Weekly Market Wrap-up
Friday, August 8th, 2008This week the market certainly appeared to be heading back into bullish territory. As stated in last week’s posting, the momentum continued from the past two weeks. We saw a leveling off of the indicators, which looked like investors were gaining confidence but still uncertain about equities. This week began to look like not only are they gaining confidence, but they also know where to put it (back into equities).
The VIX dropped 3 points, to end up at 20.50. Gold and oil dropped this week, with gold dropping as much as 6%. When taking this along side the gains in the DOW and NASDAQ (3.5% and 4.5%), confidence in the market has returned. The coming weeks will show rather this is just a short term bear bounce, or if we are indeed on the way back up to new heights. AEStocks finished the week down, with half of our recommendations being right.
