The lack of significant economic data and the factors like unrest in Libya, Syria and other countries in the oil rich region like the Middle East and North Africa and the nuclear and quake related problems in Japan, can translate Wall Street into low volume. In the midday of Monday it became the lowest for this year and it is the lowest weekly volume of the 2011 last week. Concerning over the conflict in Libya, unrest in Middle East and potential supply threats the Brent crude extended gains to a 2-1/2 –year peak above 120 dollars a barrel. The investors are concerned that a spike in oil can choke off a consumer recovery. Richard Ross the global technical strategist at Auerbach Graysin in New York said that this week S&P 500 could retake its yearly high. He also said that the market has enough inertia and the retest of 1,344.
By: Teni Sow | Senior Editor at Tambapress.com and Regular Contributor to Presspresser.com