Daily Investment Interpretations
February 24, 2011
(Friday Night): The
markets ended the day mixed: Financials lag as S&P 500 ends at post-2008 high;
Stocks end mixed near 2008 highs. The NASDAQ Composite
squeegeed up 6.77
to 2,963.75. The Dow drifted
the S&P 500 annexed 2.28 points
to settle at 1,365.74. Oil leaped to 109.62: Oil tops $109 on supply fears, gains 6% in week; gold
fell back a little to close at to 1775: Great day for gold; more to
The VIX rose 0.51
The price of oil could derail the recovery: Price of gasoline could seal Obama’s fate. However, note Darrell Delamaide's observation that "At some point, higher oil impedes economic growth, but we’re nowhere near that yet." Both Darrell Delamaide and State of the Markets' David Moenning agree that fears of an economic implosion are presently behind us, and that a spring rally may be upon us.
A complacent bull? (video) "Have the bulls lost their verve? Steven Russolillo talks with Evan Newmark."
Mitt Romney doubles down on economy "Republican presidential candidate pitches his economic plan to Detroit executives, talking up tax cuts and China policy."
Russia could be a gusher "More than three years after being hit hard in the financial crisis, Russia has recovered. What investors should know before taking the leap."
Nasdaq correction underway?
Howard Gold writes: Jim Stack was right, and he’s still bullish.
State of the Markets articles include:
Europe Update: Greece Begins Debt Swap, ECB's Draghi Takes Hard Line
Leading Economic Indicator in China Picks Up But...
Economic Update: New Home Sales
University of Michigan Sentiment Above Expectations
From News-Driven Bear to New Bull?
UK GDP Contracts During Q4
Germany's GDP Grows at +1.5% Rate in Q4
And here we are at the end of another week, with the markets a little higher than last Friday in a slow, steady (so far) climb. The general message is that institutional investors are feeling that the bottom isn't going to drop out from under them. (Of course, the outlook may change this summer.)