Daily Investment Interpretations
September 1, 2009
Today, the markets plunged. The
NASDAQ Composite fell
to end at 1,968.89,
the Dow dropped 185.68
land at 9,310.60
and the S&P 500 dropped
to end at 1,098.04.
Oil declined $1.91
a barrel, while gold added $3
The VIX moved up 1.27
Again, there was heavy buying in the last few minutes, but it was only enough to stop a free-fall.
The news today was all good. So why did the markets tank? Mark Hulbert examines this question in his columns today and concludes that it's because September has such a dismal reputation that it's become a self-fulfilling prophecy: Hulbert: Flimsy rationale, What's Working for September. Mark Hulbert also offers Who's got the hot hands.
Michael Ashbaugh observes in two articles today: S&P, Dow violate first support, Ashbaugh coaches defense, that the long-term trend is still up.
The markets are off about 4% from their recent highs.