The market finished the final session of the week in a mixed fashion. Earlier, the House and Senate reached an agreement on financial regulation. The bill is expected to be passed in coming weeks. Although the long-term implication of the bill remains unknown, financial shares have a good rebound in today's trading as investors seemed to be relieved with one big uncertainty now removed.  In other economic news, the final GDP reading for Q1 was revised lower to 2.7% and the final reading on consumer sentiment survey for June was revised up to 76, the best since January 2008.

Most major sectors finished the session higher led by financials and materials. The CRB commodity index rose 1.5%. The US dollar was lower against most currencies. Treasury yields were mixed. The three-month US LIBOR dropped 1bps, to 53bps. The VIX index dropped more than 1 point. The market breath was neutral on both NYSE and Nasdaq. The volume was heavier compared to the previous session.

The market tumbled on Thursday, extending its week-to-date losses to nearly 4%. Mixed earnings results and economic data were the main reasons behind today's weakness. As the second quarter earnings season is approaching, more investors are concerned about earnings forecast for the second half of the year given the recent weakness in the housing market and the volatility seen in the foreign currency market. In our view, the recent weakness in equity prices may have already factored in some of the potential misses in earnings reports. As long as the euro stabilizes at current level, the equity market should be doing fine in the second half of the year. In today's economic news, durable goods orders came mostly in-line with expectations. Initial claims declined 19K week-over-week to 457K, also mostly in-line with expectations. 

All 10 major sectors finished the session lower led by consumer discretionary and materials. The CRB commodity index rose 0.7%. The US dollar was mixed against most currencies. Treasury yields were little moved. The three-month US LIBOR was unchanged. The VIX index surged 10%. The market breath was negative on both NYSE and Nasdaq. The volume was similar compared to the previous session.

The market finished the Fed decision day in a mixed fashion. As usual, it is the post-meeting statement that grabs the most attention. The Fed kept its language of holding the interest rate low "for an extended period" while pointing out that recent financial development would become less supportive of economic growth. It also stated that the housing market remained at depressed level, which is a timely comment on poor new home sales earlier. The new home sales for May fell almost 33% to an annualized rate of 300K units from April. It was not only falling far below the rate of 430K units expected but was the lowest rate on record. Indeed, we may see housing price softening again after it just became stabilized in recent months. 

Most major sectors finished the session little changed. The CRB commodity index dropped 1.1%. The US dollar was higher against most currencies. Treasury yields were lower. The three-month US LIBOR was unchanged. The VIX index was little changed. The market breath was neutral on both NYSE and Nasdaq. The volume was heavier compared to the previous session.

The market tumbled on Tuesday with all three major indexes finishing the session lower by more than 1%. The late-day weakness in the euro easily made the S&P 500 to give up its 200-day moving averages, which it just retained last week. Volume, however, was on the light side. Earlier, analysts at Standard & Poor's raised their estimates on loan losses for Spain's banking sector. We also had some disappointing news from the housing sector. Existing home sales for May decreased 2.2% month-over-month to an annualized rate of 5.66 million units, which is less than the 6.12 million units estimations. At this point, the possibility of a second dip in the housing sector cannot be ruled out. It should probably be reflected in tomorrow's FOMC post-meeting statement. 

All 10 major sectors finished the session lower led by energy and utilities. The CRB commodity index dipped 0.4%. The US dollar was higher against most currencies. Treasury yields were lower. The three-month US LIBOR was unchanged. The VIX index rose 2 points. The market breath was negative on both NYSE and Nasdaq. The volume was lighter compared to the previous session.

The market finished the first trading session of the new week modestly lower. It was gaining as much as 1% early on following the news that the central bank in China is going to allow the yuan to move more freely. Some interpret the decision as a sign that China is more confident about its economy. But I think it has probably more to do with the G-20 summit meeting that is scheduled for this weekend in Toronto. At this stage, the movement of the euro is far more important than a movement in the yuan. And this can be seen from today's market action. The market was moving lower as the euro was moving lower.

Most major sectors finished the session lower led by consumer discretionary and tech. The CRB commodity index rose 0.3%. The US dollar was mixed against most currencies. Treasury yields were higher. The three-month US LIBOR was unchanged. The VIX index rose less than 1 point. The market breath was negative on both NYSE and Nasdaq. The volume was lighter compared to the previous session.