Daily Investment Interpretations

August 28, 2008

2008-8-28:   Even though Gustav is heading straight for the Gulf of Mexico and is tipped to be at least a Category 3 hurricane, oil dropped $2.56 a barrel today to $115.59. (Go figure.) At the same time, the markets galloped, on a much-better-than-expected second quarter GDP report plus increased orders for durable goods. (A less-favorable third quarter and an abysmal fourth quarter are expected.) The Nasdaq rose 29.18 points to 2,411,64, the Dow climbed 212.67 to 11,715,18, and the S&P ratcheted up 19 points to 1,300.68. The VIX ended at 19.43. The markets are remaining afloat. 
    Mark Hulbert has just published this article about How bad is September for the stock market