Daily Investment Interpretations
July 22, 2008
The indices climbed heftily today. The S&P soared 17 points (1.35%)
to 1,277, up 62 points from its close at 1,215 on July 15th. The Dow climbed 135
points (1.18%) to close at 11,602.50, up 646 points from its close at 10,956 on
July 15th. The Nasdaq jumped 24.4 points to close at 2,304, up 88 points from
its low of 2,216 on July 15th. Ominously, the VIX dropped 1.87 points to close
out the day at 21.18.
One of the reasons for the sunny market may have been the fact that oil fell $3.40 to close the day at $128.42 a barrel.
Michael Ashbaugh observes that the S&P 500 is facing its first test: Ashbaugh says markets rise to test at its March low of 1,267 and its January low of 1,270. Since it closed at 1,277, it would seem to have passed these tests.