Daily Investment Interpretations

June 26, 2009

2009-6-26:  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.
NASDAQ Composite ended the day up 8.68 points (0.47%) to 1,838.22, the Dow lost 34.01 points (-0.4%) to close at 8,438.39, and the S&P 500 added 1.36 points (-0.15%) to end the day at 918.90  Oil dropped $1.07 to $69.44 a barrel, while gold climbed $2 to 941. Apparently, the recovery is back on. the VIX shrank 0.43 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.