Daily Investment Interpretations
July 23, 2008
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.