Daily Investment Interpretations
June 27, 2011
(Monday Night): The markets
rose today about as much as they fell on Friday: Dow
retakes 12,000 level, Street
optimistic on Greece. The NASDAQ Composite was up
at the end of the day to 2,688.28. The Dow
jumped 108.98 points
to close at 12,043.56;
the S&P 500 gained 11.65
to end at 1,280.10. Oil slipped to $90.79: Oil
slides to 4-month low; Gold declined to $1,498: Gold
falls to 5-week low below $1,500. The VIX fell 0.54
Bad press is killing the recovery!
Peter Brimelow writes: Stocks suffering, but crash fears recede
Mark Hulbert notes that S&P 500 passes third moving average test, but is it a fake out? Dennis Slothower suggests that the refusal of the S&P 500 to drop below its 200-day moving average three times in a row is a classical technical bullish signal, and that it may encourage traders to jump aboard, only to take them down in July. On the other hand, he notes that the S&P 500 must close below its 200-day moving average in order to signal the start of a bear market.
Market futures are up about 0.1% tonight.