Daily Investment Interpretations

April 7, 2010

2010-4-7:  The markets fell today on a dismal report on consumer confidence: Street takes late-day slide.. The NASDAQ Composite fell 5.65 points, (-0.23%) to close at 2,431.16, the Dow tumbled 72.47 points (-0.66%) to close at 10,897.52, within 30 points of 12,000, and the S&P 500 disgorged 6.99 points (-0.59%), closing at 1,182.45. Oil jumped to $85.88 a barrel, while Gold rose to $1,153. The VIX moved up 0.39 to close at 16.66.
As I mentioned last night, the markets are extremely overbought on an intermediate-term basis. This article puts it in perspective: Market Snapshot: Down day called overdue. Mark Hulbert offers: Some worth more than in October 2007, and Todd Harrison talks about Using markets past to navigate the present. In one of the comments on this article, a reader 
   Today may have been a "bad-news day", representing an opportunity to buy on a slight pullback rather than the beginning of another down-wave. Still, the stock market is vulnerable to a reversal at any time.
   Here are two other articles that might or might not be of interest: Steep trader pay on Wall Street is no surprise, and Goldman still doesn't get it.