Daily Investment Interpretations

March 11, 2009

2009-3-11:   The markets are marginally higher tonight. The NASDAQ climbed the most, at 13.36 (0.98%), elevating the index to 1,372. The Dow minced its way up a measly 3.91 points (0.06%) to 6,930, and the S&P 500 accreted 1.58 (0.06%) to end the day at 721. Oil fell back to $42.82 while Gold added $14.80 to close at $910,70. The VIX fell 2.43 to 43.61..
    I guess you'd have to say that today's follow-through lacked conviction. Mark Hulbert explains, "Tuesday more like a bear-market rally than a new bull market".
Continuation of gains warrants limited celebration 
    Perhaps the most significant news of the day is House Speaker Nancy Pelosi suggesting that she would be receptive to another stimulus package: Pelosi is open to another stimulus if economy needs more. This was so encouraging to Paul Krugman that he has written (Permanent Link to Practical Pelosi), "Maybe this country can be saved after all."