Daily Investment Interpretations

May 18, 2009

2009-5-18:  Well whadd'ya know?  The indices rocketed upward by about 3% today, bringing them more than halfway back to their May 8th highs. So much for pre-market indicators! The NASDAQ Composite climbed 52.22 points (3.11%) to 1,732.36, the Dow skidded 235.44 points (2.85%) to 8,504.08, and the S&P 500 relinquished 26.83 points (3.04%) to close at 909.71. Oil rose to $59.25. Gold declined $10 to close at $922, while the VIX sank 2.88 to 30.24... a "new" low.

5-17:  Pre-market market indicators are pointing toward a lower Monday morning opening, with the S&P 500 off more than 7 points and the Dow down about 89 points. Of course, this is very preliminary, but -7 points takes the S&P 500 down close to its 875 support level. 
    My investment advisory service is speculating that the economy is either bottoming now or will bottom this summer. At the same time, they're not at all claiming certainty regarding what's coming next.