Daily Investment Interpretations
January 26, 2010
Although stock market futures were down sharply last night, the markets rose
substantially and then fell back today: U.S.
stocks end down after late-day swoon. The NASDAQ Composite dropped 5.51
to close at 2,203,73, the Dow gave up a negligible 2.57
close at 10,194.29, and
the S&P 500 shed
to 1,092.17. Oil ended the day at $75.12 a barrel. Gold
ended at $1,096. The VIX
Michael Ashbaugh observes that Trends are violated. The intermediate-term trend is now down, and if stocks go up, the S&P 500 will face resistance at 1115, which is where its 50- moving average lies, and where it closed at the end of last year.
Chuck Jaffe: Bull market has more room to run