V-Shaped
Stocks fell 115 points today, and confirmed the bear market trend being carved out on the charts right now. European woes are being blamed on the downward bias of US stocks – huh? Well, there is some logic to that. If Europe melts down, it will have knock on effects here at home.
Bond interest rates continued their downward bias, and look for good mortgage rates right now.
The Euro slipped again, and oil/gasoline just moved sideways.
Gold was the star for the day, and is now approaching a new high. Could happen tomorrow as the strength in gold appears unstoppable. It’s only $9 away.
In the news today…..
Unemployment rate – was reported last week. However, some of those ugly details are now coming out. More than 1.1 million people quit looking for a job because they are now categorized as “discouraged workers”. This makes unemployment look far better than it really is. The highest this number has ever been is 1.2 million – and the current number should grow throughout 2010.
V-shaped economy – is being played down now by economists as the jobs number shows the real lack of strength in our economy. When the mainstream starts to think we might be heading back into a recession, stocks will fall further and faster than you could predict.
Apple unveils iPhone 4 – and you too can go out and buy the latest toy. It’s thinner and has a longer lasting battery. It has a higher resolution screen, and a camera in the front and back of the phone with HD capability. The bad news is that you must use AT&T as the carrier. It would be great is Apple cut a deal with another provider to give AT&T some competition. Oh, and it comes with the latest software release that does SO much more. Go Apple, Go!!!!!!!
Here are the last numbers for today:
Dow Jones 30 Industrial – 99816 (down 115)
10 Year Treasury Bond – 3.18% (down 0.02%)
Euro – $1.1914
Gold – $1239 (up $23)
Oil – $71.44 (down $0.07)
Gasoline – $1.99 (down $0.01)
