Daily Investment Interpretations
August 28, 2008
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