The Dow closed down -138.12 (-1.09%) at 12,502.66. The VIX closed at 20.38. Last year when the market found a footing in early August, the VIX topped out at 43 and change. We are at 20 now, do you think the market has a ways to go before it finds a footing this year? Especially with the Euro woes, Greek Tragedy, healthcare foundering and the fact that its summer. There is nothing positive in this market. I’m still hoping for signs of a market turn after the Fourth of July holiday though. Right now I’m like 90% cash but would love to find a reason to go long.
The Dow components had 1 stock up, Wal-Mart (WMT), up +1.31%.
Every stock in Jim Cramer’s charitable trust portfolio was down today.
The dollar was up against the euro and British pound, but fell versus the Japanese yen.
Oil for August delivery slipped 55 cents to end at $79.21 a barrel.
Gold futures for August delivery was up $21.50 to settle at $1,588.40 an ounce.
The price on the benchmark 10-year U.S. Treasury was up, pushing the yield down to 1.62% from 1.67% late Friday.
Man I was just looking at a weekly chart of the VIX and it looks so ready to pop. It looks like it would take 4 or 5 weeks to get to a bottoming range in the 40’s. I’m still hoping for a move in July though and if the market falls apart then maybe a bottom in August. Whatever, when the market turns I will start buying.