Daily Investment Interpretations
June 8, 2011
(Wednesday Night): The
markets closed lower again today: Street's down for 6th day.
Composite fell 2618
to 2,675.38. The Dow drifted downward 21.87
at 12,048.94, while the S&P 500 slid 5.38
to end at 1,279.56. Oil closed down at $101.07; Gold
slipped to $1,538. The VIX dropped 0.72
The economic news continues to disappoint: Fed's Beige Book Shows Some Signs of Deceleration, EU/IMF/ECB Says Greece Deficit Worse Than Expected, and OPEC Decides Not To Increase Crude Output. The only good news is: Bullish Sentiment Falls In Response To Correction, if you can call that good news.
Master investor Mark Moebius is eagerly anticipating a market collapse: The Brighter Side to a Market Meltdown. But this article claims that the Economy is not collapsing. TopStock Portfolios' David Manning also subscribes to that interpretation, although his actions are informed by his indicators rather than his opinions.
At the moment, I'm almost entirely in cahs.
Market futures are up tonight. (Stock indices continue to be very oversold.)