Daily Investment Interpretations
February 1, 2010
The markets, strongly oversold on a short-term basis, have rebounded
today. The NASDAQ Composite rose 23.85
to close at 2,171.20, the Dow gained 118.2
close at 10,185.53, and
the S&P 500 added
to close up at 1,089.19. Oil jumped up to $74.95 a barrel.
Gold ended at $1,105.
The VIX dropped 2.03
The shape of the market plots, below, suggest that at least a few days of recovery are in the offing, and this could be the beginning of another rise from a dip. However, the indices are well below their 50-day moving averages, and it was time to sell
I won't get a scheduled update from my investment advisory services until just before the market opens tomorrow.
Low follows stimulus high in China
Valuations point to more correction