Friday, February 11, 2011

Mubarak Flees Egypt; Stocks Rally in US

Nothing like the deposition of a dictator to raise the animal spirits of the ruthless Wall Street crowd. The self-proclaimed Masters of the Universe are probably plotting now on how to best liberate the newly-free people of Egypt from their valuables.

Meanwhile, back at the exchanges, stocks started lower again and then rapidly moved up, similar to yesterday's trading, though with a little more lift. In addition to the news out of Cairo, the Primary Dealers were once again treated to a little $7 billion POMO, courtesy of their favorite Central Banker, Chairman Ben Bernanke.

Actually, with an overthrown government in the Middle East and $7 billion in walking-around money, one would think that today's results were less-than-adequate. Then again, stocks were extremely overpriced in October of last year, and it's been straight up since then, so there must be a dearth of new suckers... er, investors.

Dow 12,273.26, +43.97 (0.36%)
NASDAQ 2,809.44, +18.99 (0.68%)
S&P 500 1,329.15, +7.28 (0.55%)
NYSE Composite 8,374.89, +37.76 (0.45%)

Volume was pretty thin again, but advancing issued lambasted decliners, 4637-1883. NASDAQ recorded 237 new highs and a mere 25 new lows. On the NYSE, the numbers were skewed even more, with 318 new highs and only 10 new lows.

NASDAQ Volume 2,074,279,250.00
NYSE Volume 4,690,140,000

With tensions subsiding in Egypt, oil traders took down the price by $1.15, to $85.58. By the same rationale, gold fell $2.10, to $1,360.40, and silver was off by 10 cents, to an even $30.00 at the close of trading in NY.

With the markets up, winter coming to a fast end, Mubarak out and nothing but good times ahead, we evoke the spirit of depression-era impresario Ted Lewis, asking the musical question, Is Everybody Happy?

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