Thursday, June 9, 2016

Dow Touches 18,000 Agains, Fails

After a shaky start, the Dow - and the other equity averages - erased the morning's losses and finally managed to end the day with just minor losses.

The industrials punched through the 18,000 mark again, but could not sustain the rally, closing just shy of that critical, psychological marker.

This pattern has been in play more often than should be mentioned, prompting belief that the Federal Reserve itself is intervening in stocks, something - in this dystopian reality - that should surprise nobody.

In any case, if the Fed has "the back" of all market plungers, then why not just go ahead and buy your ticket to the good life, via Amazon, or Google, or Apple, perhaps even taking a flyer on the occasional small cap or some oil driller?

If it were only so easy. A wise man once said, "if it was that easy, we'd all be rich." For the monied gangsters doing business on the South end of Manhattan island, perhaps it is so. But, they have other problems, like margin calls, undersized genitalia and assorted mental maladies.

The world of finance is especially rigged to make certain people rich. For the rest of us, it's pretty much a crap-shoot, which is why so many, especially since the economic calamity of 2008-09, have opted to not play any more.

Tomorrow is Friday, and, for much of the expanse of the great United States of America, the weather should be pleasant, if not outright spectacular. Punch in, punch out, grab an adult beverage and had for the patio. Fire up the grill and cook something.

Money doesn't buy happiness. There is surely more to living than counting your shekels. Besides, did you see the gains in silver the past two days?

Something is afoot.

Thursday's Troubled Trip:
S&P 500: 2,115.48, -3.64 (0.17%)
Dow: 17,985.19, -19.86 (0.11%)
NASDAQ: 4,958.62, -16.03 (0.32%)

Crude Oil 50.42 -0.28% Gold 1,271.90 -0.06% EUR/USD 1.1314 -0.04% 10-Yr Bond 1.68 -1.52% Corn 426.00 -1.22% Copper 2.04 0.00% Silver 17.28 +0.10% Natural Gas 2.95 +3.19% Russell 2000 1,181.20 -0.65% VIX 14.64 +3.98% BATS 1000 20,677.17 0.00% GBP/USD 1.4462 +0.02% USD/JPY 106.9945 +0.03%

No comments: