Daily Investment Interpretations
October 17, 2008
It looks to me as though the markets may have successfully retested their lows
today. Of course, we'll have to see what kind of follow-through we have. The
Nasdaq climbed 89.38 points to close at 1,717.71, the Dow added 401.35 to close
at 8,979.26, and the S&P 500 advanced 38.58 points to hit 946.43. Oil fell
$4.69 to end the day at $71.23 a barrel, and gold fell $34.50 to 804.50. After
hitting an all-time high of 81 this afternoon, the VIX ended at 67.61.
Uh,oh! One thing the rally isn't: a key reversal, says Mark Hulbert.