Daily Investment Interpretations
August 13, 2009
The indices advanced again today. The
NASDAQ Composite rose
to close at 1,009,65,
the Dow accumulated 35.97
close at 9,397.58
and the S&P 500 added
to end at 1,012.72.
Oil closed up at $70.99
a barrel, while gold increased $4
to $957. The VIX
My technical advisory service is noting the way the current pattern resembles that of this June, when the stock market topped and corrected. It is anticipating a breakout either up or down. Meanwhile, the S&P 500 and the Dow have closed at new highs, while the NASDAQ has failed to confirm it. All three indices have "rolled over" to create At the same time, retail spending numbers were disappointing, with the "cash for clunkers" program diverting money from other consumer purchases to cars. At the same time, jobless numbers were up a bit beyond expectations.
The Chinese marketplace, although it has consolidated for the past week-and-a-half, is still above its 25-day moving average, and well above its 50-day moving average. The Cabot China and Emerging Markets Report is still on full steam ahead.
Now is a time to sit and watch to see whether the markets are going break down or up.