Market Wrap Up

Market Wrap Up

Market Wrap Up

The overall focus in the U.S. market as of late has been Europe, whether it is BP, Greece or Turkey, Wall Street's collective eye has been away from our economic numbers and on those of our friendly neighbors to the east.

And rightly so, in such an interconnected world economy, any little tick can set off alerts in HFT programs everywhere setting off trading all over the globe. The butterfly effect absolutely applies. Today, European worries have again been blamed in the market's poor performance. The DOW finished down 89 points of .9%, S&P closed down 11 points of 1.13% and the NASDAQ ended the day 41 points lower or 1.8%.

Oil closed low, finishing the day at 70.93 down .58 or .81%.

Gold, as highlighted by our previous posts increased 23 points or 1.9% for the day as investors continue to run for the safe investment. It would appear that investment banks ran to the metal in order to cover, and many day traders were stuck short thinking that the price was inflated. The combination of the two has sent prices soaring

The European Union has begun to finalize its bailout planning, structuring the package as a vehicle chartered under the law of Luxembourg, owned and guaranteed by all 16 members of the European Union. A few details remain such as how the vehicle will market its debt. Whether the debt will be packaged as a whole; or if slices debt will be applied to certain bonds is still undecided.

Germany remains the biggest critic of the bailout because of its economic upstanding and fiscal long-sightedness, but the country's parliament has caved and given its share of the credit guarantee. Today German manufacturing orders were reportedly increased.

Whether these developments take root is still unseen, investor confidence has not been re-established, with many investors running away from currency in general, especially the euro (trading at 1.1923 against the dollar) Euro-fear will continue to plague American markets until this is resolved.

For WMM, our Micro Cap Index closed down 27 points or 3% lead by PSWS, Puresafe Water Systems and ASYI, AISystems. our Nano Cap Index closed down 23 points or 2% lead by EDGR, Edgar Online, and AEMD, Aethlon Medical Inc.

Disclosure: no positions

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