgraf • Jul 1st, 2008 • Category: Broker Commentary, Market UpdatesStock index futures are down this morning after wrapping up a bleak second quarter, and there are plenty of stats to go around regarding the beleaguered stock market. the S&P 500 dropped 8.6% in June, the worst June since 1930. The Dow Jones Industrial Average has fallen 19.9% from its October 2007 record peak, on the brink of what analysts consider an “official” bear market (20 percent drop). It saw its third straight quarterly decline. Meanwhile, crude oil is on the rise again amid growing tensions between Israel and Iran.
Lind Plus Senior Market Strategist Jeff Friedman said hopes for a second-half recovery are being pushed back. “A solid near-term downtrend is in place for the stock indexes this summer,” he said. If you are a swing trader, he recommends selling rallies. Trade under 1272 in the September S&P should keep bears in command today. September S&P futures were last down 9.50 1t 1271.50.
