每日市场点评 ---- November 29, 2007

The market held up remarkably well after the best 2-day rally for nearly 5 years. More important, the market didn’t retreat even though most of today’s news was negative. Starting with the weekly jobless claims, the number came above 350K and indicated the job market may be fragile after the recent turmoil in the financial market. Then we got the latest data for new home sales. Just like the existing home sales data yesterday, the number also came weaker than expected. In addition, the median price for the new homes dropped a very steep 13% compared to a year ago. Most retail earnings this morning were bad as well. Sears, for example, saw its earnings drop by 99% and its shares down 11% as a result. We also had some news about oil this morning. The price for crude oil spiked by more than $4.00 per barrel after news about an explosion in Minnesota pipelines but closed the day up by merely $1. Currently oil price is around $8 below the historical high of $99 it reached one week ago. After the market close, we just got the earning news from Dell and it doesn’t look pretty. At 7:30pm ET tonight we are also going to get speech from the Fed chairman and it seems we will get a busy Friday tomorrow.