Daily Investment Interpretations
October 18, 2011
(Tuesday Night): The
equity markets closed sharply higher today: Stocks stage late day rally on hopes for Europe,
France and Germany Agree to Leverage EFSF to 2 Trillion Euros.
Composite rose 42.51
points (1.63%) to
close at 2,657.43.
The Dow dropped
to 11,577.05; the S&P 500
gained 24.52 points (2.04%)
to settle at 1,225.38. Oil moved up to 88.44;
gold fell to 1,665. The VIX retrenched 1.83
points to 31.56.
The markets closed above the tops of their trading ranges again today, and on higher volume than we've seen since this rally began. But after the close came this article, No deal to boost European bailout fund: report, claiming that "Reports that Germany and France have agreed to raise the European Financial Stability Facility to 2 trillion euros are 'totally wrong,'". Also, Apple's earnings have disappointed, and the after-hours news is generally unfavorable.
State of the Markets articles include:
Technical Talk: The End of The One-Way Streets?
Here's Hoping It's The Beginning Of The End
Bank of America Earnings Disappoint
Coca-Cola Earnings Ahead of Consensus But
Goldman Sachs Posts a Larger-Than Expected Loss
Moody's Warns of Possible Downgrade for France
PPI Report Shows Inflation Hotter Than Expected in September
EU Officials Say EFSF Size Can Be Leveraged 3X to 5X
NAHB Homebuilder Confidence Index Sees Improvement
Merkel Says Greece Plan Will Be Decided On At EU Summit
Mark Hulbert reports that an Indicator with great record turns bullish. The indicator in question is the High Low Logic Index which now "stands solidly in bullish territory".
Kevin Marder tells us that this Market rally lacks conviction. His analysis is based upon yesterday's close.
U.S. wholesale prices leap 0.8% in September, mostly because of energy and food. (The core inflation rate rose 0.2%.)
Builder confidence boost
S&P 500, Nasdaq maintain first support
Moody's downgrades Spain on growth slowdown
Apple shares fall as earnings miss expectations
All in all, the after-hours news isn't good, and tomorrow's market futures are somewhat lower.