Daily Investment Interpretations
May 17, 2011
2011-5-17 (Tuesday Night):
The NASDAQ and the S&P 500 indices ended the day essentially where
they started it, but the Dow fell by 68.79 points. The NASDAQ Composite
at 2,783.21. As mentioned above, the Dow lost 68.79
to close at 12,479.58, while the S&P 500 fell
back 0.49 points (-0.04%)
to close at: 1,328.98. Oil rose a little to $97.78;
Gold closed at $1,491.
The VIX fell 0.69
Stocks are oversold and due for a technical bounce. And the headlines are predicting doom! Dr. Irwin Kellner is warning: Donít be fooled by the money illusion. David Weidner warns: Beware if this market goes off its meds . SmartMoney writes about The invisible stock bubble. Mark Hulbert notes that Low-quality stocks still lead, that the Fed's easy money is allowing junk stocks to outperform blue chips at a time when the blue chips should be leading the markets, and that sooner or later, small stocks will fall while big caps rise: "Indeed, according to Grantham, he is hard pressed to find other times in U.S. stock market history when quality (large-cap value) has been as undervalued as it is today, relative to junk (small-cap growth)."
Then there's How far will home prices fall? and Fund managers in a gloomy mood. Surely it's time to sell all our stocks and switch to cash ahead of the second dip in this Great Recession!
Michael Ashbaugh observes that S&P, Nasdaq challenge the 50-day average.
Stock market futures are up tonight..