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Still a Seller

Daily Recap

DAILY RECAP:

 

Markets generally started by continuing trends they started yesterday, following the Fed’s decision to raise interest rates less than previously indicated. Their decision is obviously based on concern over the state of world economies and the terrifying prospect of deflation. The result has been higher commodity prices and related stock prices. The big loser has been the US dollar (down another 1% today) and European shares that will suffer from a more competitive dollar.

 

Fighting deflation now means a greater chance of inflation down the road. Oil popping above $40/bbl today underscores that possibility. And so energy shares soared (XLE up 1.5%, CVX up another 2%). The precious metals were mixed today, after starting out higher. Similarly, the mining shares scored big gains early on (XAU topping $73 in the morning), but sold off into the close. Perhaps significantly, silver managed to hang on to big gains today, ending up another 28 cents ... Log in or subscribe to continue reading.


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