Daily Investment Interpretations

May 12, 2009

2009-5-12:  The markets fell until afternoon, dropping below the key 900 level. Then buying interest picked up, and they rallied into positive territory, falling again to a break-even point in the last half-hour of trading. The NASDAQ Composite fell 15.32 points (-0.88%), the Dow added 50.34 points (0.6%) 0.6%) , and the S&P 500 slipped 0.89 points (-0.1%). Oil rose $0.86 to $59.71... basically, $60 a barrel. Gold added $10 to close at $924, while the VIX moved down a point to 31.80.
    It remains to be seen whether this is an end to the pullback or the beginning of something more serious. Michael Ashbaugh wrote today: Technical battle lines drawn on the S&P 500.

2009-5-12 (Noon):
    The market indices are off a little more than 3%, and the long-awaited pullback is upon us. The question is: how far will the markets regress? After a morning-long tussle between the buyers and the sellers, the buyers are probably waiting to see how far down the markets will go before they begin buying on the dip. My advisory service is taking a "wait-and-see" position. They will be buyers if the S&P drops below 900.