The market broke sharply in the final session of the week with all three major indexes lower by around 2%. The trigger of the selling is once again the euro, which dropped to a fresh 52-week low despite efforts by the EU and IMF earlier in the week. The US dollar surged another 0.9% and closed at a fresh 52-week high against a basket of currencies. Gold, which behaves more like a safe-haven these days, touched a new all-time high of $1250 per ounce earlier before retreating. Treasuries, another safe-haven for many big institutions, rose across the board. In other economic news, retail sales for April increased 0.4%, stronger than 0.2% expected. Excluding autos, it also rose 0.4%, slightly below 0.5% consensus.

All 10 major sectors finished the session lower led by financials and materials. The CRB commodity index tumbled 2.7%. The US dollar was higher against most currencies. Treasury yields were lower. The three-month US LIBOR advanced 1 bps to 45bps. The VIX index surged 17%. The market breath was negative on both NYSE and Nasdaq. The volume was heavier compared to the previous session.

The market tumbled on Thursday with all three major indexes lower by at least 1%. The loss was not totally unexpected given that the market had been up by more than 5% during the past three sessions. There is little economic news moving the market today. Initial claims came in at 444K, mostly in-line with expectations. The US dollar advanced 0.6% to set a fresh 52-week high against a basket of currencies.

Most major sectors finished the session lower led by consumer discretionary and financials. The CRB commodity index dipped 0.39%. The US dollar was higher against most currencies. Treasury yields were lower. The three-month US LIBOR advanced 1 bps to 44bps. The VIX index rebounded by more than 1 points. The market breath was negative on both NYSE and Nasdaq. The volume was lighter compared to the previous session.

The market registered good gain on Wednesday with all three major indexes advancing more than 1.3%. Gains across Europe certainly helped the market sentiment in the US. Germany's DAX rose almost 2% as its first quarter GDP reading showed a 0.2% increase. There is little domestic economic news that is able to move the market. The trade deficit for March came in at $40.4 billion, in-line with consensus. It is interesting to note that the Dow has moved by more than 100 points in nine out of the past twelve sessions, indicating volatility is back into the game. Gold price once again finished at a new historical high and in extended hour trading, it even touched $1250 per ounce.

All 10 major sectors finished the session higher led by tech and industrial. The CRB commodity index rose 0.7%. The US dollar was higher against most currencies. Treasury yields were higher. The three-month US LIBOR advanced 1 bps to 43bps. The VIX index dropped almost 10%. The market breath was positive on both NYSE and Nasdaq. The volume was lighter compared to the previous session.

The market finished the Tuesday in a mixed fashion. It opened about 1% lower as traders remained uncertain over the European supporting plan. However, as the day went by, the market not only recovered from its early loss but managed to post a gain of as much as 1% before giving it back. Gold is once again in spotlight as it finished the session at a new historical high. It should be noted that gold price is able to post double digit gain so far in the year despite the fact that the US dollar is also close to post its own double digit gain for the year. The VIX index, meanwhile, finished below 30 for the second time in a row, indicating less fear in the market.

Most major sectors finished the session lower led by materials and energy. The CRB commodity index dipped 0.2%. The US dollar was mixed against most currencies. Treasury yields were mixed. The three-month US LIBOR was unchanged at 42 bps. The VIX index dropped more than 2%. The market breath was neutral on both NYSE and Nasdaq. The volume was lighter compared to the previous session.

The market surged on Monday following weekend news that the leaders of the EU and IMF are pledging financial support to eurozone countries. By close, all three major indexes were higher by around 4%, making it the biggest single-session gain in more than a year. Based on the details of the EU supporting plan, Greece and other countries are able to tap a pool of 500 billion euros from the EU and another 250 billion euros from the IMF. In addition, the European Central Bank announced that it will make bond purchases via the secondary market, essentially reversing its previous position in this matter. Separately, the US Fed has announced that it would reopen swap lines with foreign institutions. The news initially sent the euro rise sharply against the dollar. However, the rally turned out to be short-lived and it fell back to pre-announced level before the day ended. The weakness in the euro showed that investors remained uncertain about the effectiveness of the plan.

All 10 major sectors finished the session higher led by financials and industrials. The CRB commodity index rose 1.6%. The US dollar was lower against most currencies. Treasury yields were higher. The three-month US LIBOR dipped 1 bps to 42 bps. The VIX index tumbled 12 points. The market breath was positive on both NYSE and Nasdaq. The volume was on the heavy side.