Market Wrap-Up for May 10 (FCX, BHP, WFC, AXP, BA, NKE, more)

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The solution to every major crisis has been discovered! Find your own currency printing press and kiss your troubles goodbye.

Investors walked into another wild day of action this morning, following weekend news that the E.U. will do "whatever it takes" to bail out troubled assets, and will take a page from Fed chairman Ben Bernanke on the strategy he employed in the U.S. last spring. Certainly, the markets have rallied, but that rally hasn't had any positive effects on job growth or many people's mortgage burdens. At some point, there will be a price to pay for all the financial shenanigans, and we will keep a close eye on when and how that may affect the financial markets. Despite the big 400 point gain on the Dow, and the 100 plus point gain on the NASDAQ, volume was significantly lower today than in the previous 2 days of selling. We saw 6.89 Billion shares traded on the NYSE, as compared to 10.61 Billion this past Thursday and 9.54 Billion shares on Firday. The NASDAQ had 2.73 Billion shares traded today, while we did 4 Billion plus this past Thursday and Friday. This is certainly not a great sign of accumulation.

Fannie Mae ( FNM ) was on the wires this morning talking about needing more help (to-date, Fannie/Freddie Mac have already soaked up nearly $150 billion in bailout funds), but the red ink still continues to gush. In the meantime, we will keep focused on what has already happened and what may make the most sense for investors going forward. The investing climates remains tenuous and we will continue to maneuver as best we see fit.

Today's rally spread to most parts of the market, with commodity plays like Freeport McMoran ( FCX ) , BHP Billiton ( BHP ) and Cliffs Natural Resources ( CLF ) getting a good source of the buying. Financials were up, with Wells Fargo ( WFC ) , PNC Financial ( PNC ) and American Express ( AXP ) seeing a pop. Positive Wall Street comments also fueled stocks like Nike ( NKE ) , Boeing ( BA ) , and Northern Trust ( NTRS ) .

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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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