Dumb Bills
The stock market ended down today, making it a losing week after last week’s big gain. The market is still trying to figure out if the FED move last Wednesday was good or bad for its future.
Bonds moved sideways, as did the Dollar, as did gasoline and oil.
Gold moved sideways too, and this was great news after yesterday’s massive move up. It’s held its value for today as we move into the weekend.
In the news today…..
None.
I will mention that I think Congress’ action to pass a bill, and send it to the Senate to tax the AIG bonuses recipients, was dumb. This is a precedent that we don’t want or need in America. How would you like to be singled out by a bill that targeted YOU individually with a tax, or anything else Congress wanted to impose on YOU individually. That’s what this bill opens up. If passed, there is no doubt in my mind that it will be tested in the courts – and guess who will pay for the lawyers??? YOU!!!!
Here are the last numbers for today:
Dow Jones 30 Industrial – 7278 (down 122 points)
10 Year Treasury Bond – 2.63% (up 0.03%)
Euro – $1.3570
Gold – $956 (down $3)
Oil – $51.06 (down $0.55)
Gasoline – $1.46 (up $0.02)
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