Daily Investment Interpretations
August 1, 2011
(Monday Night): The
markets fell today for the seventh day in a row: Stocks
play swing time, House
Passes Debt-Ceiling Bill; Senate Vote on Tap, and Market
Wrap: Disappointing Response. The NASDAQ Composite shrank
points (-0.43 )
to end at 2,744.61. The Dow declined another 10.75
to close at 12,132.49
the S&P 500dropped 5.34
to settle at 1,286.94. Oil closed down at $95.11; gold
settled at 1,623. The VIX remained unchanged at 23.66.
TopStock Portfolios had this opening analysis by David Moenning: Now The Fun Begins, followed byTechnical Talk: The Bears Are Making a Statement, After Friday's GDP disappointments, ISM Manufacturing Report Well Below Expectatons, hitting its lowest level in two years. Also, there was Construction Spending Remained Weak in June.
Marketwatch's Kevin Marder says: Large investors getting nervous.
Irwin Kellner observes that we are Trading one uncertainty for another. By instituting spending cuts as we slide back into reession, we are making the same mistake Herbert Hoover made in 1930, and Roosevelt made in 1937.
TopStock Portfolios (now "State of the Markets") is downbeat today. I've sold my ETFs and am now sitting in cash.
Market futures are down a bit tonight.