Daily Investment Interpretations

May 27, 2011

2011-5-27 (Friday Night): Well, the markets rose again today in defiance of Laszlo Birinyi's warning (but NYSE composite volume logs lowest level this year). You just can't depend on those markets to do what you tell them to do. The NASDAQ Composite gained 38.82 points (0.31%) to close at 2,796.86. The Dow rose 38.82 points (0.31%) to close at 12,441.58, while the S&P 500 posted a gain of 5.41 points (0.41%) to close at 1,331.18. Oil closed essentially unchanged at $100.75; Gold climbed to $1,538. The VIX slipped 0.11 to 15.98.   
    Topstock Portfolios Daily State of the Markets discussion is entitled: Who Do You Believe? Are They Watching In Washington? is a companion article. 
    Investment consultant Liz Miller doesn't "think that we're hitting a true soft patch": Miller: Market will take choppy path higher.
    Tuesday will be the last day of May, and may mark the end of the current modest rally.  

2011-5-27 (Friday Afternoon): What I said below was wrong: today isn't the last trading day of the month. Tuesday, May 31st, will be the last trading day of the month. However, Laszlo Birinyi warns that stocks tend to fall on the last trading day before the Memorial Day holiday: Birinyi: Watch for the pre-Memorial Day fade.