Richard's Thoughts on Bear Markets in Stocks and Bull Markets in Gold
Yesterday and today tell us a lot about the nature of the markets these days. Yesterday finally brought the Industrial Average's latest confirmation of a Dow Theory bear market -- which led to stock prices soaring today! At the close in New York, the Industrials were up a hefty 300+ points.
This mimics action in European bourses. All down-in-the-mouth yesterday, they zoomed higher today, up 2.5% to 3% in many cases. Unfortunately, the upside fireworks came too late for Asian markets, which were all down good amounts. Japan was the weakest of the bunch, falling another 5% and bringing its weekly tally to minus 11%.
A big part of the good news was the historic jump in oil prices after key OPEC members signaled an about-face and a willingness to cut supplies. Crude was up 12% today, following yesterday's 13-year lows. We had to figure that prices couldn't keep dropping forever.
Not surprisingly, ... Log in or subscribe to continue reading.
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