Nervous Bond Market
Stocks moved all over the place, but ended going exactly sideway. The Dollar, Oil and gasoline did the same thing.
Bonds, on the other hand, are extremely nervous about the high volume of US Treasury sales this week. It should be a very bad week for bonds. Today, the 10 Year Treasury moved over 3% – a massive move in interest rates in 6 weeks.
Gold fell back below $900/ounce, so it is testing the range once more. Wait to buy more gold until it closes above $920+.
In the news today…..
Just lots of talk about the Stimulus Package. Did you know that the CBO (the Congressional Budget Office) said that the House bill would have a NEGATIVE stimulus on the US economy???? Who says there isn’t a lot of politics in this process.
The Treasury Secretary postponed his announcement on TARP 2 spending until tomorrow, so nothing to report today.
Here are the last numbers:
Dow Jones 30 Industrial – 8271 (down 10 points)
10 Year Treasury Bond – 3.03% (up 0.05%)
Euro – $1.3007
Gold – $893 (down $22)
Oil – $39.56 (down $0.61)
Gasoline – $1.25 (no change)
