Tuesday, June 9, 2009

Seriously Stupid

Over the past three sessions, the Dow Jones Industrial Average has gained 13 points. It's hardly worth watching, much the less actually investing in anything. Now that the economy is officially flat-lining, market moves are going to actually require some kind of impetus and the Obama administration, the Fed and the Treasury have made sure that everything is buttoned-down, nice and neat. Further, the big money has pushed stocks to a level at which there are no bargains.

Therefore, welcome to the summer of '09. Blah. Boring. Stupid.

Dow 8,763.06, -1.43 (0.02%)
NASDAQ 1,860.13, +17.73 (0.96%)
S&P 500 942.43, +3.29 (0.35%)
NYSE Composite 6,101.57, +33.01 (0.54%)

Winners beat losers, 3905-2464. New highs finished slightly better than new lows for the 4th straight session, 73-63. Volume was well below average. No surprise there. Did somebody mention that stocks weren't cheap?

NYSE Volume 1,060,306,000
NASDAQ Volume 2,161,562,000

As though there were some compelling reason, like outsized demand, oil gained another $1.92, to $70.01. This is the result of still-unregulated speculation in the commodity markets. There's no good reason by crude oil should be more than $35 per barrel, much less $50, or $60. If there's anything that will put a lid on the economy and bury it for good, it's high energy prices. Good for those greedy bastard oil companies. Bad for everyone else.

Gold gained $2.20, to $954.70. Silver was up 19 cents, to $15.14.

It was a really dull day.

I need a nap.

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