Daily Investment Interpretations

February 16, 2010

2010-2-16:  The markets climbed heartily today: Stocks surge on recovery hopes. The NASDAQ Composite rose handily by 30.66 points, (1.4%) to close at 2,214.19, the Dow was up 169.67 points (1.68%) to close at 10,268.81, and the S&P 500 advanced 19.36 points (1.8%) to close at 1,094.87. Oil moved up to $77.26 a barrel. Gold lost $30 to end the day at $1,120. The VIX fell 0.48 to 22.25.
    Michael Ashbaugh's Tuesday column sets forth the S&P's current upper  resistance lines at 1,085 and 1,104m with major support at 1,044. As long as the S&P remains above its 200-day moving average, now at 1,120, an intermediate-term uptrend is in place .At the same time, the S&P is below its 50-day moving average, and, quoth Monsieur Ashbaugh, whichever way it breaks out will set a new trend.
    Mark Hulbert writes: Contrarians say this is only a correction.
    Citigroup's plan: profit from the next crisis.