Richard's Thoughts on Truth
Muted signs of further advances to come in the stock market that we've seen this week finally transformed into a strong climb in prices today. It's the old adage that, if stocks won't go down, then they're going to go up. The main driver seems to be a resurgence in optimism about world economies after the ECB's recent and unprecedented moves for Europe.
Higher oil prices, both a source and beneficiary of this latest wave of optimism, left crude oil over $38/bbl, its highest price this year. Ditto for US stocks, as the Dow closed up more than 200 points, threatening to cross above its 200-day MA. Like their European cousins, most US indices gained 1.5% to 2% today, with energy shares again big winners.
The losers? The precious metals, which receded from the public's attention NOW THAT EVERYTHING IS OK IN THE WORLD. That was a joke, by the way. ... Log in or subscribe to continue reading.
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