Thursday, February 3, 2011

The Long Wait

Waiting for anything can be distressing, anxiety-causing, even depressing.

Today we heard Ben Bernanke at the National Press Club explain that increases in commodity prices were not due to his easy money policies, though increases in stock prices were.

Were it true, the principles of economics could be stood on their heads and spit nickels all day long.

The wait for the end of the manipulation, the final, desperate push into insolvency of the nation and the currency, is not for the weak-willed nor for the non-believer.

Egypt is but one manifestation of Bernanke's policies. Higher cereal prices, beef prices, pork, chicken, you name it, are all the result of easy money created daily at the Federal Reserve.

Rather than drone on, as I have for many posts over many months, my sentiments are similar to those of Mike Krieger. And I'll leave it there.

Dow 12,062.26, +20.29 (0.17%)
NASDAQ 2,753.88, +4.32 (0.16%)
S&P 500 1,307.10, +3.07 (0.24%)
NYSE Composite 8,289.05, +16.48 (0.20%)

There were a few more advancing issues than decliners: 3371-3016. On the NASDAQ, 138 new highs, 24 new lows. There were 192 new highs and 7 new lows on the NYSE. Volume was level.

NASDAQ Volume 1,947,644,875
NYSE Volume 4,874,717,000

NYMEX crude moderated, down 32 cents, to $90.54. Gold gained $20.10, to $1,353.00. Silver was up 44 cents, to $28.73. Apparently, somebody sees something in the precious metals.

Tomorrow's non-farm payroll report is supposed to provide some clarity on jobs in the US. Most likely, it will not. Were there any real news we could trust, we might be able to make an informed decision.

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