Ignore Good News During Crisis
During a crisis, there will often be “crumbs of comfort” from economic data, but these should be ignored, Moorad Choudhry from London Metropolitan University told CNBC Friday.
Mary Schapiro on Flash Crash
SEC Chairman Mary Schapiro offers her opening statement on the events that led up to the “Flash Crash” earlier this month.
Obama on FinReg
President Obama makes comments on financial regulation progress in the Senate.
Stocks Plunge Below 200 DMA line On Heavy Volume
At this point, all the major averages sliced and closed below their respective 200 DMA lines which suggests lower prices will likely follow. Furthermore, the NYSE composite undercut its Thursday, May 6, 2010 low (Flash crash) which bodes poorly for this market. In addition, all the major averages are now down over -10% from their late April highs which is the first time that occurred since the March 2009 low. On Wednesday, all the major averages undercut their recent lows which means the day count was reset and we are now looking for Day 1 of a new rally attempt to occur. What does all of this mean for investors? Simple, the market remains in a correction which reiterates the importance of adopting a strong defense stance until a new rally is confirmed. Trade accordingly.
Dow Jones Newswire Quote: US Stocks Trade Below 200-Day Averages, In Line For Correction
Adam Sarhan quoted in the media: US Stocks Trade Below 200-Day Averages, In Line For Correction
CFTC Chairman on Flash Crash
CFTC Chairman Gary Gensler offers his opening statement on the events that led up to May 6th’s “Flash Crash” to a Senate committee.
Euro Zone to Lose Members?
There is an 80% or more chance the euro zone will lose members within the next two years, Erwin Grandinger from EPM Financial Services Group said citing the group’s clients. He added that part of the problem is having no direct communication between politicians and the markets.
Betting on the Box Office
Examining a new controversial proposal to open a new derivatives market that would allow investors to bet on box office futures, with CNBC’s Julia Boorstin and Howard Lutnick, Cantor Fitzgerald chairman/CEO.
Geithner on Short Selling
Treasury Secretary Timothy Geithner discusses the German ban on short selling and the steps Europe is taking toward economic and financial reform. He also discusses U.S. contingency plans in the event European aid falls through with CNBC’s Erin Burnett.
Hedge Fund Summit- Glenn Dubin Highbridge Capital Mgmt
Glenn Dubin, Highbridge Capital Mgmt. co-founder & CEO, discusses the US economy and the German ban on short selling, with CNBC’s David Faber.