Market Wrap-Up for June 16 (FDX, BP, FNM, FRE, NOK, PPG, more)

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We are seeing a battle take place at the S&P 200-day moving average. The last couple of days we have seen buying as the index poked above the 200-day average.

Sorry for the trader talk, but we like to point out factors that are currently affecting the day-to-day situation. Aside from the technical talk, earnings guidance out this morning from FedEx ( FDX ) was not very bullish. We saw the same result from Best Buy ( BBY ) yesterday. So far the market is choosing to ignore the fundamental story regarding earnings, but we need to pay attention to this moving forward.

On another note, news was out this morning that Fannie Mae ( FNM ) and Freddie Mac ( FRE ) are being delisted. It took way too long for this to happen, but when stocks trade for tens of millions of shares, a bit of greed takes hold. Too many individual investors like to venture down the path of lottery ticket-like portfolio moves. Resist the urge and stay the course of building your returns for the long-term.

As for today's market, it was a bit of a mixed bag, with selling in shares like Nokia ( NOK ) and FedEx ( FDX ) - both companies issued earnings caution looking ahead. Consol Energy ( CNX ) , and U.S. Steel ( X ) . On the upside, we saw M&T Bank ( MTB ) and PPG Industries ( PPG ) end in the green. There was also news out late that BP Plc ( BP ) has suspended its dividend.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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