Daily Investment Interpretations
February 24, 2010
The markets rebounded today. The NASDAQ Composite gained 22.46
to close at 2,235.90, the Dow rose 91.75
close at 10,374.16, and
the S&P 500 added 10.64
to close at 1,105.24. Oil closed at $80.00 a barrel.
Gold dropped $6,
ending the day at $1,097.
The VIX rose 1.1
Fed Chairman Ben Bernanke has testified before Congress that the U. S. economy is not yet in a sustainable, private-sector recovery: 'Economy can't go it alone, Bernanke comforts market.
More bad news assailed investors today: New-home-sales nadir, Trouble ahead for banks, and Doubts hang over recovery.
Irwin Kellner is warning of impending inflation (Inflation is faster than it looks), and Paul Krugman has cited him as someone who's gone around the bend: Permanent Link to A Hawk For All Seasons. (A few items such as chicken have risen in price, while other staples have fallen in price. With massive unemployment and a stimulus package that's beginning to decline, Dr. Krugman sees deflation as a greater imminent threat than inflation.)
David Weidner's insights into Goldman Sachs are chronicled here: Goldman's gatekeeper.
Another thought-provoking article: Insurers' power growing into monopolies. What's meaningful about these articles to me is the fact that they're emanating from conservative Wall Street news organs.
My investment advisory newsletters have been advising that the markets are poised to break either up or down from here.
Stock futures are down a bit tonight.