Daily Investment Interpretations
June 6, 2011
(Monday Night): The markets
dropped sharply again today: Stocks
slip on investor jitters, S&P's
back below 1,300. The NASDAQ Composite fell 30.22
to 2,702.56. The Dow dove 61.3
to close at 12,089.96,
while the S&P 500 was thrown for a loss of 13.99
to end at 1,286.13. Oil closed down at $98.77.; Gold
gained to $1,545. The VIX rose 0.54
TopStock Portfolios has this to say about today's market action: Technical Talk: It's About Time For a Bounce, and Market Wrap: Another Ugly Day on Macro Worries:
"The recent downtrend remained solidly intact on what amounted to a quiet news day with no significant economic data and little company specific news....
"From a big-picture standpoint, the market appears to be struggling with the outlook for the future. With very weak job growth, a double-dip in the housing market, and nearly all governmental stimulus programs now ending, the question becomes one of what will be the driver for economic growth over the next 12 months?
"From a chart standpoint, the technicals are quickly becoming ugly. While stocks are indeed oversold and due for a bounce, the bulls would now need a meaningful move back above 1320 in order to turn things around. Thus, traders will be watching to see if the coming bounce has any support."
Apparently, today's mini-bounce didn't replace a bigger bounce yet to come.
Peter Brimelow writes: Five down weeks stir crash whispers.
Focus on Asia: It’s ‘where the money is’
Soros is selling his gold, so should you?
Stock market futures are flat again tonight.