Daily Investment Interpretations

June 21, 2011

2011-6-21 (Tuesday Night): The markets soared today, marking the fourth day of gains in a row: Street awaits Greece vote. The NASDAQ Composite catapulted 57.6 points (2.19%) to 2,687.26. The Dow lifted 109.63 points (0.91%) to close at 12,190.01; the S&P 500 added 17.16 points (1.34%) to end at 1,278.36. Oil inched up again to $93.70 (FTC probes oil, gasoline); Gold rose to $1,548. The VIX fell 1.13 to 18.86.
    In Michael Ashbaugh's weekly column, he observes that S&P 500 rises to first major technical test. What he says is pure Ashbaugh.
    Mark Hulbert assesses recent sentiment changes, Have the bulls retreated enough? and concludes market sentiments are consistent with a bear market... not that a bear market has to ensue, but that conditions are more favorable than not for such an outcome.
    Faith and credit:
Colquhoun also said the U.S. will move to 'restricted default' if it fails to make its Aug. 15 coupon payments. While a U.S. default is likely to be cleared promptly, 'its highly unlikely after such a default that the (U.S.) rating would move back to triple-A.'
    Stock futures are down slightly tonight.