Daily Investment Interpretations
July 14, 2011
(Thursday Night): The
Lord giveth and the Lord taketh away: Stock rebound disappoints.
After Fed Chairman Bernanke allegedly hinted at QE3 should it become necessary,
today he took it all back: Bernanke pulls rally's plug. The NASDAQ
Composite declined 34.25
points (-1.22%) to 2,762.67. The Dow
drifted down 54.49
at 12,437.12; the S&P 500 lost 8.85
to settle at 1,308.87. Oil slipped to $96.15: Brimelow: Golden opportunity in chaos,
closing at 1,584. The VIX sidled up another 0.89
to close at 20.801.
After Moody's warned of a U. S credit downgrade yesterday, S&P steps up U.S. warning; S&P: 50% chance of U.S. downgrade. Dollar skids after S&P warns on U.S. debt.
The day started on an upbeat note, with June retail sales edge up 0.1%, Jobless claims fall, and Falling PPI, imports hint at first CPI fall in a year. But then Fed Chairman Bernanke spoke.
Stock market futures are up slightly tonight.