Daily Investment Interpretations
March 3, 2011
The markets soared today on marginally lower oil prices
and Optimism over jobs report
: Dow's best day this year..The NASDAQ Composite climbed 50.67
to 2,798.74. The Dow gained 191.4
to 12,358.20, while the S&P 500 rose 22.53
to close at: 1,330.97. Oil moved to $102.01 a barrel,
while Gold slid to $1,419. The VIX
points to 18.60.
As delightful as it is to enjoy an "up" day, the fact remains that nothing has really changed for the better. The price of oil is lower than it was yesterday, but higher than it was day before , and the situation in Libya is, if anything, worse than it was yesterday. This afternoon, it seems to me that President Obama threw down the gauntlet to Quaddafi: Obama Says Gadhafi Must Go, Sends Transport to Tunisian Border, Stating Publicly for the First Time that "Gadhafi Must Leave, " President ..., and ratcheted his rhetoric to new levels suggesting imminent action: Obama to Pentagon: Give me a list of options to protect Libyans. If the U. S. and/or other nations get physical with Libya, it would seem to me that this would have a chilling, short-term effect on market indices.
In the meantime, the market has been consolidating in a trading range, and was at the top of that range today.
I think that caution is still the short-term watchword here.
Stock market futures are up very slightly tonight, pointing toward a neutral or tepid opening.