Daily Investment Interpretations

August 24, 2011

2011-8-24: (Wednesday Night): Market indices cruised higher today: U.S. stocks extend winning run to third day, Bulls Get Follow Up Effort. The NASDAQ Composite moved up a sedate  21.63 points (0.88%) to close at  2,467.69. The Dow accrued 143.95 points (1.29%) to close at 11,320.71; the S&P 500 ratcheted up 15.25 points (1.31%) to settle at 1,177.60. Oil rose to $85.14; gold collapsed to 1,784: About drop in gold: 'Watch and wait'. The VIX crept down another 0.37 points to 35.90  
    Tonight's big news is the departure of Steve Jobs as Apple's CEO: Apple's Jobs leaves.
    Among the financial news today is German IFO Business Climate Index Continues to Sink, Eurozone Industrial New Orders Weaker Than Expected, Moody's Downgrades Japanese Sovereign Debt Rating, Merkel Rejects Ideaof Collateral for Greek Bailout Deal, Orders For Durable Goods Surprise To Upside in July, FHFA House Price Index Rises In June; Above Expectations, CBO Says U.S. Deficits To Decline Going Forward, ECB Says No Use of Dollar Lending Facility This Week, Don't Mess With Mother Nature, Investor's Intelligence Shows Bullish Sentiment In Decline, Corporate Insiders Hoping To Make Some Hay, and Margin Requirements Being Hiked on Gold Futures.  
    State of the Markets Technical Talk was Technical Talk: The Bottoming Process.   
    Marketwatch's Rex Nutting writes: Austerity's making it worse.  
    On Friday, Fed Chairman Ben Bernanke will speak from a Jackson's Hole meeting: Bernanke ready for action, but when is in doubt.  
    Market futures are slightly negative tonight, perhaps in response to Steve Jobs' departure.