Kerplunk
The stock market fell 105 points today for decent reasons – corporate profits were not good enough. In reality, the stock market is just going sideways, and as it went up last week, it was time for it to go down this week. Bonds went sideways too.
Oil hit an all time high of $119.90/barrel, so get used to $120 oil. Gasoline continued to power ahead too. (naturally)
The Euro hit an all time high of $1.6018 today, and ended just below $1.60. If the Yen strengthens tomorrow, the dollar will be seeing a very weak future.
Gold pushed up another $8 to $925/ ounce.
In the news today…..
Today was a very newsless day.
The European Central Bank hinted that it might INCREASE its interest rates in the near future, and there is a big rumor going around that some German Bank is going “kerplunk”. If these rumors have any truth, they will push the dollar lower and the Euro higher.
The bond rating companies today testified that “They will try harder” to get their ratings right in the future. Since they don’t like taking responsibility for their actions, they stated that “all players” in the markets must be vigilant in what’s happening. Buyer beware.
Here are Friday’s numbers:
Dow Jones 30 Industrial – 12,720 (Down 105 points)
10 Year Treasury Bond - 3.72% (Down 0.01%)
Euro - $1.5992 – a NEW HIGH of $1.6018 happened today.
Gold - $925 (Up $8)
Oil - $119.50 (Up $1.89) - another ALL TIME HIGH of $119.90
Gasoline - $3.02 (Up $0.04) - up, up, and away!!!!!
