Stocks Plow Ahead; Oil Out of Control

Well, you've made it through Friday, the 13th, unscathed. Well, at least you've made it this far. As I write, it's after 10:00 in London, so those superstitious Brits should be OK by now. The US stock markets had a pretty good day, even after a monstrous upwind on Thursday. All major indices managed gains again, though not nearly as large as yesterday's.

Dow 13,907.25 +45.52; NASDAQ 2,707.00 +5.27; S&P 500 1,552.50 +4.80; NYSE Composite 10,220.67 +22.98

This week's substantial gains occurred in the face of dismal retail reports, with consumer spending down 0.9% for June, with some spots of positive news. US equity investors should become more accustomed to stock gains against a backdrop of a weakening US economy, as the global nature of many companies affords them lesser dependence on the American market. With globalization, the US economy will continue to become more and more marginalized until it is nearly an afterthought for equity investors.

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Life for the ordinary American hasn't improved in 6+ years, and likely it will not fare better soon.

For Friday, advancing issues were beaten slightly by decliners, as the trade was spotty and volume moderate. Likewise, new highs weakened a little against new lows, 562-164, though the tone was still heavily weighted to the positive.

Oil continued its ridiculous price spiral, rising another $1.43 to $73.93. I'm sorry, but that's just plain absurd. The price of crude has absolutely no basis in reality. It is the most manipulated, monopolized, contrived price structure in the world. There are no shortages anywhere and new wells are being found and drilled every day. The oil pricing mechanism is plain and simply a get-rich-quick scheme for billionaires - like they need more.

As disgusting as that is, gold and silver were marginally lower. After such a great week in the markets, leave it to the oil freaks to throw a wet towel on the entire event. Bah.