Daily Investment Interpretations
August 27, 2008
Oil jumped $1.88 to $118.15 today because of fears that Hurricane Gustav will
tear up the oil facilities in the Gulf of Mexico. (It's currently aimed straight
for New Orleans, although that's very tentative at this early stage.)
The indices rose today, with the Nasdaq climbing 20.49 points to 2,382.46, the Dow rose 89.54 points to 11,502.51, and the S&P increased 10.15 points to 1,281.66. The VIX dropped to 19.76.
Michael Ashbaugh has provided another public technical analysis (yesterday): The Technical Indicator: Battle intensifies between large and small caps, and a private technical analysis today entitled, The Technical Indicator- S&P stabilizes again near major support. Mark Hulbert has published: "Banks winning by losing?" However, one interesting straw in the wind is: "Inflection point: Short sellers exit financials en masse". This suggests that short sellers believe we've seen the bottom in financial stocks and in most technical stocks.