Stocks Lack of Movement Sent the Dollar Higher

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Stocks Lack of Movement Sent the Dollar Higher

Post  harpal1980 on Thu Aug 27, 2009 1:23 am

Wall Street ended another session flat, despite improving economic data. New Homes Sales surprised many analysts yesterday coming out at 433k, compared to the consensus of 393k. The good result helped confidence but didn’t drive the indices to higher ground. Throughout the session, the major indices lost their steam, retracing all of their gains. The S&P500 finished the session with a 0.01% gain, while the Nasdaq 100 closed down by 0.18%.

Not all stocks showed lack of momentum during yesterday’s session as AIG, jumped by over 10%. Since its massive drop in July, the stock has retraced back by an enormous proportion, closing yesterday’s session around $37.69. While many are questioning whether the stock will continue, one must note that major resistance lies ahead, as shown on the chart below. AIG helped to support the financial sector yesterday, which closed with a mere loss of -0.27%

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