Daily Investment Interpretations
April 9, 2010
markets strutted to new highs today: Dow industrials to 11,000, Stores signal shoppers are back in malls.
The NASDAQ Composite rose 17.54
to close at 2,454.05, the Dow regained 70.28
briefly penetrating the Dow = 11,000 line before falling back
to 10,997.35, and
the S&P 500 accrued
closing at 1,194.37. Oil retreated to $84.92 a barrel,
while Gold closed at $1,161.
The VIX moved down 0.34
to close at 16.14.
Where do we go from here? Mark Hulbert writes, Market correction could be coming.
One of the interesting contemplations for me is the fact that everyone is expecting a correction of 5% or greater, and that, like me, they can see that it should occur right around an S&P 500 level of 1,200, or in other words, about where the markets are right now. Does that mean that this won't happen? (On the other hand, the VIX is getting down into relatively complacent territory.)
A reader recently resurrected Todd Harrison's mid-2009 warnings about the "widow's peak" and the "W"-shaped recovery that he predicted that didn't happen. Of course, Paul Krugman was in the same camp.
Great Leap Forward: Five-ways-to-play-the-China-market-now: 2010-04-09