The stock market encountered a roller coaster ride this week, rallying early based on positive news in the Greek Elections and in anticipation of a potential QE3 announcement from the Fed on Wednesday. When the Fed only delivered on Operation Twist, stocks sold off.
The S&P 500 finished the week at 1,335, down 0.6% for the week.
The Ten Year Treasury Yield closed at 1.67% up from 1.58% last week.
Gold sold off, the GLD ETF was down 3.3% for the week.
Next Weeks Potential Market Moving Events:
The Supreme Court Ruling on the Federal Healthcare Legislation is expected. According to the L.A. Times though the ruling could come Monday, “the final rulings are not likely until Wednesday or Thursday.
Thursday and Friday: European Summit. According to Reuters “European Leaders will discuss specific steps towards a cross-border banking union, closer fiscal integration and the possibility of a debt redemption fund.” Even if significant progress or agreement on such issues is unlikely, expect strategic leaks, and rumors to affect trading.
Weekly Sector ETF Performance:
|ETF Sector Performance|
|Week Ended June 22, 2012|
|LQD||Inv. Grade Corp Bond||0.0%||2.3%||2.1%||4.5%|
|Source: Yahoo Finance|
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