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Central banks around the global cut interest rates in a coordinated effort to help ease the credit crisis. The Fed slashed rates by half-a-point to 1.5%. The market was very volatile, going up-and-down many times; but, still ended down! Certain sectors were able to hold on to their gains. Gold and gold stocks showed tremendous strength: GLD +2.46%; ABX +17.08%; AEM +12.97%; GDX +14.17%; FCX +10.11%. PCLN and CTRP ended much higher on a late-day surge, up +10.74% and +7.92%, respectively.
The Dow ended the day down 189.01 points; SPX dropped 11.29 points; Nasdaq fell 14.55 points:
VIX jumped another +7.17%!! Techs were mostly weak! OIH (oil services), XME (metals and mining), and XLE (energy) bounced and managed to close in the green. FXI (Chinese ADRs) still closed in the red.
SPX
SPX lost 11.29 points to close at 984.94. It closed below the 1000 level yet again!
Nasdaq
Nasdaq dropped 14.55 points to close at 1740.33. Its daily MAs and MACD continued lower.
This market still hasn’t found its legs yet; or, maybe it hasn’t found its head! After running around like a headless chicken, it still ended down. VIX ended up and has not shown an intraday top. Looks like it wants to go above 60! After the market IBM preannounced its quarterly results, which were above the estimates. IBM shares jumped +6.22% in AH-trading. GLD still couldn’t break $90 today, but, it is showing more room now to go up as the daily MAs turned higher. With rate cuts around the world and gold buying season coming up, gold-related investments look pretty bullish right now.
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