Clarkson Black CEO Concerned As Wall Street Falls As Investors Book Gains
U.S. stocks fell in light trading on Monday as investors took profits on recent gains, using middling economic data and worries about euro zone debt as a catalyst for shedding long positions.
- (1888PressRelease) October 06, 2010 - Commodities stocks led the decliners in reaction to the rising dollar. The greenback was stronger as investors shifted away from the euro, which fell about 0.8 percent versus the dollar in late trading, on renewed concerns about euro-zone public debt. The S&P materials index led the decline, falling 1.4 percent.
Volume was very light, suggesting traders were reluctant to build on recent gains but also unwilling to give up on September's 9 percent rally. Combined daily volume on the NYSE, Amex, and Nasdaq was about 6.84 billion shares, below its 20-day moving average of 7.23 billion.
"We're coming off exceptionally strong performance," said Richard Wainwright, CEO at Clarkson Black Associates in Seattle "You probably have a little bit of an element of profit-taking that was maybe accelerated by the disappointing data points this morning," the Clarkson Black CEO went on to say.
Clarkson Black Associates is a Seattle based middle market Boutique Investment Banking and Advisory Firm offering specialist advice and services to both Private and Public companies.
Clarkson Black Associates team of Senior Investment Bankers have extensive experience and track record of servicing the need of Middle Market companies. Its philosophy is to work closely with Promoters of companies to create customized and innovative solutions.