Daily Investment Interpretations

August 14, 2008

2008-8-14:  Crude oil dropped a $1 a barrel today from yesterday's close at $116 to a close today at $115. The stock market responded by rising somewhat. The Nasdaq rose 25.05 points to close at 2,453.67; the Dow advanced about 83 points to close at 11,615.93; and the S&P rose 7.1 points to 1,292.93. What's particularly significant about these moves is the way the averages are marching up within a "trend channel". The trend is clearly upward, with higher lows matching higher highs. 
    The VIX, after spiking up at 22.25, lapsed back to 20 34 at the end of the session.
[audio] Your Money with Chuck Jaffe: 'Massacre of a year' has turned auto stocks into a wait-and-see proposition