Daily Investment Interpretations

November 24, 2009

2009-11-24: The indices fell slightly. The NASDAQ Composite slipped`6.83 points, (-0.31%) to end at 2,169.18, the Dow gave back 17.24 points (-0.16%) to close at 10,433.71, and the S&P 500 climbed 0.59 points (-0.05%) to 1,105.65. Oil closed down at $76.01 a barrel, while gold gained $2 to close at $1,167. The VIX fell 0.69 to 20.47.  
    A slight pullback today after yesterday's run-to-the-upside, but it still remains to be seen which way the markets will go (although a run to 1,120 or 1,130 would be in keeping with this current wave, to be followed by a 5%-or-so dip, and then a final Santa Claus rally into December.
Michael Ashbaugh observes that the S&P 500 and the NASDAQ are finding it hard to break through their previous highs: Ashbaugh: Markets hesitate at '09 peaks
Marketwatch columnist Darrell Delamaide echoes Paul Krugman's assessment that President Obama is making the same mistake President Hoover and later FDR made by buying into the deficit hawks' arguments that the budget deficit rather unemployment is the big danger: Hoover vs. Keynes
    Marketwatch Chief Economist
Irwin Kellner: It's beginning to look a lot like a 'W'. Dr. Kellner advances arguments that the economy is beginning to look as though it's heading south... Todd Harrison's "widow's peak".
    As a former Morgan Stanley employee, Paul Farrell writes:
15 signs Wall Street pathology is spreading. In this article, he discusses what Goldman Sachs has accomplished at the taxpayer's expense through inside connections, and the way this Goldman Sachs attitude is spreading of  company managements looting their companies at the expense of customers and shareholders.
    Confidence rise is no help explains that an unexpected (alight) rise in consumer confidence and other somewhat upbeat news wasn't enough to turn the stock market up again. 
    Mark Hulbert notes that yields on T-bills are indicating a flight to safety: T-bill yields as low today as in middle of panic     
Why hedge-fund giants are going for the gold and How to buy gold, gold ETFs deals with the current boom in gold prices.