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Market Close-Morgan Stanley

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by Chuck on October 13, 2008 at 4:14 pm · 0 Comments

Biggest point gain/percentage gain ever on the Dow.  Impressed?  I’m not :(   Wish I could be, but when you consider the historic drop we just experienced, this wasn’t totally unexpected.  Oversold indicators combined with lower volume and a closed bond market, contributed to market conditions allowing for a melt-up.  I know there are those out there that will find a 100+ point rally in the S&P exciting, but I don’t.  Not today.  200+ on Nasdaq?  Yawn.  VIX remains in the 55 region, and the news on the financial front isn’t really new, either.  Meetings and more meetings, promises to backstop the world’s deposits, and the US government promising to backstop Mitsubishi’s stake in Morgan Stanley. 

Here’s a daily chart of the Dow, for perspective on where we are:

Dow Daily 8-11-08

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