Daily Investment Interpretations
July 10, 2008
Today, the markets rose enough to put them back where they were day
before yesterday. The S&P 500 ended at 1,253.39, The Nasdaq Composite moved
up to 2,257.85, and the Dow finished the day at 11,229. The VIX moved up a bit
to 26.6. Meanwhile, the Aden sisters, who as of May 11th were upbeat
over the intermediate term, have now become decidedly bearish, as described
in Peter Brimelow's "Adens
see the bear necessities", The Aden sisters are currently 30% invested
in non-precious metals. They are suggesting a low at the Dow = 10,000 level, but
don't rule out a Dow = 7,500 level. (Ouch!) Bottom line: now is a good time to
be in cash.
In the interests of balanced reporting, Mark Hulbert published on Tuesday the positive report that Mark Hulbert: Corporate insiders didn't sell into market's decline in June. Also, tonight, Mr. Hulbert observes that Mark Hulbert: Democratic presidencies aren't always bad for stocks.
(It might be worth noting that the indices look as though they might be forming an intermediate bottom.)