Mobius Meltdown, VIX Signals, Stocks Sink
A lackluster day as the major indexes drifted lower prior to surging higher yet failing to break into positive territory. Profit taking and a dire global stock meltdown forecast from respected Templeton Asset Management’s Chairman, Mark Mobius, triggered market pessimism to raise its ugly head once again. He is calling for as much of a decline as 30% within the next year or so. In addition, futures are indicating that a sharp rise in the VIX is likely to occur corresponding with the historically negative months of September/October. The DJIA gave back -32.12 to 9337.95 after trading lower on the day, the Nasdaq fell -8.01 to 1992.24 and the broad based S&P 500 gave back -3.38 to 1007.10.
Research In Motion
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Tibco Software
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Merck
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Best Buy
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Gold fell $12.60 to $946.90, oil gave back 33 cents to $70.95 and the VIX fear index gained 0.93% to 24.99.
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