Daily Investment Interpretations
August 15, 2011
(Monday Night): More
gains today: Stocks
Rally, 3-In-A-Row, Bulls
ring back in the gains. The NASDAQ Composite gained
) to end at 2,555.20.
The Dow powered upward 213.88 points
to close at 11,482.90;
the S&P 500 leaped 25.68
to settle at 1,204.49. Oil advanced to $87.68; gold climbed
to $1,768: Back
to the gold standard?. The VIX fell 4.48
points to 31.87: VIX
gives back five sessions of gains.
Of Trends, Traditions, and Commandments State of the Markets' opening essay this morning observes that the markets are rising because no new bad news is hitting them. Nevertheless, historically, after a waterfall decline like the one that has just occurred, a 50%-retrace is typical. That would take the S&P 500 to 1250.
NAHB Housing Market Index Stuck at Low Levels The housing index was unchanged for July.
Empire Manufacturing The Empire State manufacturing index fell to its lowest level since February, 2009 (just before the March, 2009, bear market bottom).
Europe Update: Rehn Says Spain, Italy and France Won't Need Support
Technical Talk: Watching The Fibonacci Levels This technical assessment notes that the S&P 500 faced resistance at 1200 (which it may have overcome by closing above 1200 tonight). It also restates the need for caution.
This Is What Makes a Market
World Bank Chief: We Are Nearing the Danger Zone
Market futures are slightly negative (basically neutral) tonight.