Daily Investment Interpretations
March 17, 2010
The markets treaded north again. The Dow finally caught up with the
NASDAQ Composite and the S&P 500 in registering new post-March, 2009
highs. The NASDAQ Composite
advanced 11.08 points, (0.47%)
to close at 2,389.09 , the Dow added 47.69
close at 10,733.67, and
the S&P 500 accrued 6.75
to close at 1,166.21. Oil closed back up at $82.70 a barrel.
Gold incremented to $1,125.
The VIX fell another 0.78 to 16.91.
Right now, if this market wave brings the indices up to their trend lines, the S&P 500 would hit something like 1,190 before taking a dive again amid renewed talk about a double-dip recession. A typical draw-down might put the S&P 500 in the low 1100's, although the stock market never quite repeats itself.
My investment advisory service assesses this to be a strong updraft that could carry the S&P 500 to 1200. But this isn't the best time to be buying.
Rally looks frothy