Money no image

Published on June 18th, 2012 | by Randomguru


Live Blogging the Stock Market and CNBC: Greek Election Edition

7:12am – Happy Monday, everyone!

7:21am – CNBC reports: Today is the 1 month anniversary of Facebook’s debut.

Facebook shares are elevating higher today. Facebook stock is up to +31.00.

7:27am – The stock market’s major indices opened slightly in negative territory this morning, following yesterday’s Greek Elections in which Greece’s pro-austerity “New Democracy” party emerged the winner.

Sunday’s Greek Elections

Stocks open lower despite pro-bailout victory in Greece

Stocks opened lower Monday on Wall Street as Greece’s election results failed to ease investors’ concerns over Europe’s continuing financial turmoil.

Major U.S. indexes were in negative territory shortly after the opening bell, following a slide by European stock markets that were initially up sharply after Greece’s pro-austerity New Democracy party won in that country’s elections Sunday.

7:47am – Former Greek prime minister, George Papandreou, was interviewed on CNBC, saying positive things about his country and outlining what Greece needs to do to resolve its problems.

8:01am – The stock market is still in negative territory with exception to NASDAQ, up +10 points, and has been in the positive the last 3 trading days.

8:07am – G20 leaders meet in Cabo.

CNBC talks about the Papandreou interview. OCM = Other Country’s Money. Pride for one’s country is nice, but how can you be proud when you are in a “handout” situation, and in this case Greece getting a handout from other countries like Germany!

8:17am – CNBC reports: We are coming off a big rally, best 2 week gain of the year.

8:20am – NASDAQ is slowly losing momentum, now only +3.09 points. AAPL, ISRG, SBUX and WFM were up this morning, but seem to be losing a bit of ground.

8:28am – Despite a positive outcome in the Greek Elections, the Spanish, Italian and U.S. stock markets are in negative territory today.

8:30am – The European stock market is closed.


12:04pm – Indices: Dow -10.66, NASDAQ – +27.90, S&P 500 +3.68, NYSE +4.93

12:10pm – NASDAQ a safe haven at +26.49

12:17pm – Latest News from Greece:

Greeks relieved by vote, doubt new coalition will last

(Reuters) – Austerity-weary Greeks expressed relief on Monday that their votes have shown the outside world they want to stay in the euro, but many doubted the next government could solve their country’s huge problems – or even last more than a few months.

12:21pm – Facebook is having a good day today, up to $31.55 a share. Following some key stocks:

Closing Bell

12:24pm – Tech stocks are up today, which probably is helping NASDAQ stay in positive territory. Today is a mixed market.

12:32pm – CNBC reports that dividends added to stocks (like DELL) and other stocks boosting dividends is a growing trend.

12:36pm – CNBC reports a steady market as we approach toward the closing bell.

U.S. Stocks Swing Between Gains, Losses Amid Europe Woes

(Bloomberg) U.S. stocks fluctuated as concern over Europe’s debt crisis grew after Spain’s bond yields rose to a euro-era record.
The S&P 500 rose less than 0.1 percent to 1,343.38 at 3:20 p.m. in New York. The Dow Jones Industrial Average slid 33.68 points, or 0.3 percent, to 12,733.49.

12:45pm – 15 Minutes to the closing bell. Indices are in the green except for the Dow.

Generations X and Y trying to lock in wealth – study

(Boston Business Journal) A study by a Bank of America (NYSE: BAC) subsidiary says twice as many younger affluent people than those approaching retirement are taking additional measures to protect the continuity of their wealth and establish plans to take care of their parents’ elder care needs.
U.S Trust’s 2012 Insights on Wealth and Worth reports a shift “in the way the wealthy are managing their wealth in response to new economic realities, political uncertainty and growing financial challenges. “The nationwide survey of 642 high-net worth and ultra-high-net-worth adults found distinct generational differences in response to loss of wealth during the recession, uncertain financial security, and responsibilities of both children and parents.

12:50pm – CNBC talks about “high frequency trading” and Mark Cuban thinks high frequency trading is hurting the stock market and software that implements this is not free from bugs.

Algorithmic Trading:

(Wikipedia) Algorithmic trading, also known as automated trading, algo trading, black-box trading or robo trading, is the use of electronic platforms for entering trading orders with an algorithm deciding on aspects of the order such as the timing, price, or quantity of the order, or in many cases initiating the order without human intervention.
Algorithmic trading is widely used by pension funds, mutual funds, and other buy side (investor driven) institutional traders, to divide large trades into several smaller trades to manage market impact, and risk.[1][2] Sell side traders, such as market makers and some hedge funds, provide liquidity to the market, generating and executing orders automatically.

12:55pm – 5 minutes to the closing bell. NASDAQ holding steady at around +20.64. S&P 500 at +0.93. The Dow and NYSE are in negative territory.

12:57pm – Microsoft will make an announcement at 6:30pm today.

Microsoft’s Monday Mystery: A Tablet, an E-Reader?

Microsoft is expected on Monday afternoon to unveil a new tablet to challenge Apple’s iPad, and gadget critics are scrambling to figure out what the Windows maker has planned.

Will it be the first tablet running Windows RT, a version of Windows 8 designed for ARM processors? Is Microsoft going to introduce an e-reader, or perhaps a tablet with its new business partner, Barnes & Noble? With only hours to go until the event, speculation is rampant about what Microsoft will unveil Monday afternoon in Los Angeles.

1:00pm – And it’s the closing bell. Have a nice day everyone! I’m out.

Tags: , , , ,

About the Author

is a... Musician, Stock Trader and avid blogger. Follow Randomguru on Twitter @randomguru

Back to Top ↑