每日市场点评 --- July 21, 2008

The market started the new week in a rather quiet mood. All three major indices finished the session in red, but only slightly. Considering the huge gains from the final three sessions of the previous week, the market held up remarkably well. The news on the economic front came no surprise. The leading index decreased 0.1% in June following a revised down figure for May. Negative contributions in real money supply, stock prices and weekly initial claims were partially offset by positive contributions from building permits, the interest rate spread and supplier deliveries. The coincident index, on the other hand, increased slightly in June after a small decline in May. The rebound in crude price also had a negative impact on the market sentiment.

Basic materials and energies were among the biggest winners for the session. After being relentlessly sold off since the end of the last month, commodities did deserve some nice rebounds. However, it remains to be seen whether the latest rally can hold. The CRB commodity index also rebounded slightly in today’s trading as strength in energies were mostly offset by weakness in agriculture products. The US dollar was weaker against most major currencies. Treasuries, however, rebounded smartly following being sold off sharply in the previous week. The VIX index dropped another 1 point. The market breath was neutral. After the bell, several companies announced disappointing earnings results and the market will face some selling pressure when it opens tomorrow.