Daily Investment Interpretations

October 31, 2011

2011-10-31: (Monday Night): U. S. stock market indices swooned today: Big bite out of October gain, Greek Vote Roils Market LateThe NASDAQ Composite drifted  52.74 points (-1.93%) lower to close at 2,684.41. The Dow tumbled  276.1 points (-2-28%) to 11.955.01; the S&P 500 crumbled 31.79 points (-2.47%) to settle at 1,253.30. Oil slipped a little more to 92.68 gold fell significantly to 1,718. The VIX dropped 5.43 points to 29.96.
    One factor in today's decline besides the fact that the markets are very overbought and overdue for a pullback is that after last week's Eurozone agreements aimed at (among other things) staving off rising Italian bond prices, Italian bond yields rose today, anyway.
    On Friday, Howard Gold warned: Howard Gold: Leveraged ETFs are the worst. Now today comes In defense of leveraged ETFs.  
    John Nyardi says that technical indicators point toward calm and rising markets through the end of the year: Happy holidays on the charts  
    David Marsh warns us that Europe could have to borrow in renminbi. The Chinese are attaching the stipulation to their purchases of European bonds that payment will have to be denominated in yuan rather than dollars. 
    State of the Markets contributions for today include:  
    Technical Talk: Will Dip-Buyers Emerge? And the answer, basically, is "no".       
    David Moenning kicks off the day with: Will The Frightful Markets Return?  
     In My Opinion: Digging Deepr Into Last Week's Blast 
    Greece To Hold Public Referendum on New Debt Deal 
    Do Or Die Week For Congressional Budget Supercommittee?  
    OECD Cuts GDP Forecasts for Eurozone, U.S., and G-20 
    Chicago PMI Pulls Back a Bit in October; Below Consensus.       
    Market futures are down % tonight.