每日市场点评 --- April 22, 2008

All three major indices ended the session lower. The Nasdaq, hit by a disappointing earnings guidance from TI, fared the worst and posted a loss of 1.3%. But it was really the record high oil price that pressured the market for most of the day. Ironically, an incredible $100 oil price looks like a bargain now. The Existing Homes Sales report, which was the only economic news of the day, showed no sign of bottom in the US housing market with sales declining by 2% and price dropping by 7.7%.

With oil marching towards $120 per barrel, energies were among the best performers for the day. Not surprisingly, transportations were among the biggest losers. The Amex Airline Index dropped 12.4% today with many airlines hitting fresh multi-year lows. The CRB commodity index hit a new record high led by energies and agricultures. The Fed is going to have a tough time next week in determining the key interest rate given the continuous tightness in certain credit markets and the record high oil prices. The US dollar was lower against most major currencies while treasuries were sold off slightly. Clearly, the market is going to face more headwinds in the months ahead, but one thing that may come to rescue is time --- it takes time for monetary and fiscal policies to work.