Daily Investment Interpretations

June 9, 2011

2011-6-9 (Thursday Night): After six down days, the markets finally  bounced: Lucky 7 brings out bulls. The NASDAQ Composite rose 9.49 points (0.35%) to 2,684.87. The Dow acquired 75.42 points (0.63%) to close at 12,124.36, while the S&P 500 gained 9.44 points (0.74%) to end at 1,289.00. Oil closed up at $101.88; Gold slipped to $1,545. The VIX dropped 1.02 to 17.7.
    Oil prices are moving up now that OPEC has eschewed production hikes.
   
Today's action probably reduced the rebound pressure on the markets, although I would expect them to continue to rise to their resistance levels (1300 and 1320 on the S&P 500), and to make their bounces sufficiently compelling that many professional investors buy back in. Then the markets can suddenly reverse, and take away their money. 
    TopStock Portfolios' Market Wrap: A Good News, Bad News Situation. TopStock Portfolios observes that today's bounce was nothing special, and that good news was hard to find.
    As Fidelity words it: Wall Street bounce fails to impress the skeptics.
    ECBs Trichet signals hike, vows no default   Euro drops after ECB press conference   Euro end game draws nearer  
    Many will have to work into their 80s   
    Selling pressure is on defense takes hold  
    Stock market futures are neutral again tonight.