June 26, 2009
Yesterday's upwelling was triggered by end-of-the-quarter institutional
window-dressing. (Institutional purchases have to be made at least three days
before the end of the quarter.)
The market indices remained near the flat-line today as the
bulls hung on to their gains.
Composite ended the day up
to 1,838.22, the Dow
close at 8,438.39, and the S&P 500 added 1.36
to end the day at 918.90
a barrel, while gold
Apparently, the recovery is back on. the VIX
to 25.93. which marks another "new" low.
Later: The China and Emerging Markets Report is reassured by
the Halter Index' move above its 50-day moving average, and is
recommending a new stock for purchase.
Mark Hulbert notes that sentiment has shifted from bullish to
moderately bearish: Contrarians starting to see green shoots.,
which, from a contrarian standpoint is bullish for the current market rally.