Daily Investment Interpretations
August 31, 2009
Today, the bulls were thrown for a ten-yard loss. The
NASDAQ Composite gave
to end at 2.009.06,
the Dow lost 47.92
;and at 9,496.28
and the S&P 500 dropped
to end at 1,020.62.
Oil plunged $2.78
a barrel, while gold subtracted $5
The VIX moved up 1.27
There was heavy buying at the close, but it wasn't enough to staunch the day's losses. Part of the problem is the anticipation that markets almost always fall in September. My technical advisory service has shifted its more conservative portfolio to cash, although its more aggressive portfolio is still fully invested..
Meanwhile, the Halter Chinese index, HXC, has fallen below decisively below its 50-day moving average. Tonight, the Cabot China and Emerging Markets Report recommended selling one of its stocks, bringing its recommended portfolio to 30% cash..