Daily Investment Interpretations

January 26, 2010

2010-1-26:  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 points, (-0.32%) to close at 2,203,73, the Dow gave up a negligible 2.57 points (-0.03%) to close at 10,194.29, and the S&P 500 shed 4.61 points (-0.42%) to 1,092.17. Oil ended the day at $75.12 a barrel. Gold ended at $1,096. The VIX fell 0.86 to 24.59.
   
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