Daily Investment Interpretations
November 22, 2010
(Monday Night): After
a sizable dip, the markets ended today about where they started: Stocks bounce off lows.
The NASDAQ Composite added 13.9
to end the day at 2,532.02 The Dow
to close at 11,178.58,
and the S&P 500 retreated 1.89
to end at 1,197.84. Oil rose to $82.06 a barrel,
and Gold was unchanged at $1,354. The VIX climbed
0.33 to 18.37.
Stocks were down today because financials tanked in the face of the FBI's insider probe: FBI raids 3 hedge funds, Financials dip as probe details emerge. Surely, there's very little improper trading of insider information on Wall Street! Why would anyone on Wall Street finger his collar because the FBI is rounding up illegal traders? Insider trading must be a very rare occurrence(:-)
Stocks were also down because of fears of contagion from Ireland to the other PIGIS.
Ireland, banks and reality
Moody's foresees 'multi-notch downgrade'
After Ireland, traders turn to Portugal, Spain
Dominoes tumbling toward U.S.? (This article by Todd Harrison recites his previous warnings about the dangers of further shocks cascading from the global de-leveraging process that's underway.)
This forecast by the National Association of Business Economists probably didn't help boost the markets, either: NABE: Little pickup for U.S. economy in 2011.
I've set up a "virtual portfolio" using Monopoly money to follow the progress of 6 (so far) promising stocks or calls on stocks. It closed tonight just about unchanged.
Stock futures are down tonight, as are some Asian markets.
2010-11-22 (Monday Afternoon): Today's market pullback might represent a good buying opportunity.