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Richard's Thoughts on Valuations

Daily Recap

The worrywarts were out in full bloom today, at least in the US. Despite healthy gains in European stock markets, positive news on retail sales, and a sharp increase in consumer sentiment, the major US indices got clobbered again today. This should result in both the Industrials and S&P 500 now joining the NASDAQ, which previously saw a negative crossing of its weekly moving averages.

Asian markets had a tough day too, with the Hang Seng down 1% and the Nikkei down 1.41%. Also down were crude oil prices, giving back half a dollar of its recent gains, but still finishing up on the week. Further reflecting concern about the economy's future outlook, rates on 30-year Treasuries fell 0.06%. The dollar rose 0.39%.

The precious metals rose today, by varying amounts. Gold added $10, platinum only $3, while silver finished 14 cents higher on the day. Mining shares again fought ... Log in or subscribe to continue reading.


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