Market Rap 16 September 2009

Back at the office, the daily scores are being posted while analysts on television are being pushed by commentators to offer whether they would “increase their position in Oracle (ORCL) or not” given the latest figures out of the tech behemoth.

The cash scores are as follows: DOW +108.30, $SPX +16.13, NASDAQ +30.51.

2.74 billion shares traded on the NASDAQ and 1.58 billion on the NYSE.

Spot gold continued higher and currently trades at $1,017.30 per oz.

Paul Volcker

Economic advisory board member and former fed chairman Paul Volcker came over the wire today and said that recovery from the recession will take a number of years and the United States needs to decrease it’s reliance on financial acrobatics. The market obviously does not understand the extent of the acrobatics that are still happening as can be seen by the upward ascent the S&P has engaged in since it pulled back slightly in late August.

S&P 500 Cash Index

Sensationalism

While the sensationalism of the crash of 2008 continues, the troubles at hand here and now are being left out in the cold. Perhaps we’ll worry about today’s troubles after this year long anniversary passes. A year from now, I wonder whether we’ll be celebrating the 2nd anniversary of the crash of 2008 or the 1st anniversary of the crash of 2009 or both. Stay tuned.

If one thing is certain on Wall Street it is this:

The beat will go on.