Daily Investment Interpretations

June 11, 2009

2009-6-11:  Before the day was done, the S&P 500 reached an intra-day high of.956, then fell rapidly below 944, to rebound slightly with heavy buying in the last few minutes of the day. Oil rose above $73 a barrel but fell back at the close.
    I saw confirmed today the fact that the price of oil is rising, as are other commodity prices, in anticipation of a  global economic recovery. Of course, mild  inflation, which the World's central banks can control, is what they  are seeking as an antidote to deflation, which they can't control.
NASDAQ Composite retreated 9.29 points (0.5%) to 1,862.37 , the Dow persolated up 31.9 points (0.37%) to 8,770.92, and the S&P 500 increased 5.74 points (0.61%) to close at 944.89 As mentioned above, Oil closed at  $72.24 a barrel, while gold rose $7 to 962. The VIX fell to a "new" low of 28.11.
    In short, the stock markets' general direction is still up. 

6-11 (Noon):  In case you were wondering, the stock market has quietly, sneakily reached a new post-March high of not-quite 954 so far today, topping its June 2nd and June 10th intra-day highs of not-quite 950
    Incidentally, there is alleged to be hidden resistance at S&P = 950, so clearing this hurdle should open the door to further advances.