Daily Investment Interpretations
February 16, 2010
The markets climbed heartily today: Stocks
surge on recovery hopes. The NASDAQ Composite rose handily by 30.66
to close at 2,214.19, the Dow was up 169.67
close at 10,268.81, and the S&P 500 advanced
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
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.