Yep, odd. The dow should be below 10,000, the naz below 1950 and the s&p below 1035
The indexes should not be at current levels, so the ppt manipulators are still hard at work....
Question, who would want to hold short term gains over the long weekend?
Of interest>
'Equity funds failed to pick up much of the cash this time, despite upbeat news on corporate profits, economic growth and new jobs. Net cash flow into equity funds was just $564 million, down from $23 billion in April.
It was the worst inflow number for equity funds since the market cratered in March 2003.
So, where did the money go? Despite negligible yields, money market mutual funds picked up $6.5 billion in net new cash in May. Some of the money ended up in bank accounts.
Schlindwein said cash accounts at brokerage firms and stable-value funds in 401(k) programs, which are not counted as mutual funds, captured bond fund outflows.
Hewitt Associates, a compensation consulting firm, reported a big shift in May into 401(k) stable-value funds from equity funds as well, apparently sparked by a dip below 10,000 by the Dow Jones industrial average.
Indeed, the biggest spurt in asset transfers so far this year occurred on May 10, when the Dow broke below 10,000.
"401(k) participants who transferred money in May headed for cover," Hewitt said. Three-quarters of transfers among 401(k) alternatives in Hewitt's database went to stable-value funds.'
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As for the employment report out Friday, 5 of my union tradesmen friends have been laid-off in the last 2 weeks.
Maybe Wal-Mart will take up the slack? |
