Daily Investment Interpretations

February 9, 2009

2009-2-9       The markets basically went nowhere today, as investors awaited tomorrow's news on the stimulus legislation and the new bank bailout plan.  NASDAQ Composite lost 0.15 (0%) to close at 1,592, the Dow dropped 9.72 points (-0.01%) to end at 8,271, and the S&P 500 rose 1.29 points (0.15%) to land at 870. Oil closed at  $39.80, while gold parted with $21.50 to end the day at $892.80. The VIX rose slightly to 43.64. 
    There isn't much else to report. Paul Krugman has written his Monday editorial, "The Destructive Center", which decries the centrist compromises in the current Senate-endorsed stimulus package, which leaves the fat and cuts out muscle, Permanent Link to Fat and muscle, and comments on the incompetence of the package's accommodators, Permanent Link to Adjustments downward.
    The winning economic forecasters for three of the past four months warn that the  U.S. economy needs urgent help. Another forecaster predicts that 1,000 banks may fail by 2012.