Daily Investment Interpretations

September 10, 2009

2009-9-10:  The markets continued to climb again today, with all three indices closing above their recent highs. The NASDAQ Composite increased 23.63 points, (1.15%) to end at 2,084.02, the Dow gained 80.26 points (0.84%) to finish at 9,627.48 and the S&P 500 added 10.77 points (1.04%) to end at 1,044.14. Oil advanced to $72.29 a barrel, while gold was unchanged at $997. The VIX fell 0.77 to 23.55.
    Jobless claims came in a little better than expected today.
Yesterday's comments (below) are still relevant.
My technical advisory service has re-visited the theme that we're in a secular bear market which may be expected to last for several more years, and that what we can expect in the interim are what it terms "mini-bull" markets (what I've termed "cyclical" bull and bear markets), with a downward long-term bias. It is looking for a move over the next year-or-less to 1,200-to-1,300 on the S&P 500. The service also supports that idea that there are emerging markets that are not mired in secular bear markets, and that these emerging markets (the BRIC countries) offer a chance at greater profits than the U. S. markets."