Daily Investment Interpretations

July 1, 2010

2010-7-1:  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 7.88 points (-0.37%) to close at a new low for the year at 2101.36. The Dow declined 41.49 points -0.42%) to close at 9,752.53, and the S&P 500 doffed 3.34 points (-0.32%) 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 rose 1.68 to 32.86.
    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.