Daily Investment Interpretations
August 29, 2011
(Monday Night): The bulls
stampeded today: Dow's 2nd triple-digit day,
Composite advanced 82.26
points (3.32%) to
close at 2,562.11.
The Dow gained 254.71
at 11,539.25; the S&P 500 rose 33.28
to settle at 1,210.08. Oil rose to $87.52: Oil gains;
gold climbed a little to 1,791: Gold lower.
The VIX fell 3.2`
points to 32.28.
Probably the most bullish influence today came from talk at the Jackson's Hole weekend meeting of the Fed in the form of a recognition of the growing hole in the economy, and of the need to do something about it: Big Talk About Big Moves In Jackson Hole. Another bullish influence may have been: Personal Incomes and Spending Up In June.
On the downside, there was: Pending Home Sales Pull Back in July, IMF Slashes U.S. GDP Forecast, and Dallas Fed Manufacturing Index Dives in August.
State of the Markets' technical analysis of today's action is encapsulated in: Technical Talk: Resistance Test. Conclusion: we'll have to see whether the markets have broken out of their trading ranges. For now, they're running on hope.
Mark Hulbert's column today asks: Banks signaling new bull market?
Have we really bottomed?
Peter Brimelow's column today: Still sticking with stocks reviews The Chartist's editor, Dan Sullivan's outlook, rationale, and past performance.
Stock market futures are down slightly tonight.