Daily Investment Interpretations
September 4, 2008
2008-9-4:
The price of oil dropped to $107.89 a barrel today, but the markets took a
tumble on no praticularly obvious bad news. The Nasdaq dropped 74.69 points to
2,259.04. The Dow plummeted 344.66 to 11,188.23, and the S&P gave up 38.15
points to close at 1,236.83. The VIX jumped 2 points to close at 24. There's
pessimism for tomorrow in anticipation of an employment report that's predicted
to be a real downer.
In the meantime, James Dines sees market pessimism as cause
of optimism: Worse
before better. (Peter Brimelow)