Daily Investment Interpretations
July 27, 2010
The markets ended the day in neutral (Street battles to keep gains),
with the NASDAQ Composite
to finish at 2,288.25. The Dow gained 12.26
at 10,537.69, and the S&P 500
to end at 1,113.84. Oil ended at $77.55 a barrel, while Gold
closed down at $1,164 The VIX closed at 23.19.
In Nasdaq, Dow show signs of a bullish shift, Michael Ashbaugh suggests that now that the NASDAQ and Dow indices have closed above their 200-day moving averages, they are looking more bullish.
Irwin Kellner notes that Earnings offer little clue to the future, The excellent earnings being reported in July reflect information that is "already four months old and trends that are even older". He's standing by his prediction that there will probably be another down leg in this recession. This outlook is consistent with tonight's article: Consumer confidence dips.
On the positive side: Revolution Investing: Fear not (video) and Stovall: History's on our side, but not until November. (August and September are the two worst months for the stock market in the year.)
Market futures are slightly lower tonight.