Daily Investment Interpretations

July 16, 2008

2008-7-16:  The market indices rose about 2½ % today on falling oil prices. (Oil dropped as low as $132 a barrel before closing at $134.60 a barrel on a report that the U. S. petroleum inventory has risen, suggesting that a marginal degree of demand-destruction has occurred.) The S&P 500 rose 30.45 points to 1,245.35, the Nasdaq Composite climbed 69.14 points to close at 2,284.85, and the Dow vaulted 276.74 points to 11,239.28 points. The VIX fell from 28.5 to 25.1.
    As suggested yesterday and the day before, the markets have been ripe for a short- to intermediate-term advance, but long-term... ?