Daily Investment Interpretations
March 17, 2010
The market took a breather today. The NASDAQ Composite
minced upward 2.19 points, (0.09%)
to close at 2,391.28 , the Dow added 45.5
close at 10,779.17 (bringing the Dow solidly in line with
the other indices, and also confirming a new high in the Transportation Index), and
the S&P 500 dropped 0.38
to close at 1,165.83. Oil closed down at $82.20 a barrel.
Gold remained at $1,125.
The VIX fell another 0.29 to 16.62.
All the news today was good. So why didn't the markets soar? Probably because the markets are overbought over the short term. Some backing and filling, if not downright, decline, is due. My advisory service observes that the markets are approaching an overbought condition even in the intermediate term... the markets have become frothy. Still, the short-term and intermediate-term trends are still up.
Tomorrow is a quadruple witching hour.
The SEC's investor protection fantasy
Mark Hulbert writesL Letters that foresaw 2008 crash are skeptical, and Peter Brimelow explains that Superbear Allmon is still hibernating.
Market futures are neutral-to-down tonight.
A short-term pullback is manifestly in order here.