Daily Investment Interpretations

July 6, 2009

2009-7-6:  After falling earlier in the day, with the S&P 500 down as much as 10 points, the Dow and the S&P 500 closed up a fraction of a percent. The NASDAQ Composite fell 9.12 points (-0.51%) to 1,787.40, the Dow annexed 44.13 points (0.53%) to close at 8,324.87, and the S&P 500 added 2.3 points (0.26%) to end the day at 898.72  Oil fell  to $64.39 a barrel, while gold dropped $7 to 924. The VIX added 1.05 to 29.00.
    Officially, investors are now questioning the health and timing of the recovery. My technical advisory is very cautious, but sees what's happening as a potential buying opportunity. Meanwhile, sentiment has cooled a little, but is far from a panic state. The markets are a little oversold, but not terribly so. Meanwhile, the S&P 500 moving average is still above its flattening 50-day moving average.
    The S&P has resistance at 880.
    We'll see what tomorrow brings.