Daily Investment Interpretations
February 10, 2010
After yo-yoing down and up, the markets closed down a little today.
The NASDAQ Composite backed off 3 points, (-0.14%) to close at 2,147.87, the Dow subtracted 20.26 points (-0.2%) to close at 10,038.38, and the S&P 500 parted with 2.39 points (-0.22%) to close at 1,068.13. Oil advanced $0.90 to $74.68 a barrel. Gold dropped $1 to end the day at $1,076. The VIX fell 0.6 to 25.40.
Todd Harrison expands upon his remarks about the impact that the European debt crisis can have on U. S. markets: Why European debt matters to the U.S.,
Dow Theory theorists are either bearish, or have set high hurdles that the Dow must surmount to keep a rally going: Dow Theory letters challenge the bulls.
Citigroup's Peter D'Antonio believes that the U. S. economy "is beginning to grow on its own steam": 'Virtuous cycle' of growth coming.
Housing is evincing distressing signs of a double-dip in real estate prices: Double-dip drops.
Fed Chairman Ben Bernanke outlined his exit strategy today: Exit keyed to economy, Bernanke says. Chairman Bernanke's remarks are thought to have unsettled the markets a bit. Add to that the fact that Greece' deficit may be larger than has been officially reported, and the fact that this was the kind of pattern that preceded the autumn, 2008, market scare, and you have grounds for a cautious day in the trading pits.