EmailThe good news is that oil prices are down again. The bad news is pretty much everything else. Facebook is the worst.
The Facebook debacle is coming off as an insult to individual investors. It looks like the worst of Wall Street hype with a dose of chicanery to boot (the dictionary lists "fraud" as a synonym for chicanery and although I won't go there yet, others might). Insiders certainly look like the winners and individual investors the losers.
This comes at a time when investor confidence in equities is rock-bottom even though the S&P 500 has rallied nearly 100% since the 2009 lows.
The market action yesterday was extremely disappointing. After a strong up open with financials leading the way, the market gave back almost everything by the end of the day. That undermined the improvement in sentiment from Monday's rally.
S&P futures indicate a lower open of about 9 points today.
The global focus is the same, and still bad. European stock markets are lower by almost 2%. The euro is down again. And yes, there are renewed fears over the possibility of Greece exiting the eurozone ahead of yet another meeting of European leaders.
Dell is down $2 to $13.08 after a disappointing earnings report. New home sales data for April will be released at 10:00 ET.
As noted, there is the good news that oil prices are down $0.71 to $91.14. Gas prices at the pump will continue to ease in the weeks ahead. They might even decline as much as Facebook has fallen in the three trading days since its IPO. But probably not.
Founder and Chairman, Briefing.com
