Daily Investment Interpretations
August 2, 2011
(Tuesday Night): The
markets crashed today: Worst
streak for stocks since credit crisis, Market
Wrap: Outlook Turning Dour. The NASDAQ Composite swan-dived
points (-2.75 )
to end at 2,669.24. The Dow declined another 265.87
to close at 11,866.62
the S&P 500 dropped 32.89
to settle at 1,254.05. Oil closed down at $92.25; gold
jumped to 1,660: Gold
hits new record. The VIX advanced 1.13
State of the Markets (TopStock Portfolios) had this opening analysis by David Moenning: Shifting The Focus (Again)?, followed by Technical Talk: Technical Levels in Jeopardy But a Bounce is Due,
S&P 500 now down for the year and S&P is at a critical point: Ashbaugh. Mark Hulbert observes that Ned Davis has just issued a likely "sell" signal: Ned David spots likely sell signal. Also from Mark: Hulbert has contrarian take on the debt deal. In other news, S&P 500 in tight spot, El-Erian; U.S. outlook darkens (video), and Weighing on the Dow.
In one piece of good news, both Fitch and Moody's have retreated from downgrading U. S. sovereign debt.
China cuts U.S. debt rating.
The indices have plunged below their 200-day moving averages. Short-term, they're very oversold, so a short-term bounce is likely before the week is out. Long-term, it looks like a head-and-shoulders pattern. Right now, the S&P 500 has both hit and closed at a new low for the year
Market futures are neutral tonight.