Daily Investment Interpretations

July 22, 2009

2009-7-22:  Today, the markets basically wandered around, which is hardly a surprise given yesterday's performance. Still, the markets haven't yet staged a convincing breakout, and are now overbought on both a short-term and intermediate-term basis.
    The NASDAQ Composite gained 10.18 points (0.53%) to 1,926.38, the Dow contracted 34.68 points (-0.39%) to close at 1.26, and the S&P 500 divested itself of -0.51 points (-0.05%) to end at 954.07  Oil ended the day up slightly at $65.33 a barrel, while gold added $6 to $953. The VIX remained fell 0.46 to 23.42, to close at its lowest level since September, 2008.
    Once again, there was dramatic buying in the last few minutes of the day. (Is this the "Plunge Protection Team" in action?)
2009-7-22 (Morning):  My computer ate the rest of my updates last night.
    My investment advisory service is warning that the markets are significantly overbought, and that a short-term pullback is imminent. The markets have advanced about 10% in the past two weeks, and that's too fast for safety and stability.