Daily Investment Interpretations

July 23, 2008

2008-7-23:  The indices eked out a gain again today, with the S&P up 5.19 to 1,282.2, the NASDAQ ratcheting up 21.92, or 0.95%, to 2,325.8, and the Dow rising 29.88, or 0.26%, to 11,632. The VIX, after spiking above 22, closed at 21.31. Meanwhile, McMinville's Todd Harrison is dubbing this rally a bull-market trap in an ongoing bear market: "Harrison says it ain't over 'til it's over".
    Crude oil slid to $124 a barrel today, down $23 a barrel from its peak. With Hurricane Dolly ashore, demand falling, and an attack on Iran in abeyance, there is, at least for the moment, just cause for a breather in crude oil prices.