Daily Investment Interpretations
April 8, 2011
(Friday Night): Today was the
same story as yesterday, except that today, it was $113 oil along with the
impending government shutdown that did the markets in. The
NASDAQ Composite slid 15.72
to 2,780.42. The Dow dropped 29.44
close at 12,380.05, while the S&P 500 skidded 5.34
to close at: 1,328.17. As mentioned above, Oil closed above $113 a
barrel at $113.05, while Gold registered yet another new high of $1,476.
The VIX rose 0.76
points to 17.87.
The S&P 500 got down to 1,324 today. Unfortunately, the gap that needs to be filled lies between its high of 1,319.45 on March 29th and its low of 1,321.89 on March 30th, so today's action didn't eradicate the gap. Of course, the markets are allegedly overbought on a short-term basis, and the price of oil may rise from here, leading to further pullbacks. But hopefully, by the end of next week, the markets will be back on track. Now may be a good time to buy.
Part of today's sell-off may have stemmed from concerns over what might happen this weekend.
There's very little other news on this Friday night. The movers and shakers have taken the weekend off.
It has just been announced that a U. S. government shutdown has been averted, and that a consensus budget should be passed next Tuesday or Wednesday. This eleventh-hour reprieve should alleviate budget concerns that may have adversely affected the equity markets.