Daily Investment Interpretations

August 8, 2008

2008-8-8:  Oil fell to $115 a barrel today and the stock market took off like moonshiners chased by the "revenooers". All three indices notched new highs relative to their July lows. The Nasdaq climbed 58.37 points to 2,414.10. The Dow soared 303 points to 11,734.32. The S&P 500 lofted 30.25 points to 1,296.32. And the VIX fell to 20.66. It would appear that we are in an intermediate-term rally, perhaps through the November election as predicted by Todd Harrison. Of course, the primary driver for this volte-face is the falling price of oil. The financial news continues to surprise on the downside.