When viewing October from a broad perspective, it was a very positive month.
October was a treat for stocks overall, but the last day of the month was more
of a trick. The primary stock indices dropped significantly lower Monday. The
DJIA closed down 276 points while the S&P 500 finished off lower by 32 points
and the Nasdaq closed out lower by 53 points. So far for the year, the primary
indices in the U.S. are mixed. The Dow Jones and the Nasdaq are still in the
black while the S&P 500 fell back into the red for 2011. The negative momentum
that built during the last trading session in October has carried over to affect
indices during this days session. Prior to opening bell this morning, the
futures for the primary indices in the U.S. were red across the board. Primary
global indices at this point were posting mostly red as well. European shares
were posting sharply lower and this negative action is spilling over into the
U.S. session today. It seems that the European financial crisis might be harder
to solve than originally thought. Last week when European leaders met and agreed
upon an austerity plan, investors did not suspect that the plan might be
contingent on an additional vote. Worries over the Greek financial crisis are
gaining strength once again and this worry will negatively affect stock trends
now, and as this week progresses. The primary indices in the eurozone closed out
red across the board. As the trading session in the U.S. reached the mid-day
point, the primary indices were also in the red. The DJIA was lower by 2.65
percent at 11,638.66. The Nasdaq was lower as well by 3.12 percent at 2,600 and
the S&P 500 was lower at this point by 2.92 percent at 1,216.74. Investors
remain on edge over the surprise Greek referendum. Frank Matto
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