Daily Investment Interpretations
August 23, 2011
Market indices bounced back today: Stocks stampede higher,
Sigh of Relief Sends Stocks Soaring.
Composite leaped 100.68
points (4.29%) to end at 2,446.06.
The Dow tacked on 322.11
at 11,176.76; the S&P 500 ratcheted up 38.53
to settle at 1,162.35. Oil rose to $84.29:
Libya oil won't be back online quickly;
gold leaped again to 1,910: Gold's next
The VIX inched down 0.61
points to 42.44.
State of the Markets is describing this as a classical waterfall decline. There is a panicked washout, followed by a bounce, and then a retesting of the lows. Apparently, this latter step has been successful.
There were several pieces of bad news today:
New Home Sales Down Again in July
Is The Housing Market About To Get Worse?
Richmond Fed Index Takes a Dive in August
Pay hikes in 2012 won’t outpace inflation
Irwin Kellner has written: Easy money is a mixed blessing.
Michael Ashbaugh recounts what has happened in S&P 500 rallies from major support, and Kevin Marder provides a different technical slant in Stock investors catch a glimpse of normalcy.
Finally, there's Technical Talk: Will It Stick This Time?.
Market futures are down about ˝ % tonight.
. It may be time to buy back in, but I'll wait for an all-clear from State of the Markets before I sally forth.