Daily Investment Interpretations

July 20, 2009

2009-7-20:  The markets climbed today to challenge their resistance levels, with huge buying at the close. The NASDAQ Composite gained 22.68 points (1.2%) to 1,909.29, the Dow expanded 104.21 points (1.19%) to close at 8,848.15, and the S&P 500 rose 10.75 points (1.14%) to end at 951.13  Oil ended the day up slightly at $64.15 a barrel, while gold lost $11 to $949. The VIX remained essentially unchanged at 24.40.
   
Today's rise was on decent volume. The VIX actually rose minutely, which is a good sign from a contrarian perspective. We'll soon see whether the averages break out of their recent trading ranges. The Chinese indices are looking good, with their 200-day moving averages beginning to turn up.