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.