Daily Market Commentary for June 17, 2011
Quadruple Witching played a rule in an increase in trading volatility throughout the trading session. (read more at Millennium-Traders.Com)http://www.millennium-traders.com/news/newscommentary.aspx
With the ongoing failing conditions of U.S. highways, bridges, airways and railroads, many Americans firmly believe that government injection to improve and rebuild much of our infrastructure could result in desperate improvements to our ailing economy. Deficits in the U.S. trust funds that support the countryâ€™s interstate system and civil aviation have been widening for many years as tax revenue failed to keep up with inflation. To fill the gaps, Congress has been taking cash from the general till. In the latest House bill for highways, lawmakers envision sharp cuts in spending that could halt upgrades to federal roads and bridges. This action could leave barely enough resources to maintain the existing infrastructure. According to a 2007 report from the Department of Transportation, for every $1 billion pulled from the U.S. budget for highways, an estimated 30,000 jobs are lost. You don't have to be a rocket scientist to see that, reduction in infrastructure spending will play havoc, on our economy. Additionally, government funded infrastructure improvements will not only add to an improvement in our economy but additionally, improve safety for travelers, coast to coast.
Shares of Silgan Holdings (NasdaqGS: SLGN) were higher by 3% into early afternoon trading session. Merger agreement between Silgan and Graham Packaging was terminated in favor of a rival bidder, Reynolds Group Holdings Ltd. Silgan is expected to receive $39.5 million for the merger's breakup fee.
Research In Motion Limited (NasdaqGS: RIMM) shares were lower by 21% into early afternoon trading, setting a new 5-year-low. RIMM reported disappointing revenue for its fiscal Q1 and slashed its forecast for the remainder of the year.
Economic data released today:
University of Michigan Consumer Sentiment Index: Mid-June Sentiment 71.8; Mid-June Current Index 79.6.
University of Michigan Inflation Expectations: 5-Year Inflation Forecast +3.0%; 12-Month Inflation Forecast +4.0%; Mid-June Expectations 66.8.
U.S. Conference Board Leading Index: May Lagging Index +0.3%; May Coincident Index +0.1%; May Leading Index +0.8%.
Viewers may opt-in to our free Weekly Market News sent via email on the first trading day of the week. Review market news and active stocks from the previous week plus, see what is ahead for the upcoming trading week.
Detailed performance for stocks, futures or forex by date on our News & Commentary. Access our FREE Monthly Trading Lesson posted on our website.
Access a one week trial to our Weekly Swing Trades service. View detailed historic performance from our News & Commentary page.
Follow us now on Twitter
Viewers Poll: Do you believe infrastructure repair is the ticket to repairing our economy?
Thanks for reading