Courtesy of John Nyaradi
Bulls mounted an impressive bear market rally today as Irene passed by and light volume was the order of the day.
Markets soared today in response to lighter than expected damage from Hurricane Irene and light volume on a late August Day.
July Consumer Spending rose +0.8% from -0.1% previously while July Pending Home Sales dropped -1.3% from previously reported +2.4% as the housing market continues to languish.
Daily Stock Market Summary:
Dow Jones Industrials:(DIA) +254; +2.3%
NASDAQ (QQQ) +82; +3.3%
S&P 500 (SPY) +33; +2.8%
Russell 2000 (IWM) +32; +4.8%
Tomorrow comes June Case/Shiller Home Index, August Consumer Confidence and the 8/9/11 Federal Open Market Committee Minutes
We remain firmly within a bear market and can expect more volatility ahead until a clear direction is established.
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