Daily Investment Interpretations
July 1, 2010
The markets closed a little lower today: Dollar's drop is the real story of Thursday's glum data,
and Stocks at new 2010 lows. The NASDAQ Composite dropped
to close at a new low for the year at 2101.36. The Dow declined 41.49
to close at 9,752.53,
and the S&P 500
to end at 1,027.27. Oil dropped $2.89 to $72.74 a barrel (Slowdown fears slam oil), while Gold
collapsed to $1,198. The VIX
On technical grounds, market mavens are predicting a new S&P 500 bottom in the upper 800's, although after six straight days of declining markets, there are widespread predictions of a short-term technical bounce. (Might that be a good time to sell, and buy puts?)
But Morningstar says: Take Managers' Gloomy Forecasts With a Grain of Salt, and Don't Get Spooked by Jobs Report.
I bought shares of the Proshares Ultrashort S&P 500 ETF, SDS, today but sold them when the markets began to climb again.
Tomorrow's job report for June has the herd restless and on edge.
It's time to protect stock portfolios now
Financial reform bill falls short
Stock market futures are up a bit tonight.