2013 was quite a year for stock investors, the best, in fact, since 1997.
As the annum comes to an end, and since the mainstream and financial media simply cannot or will not provide useful information, a couple of random comments from a favorite, anonymous author:
"This is beyond depressing. Just what is it that the international banking cartel wants?
They already have the global reserve currency, central banksters in all but a few sovereign states, 90% of the world's most valuable art and sculpture, all the best yatchs, coastal land, and anything else that signifies wealth.
Ah, but they won't be satisfied until they have every nation on the planet so deeply in debt that they can never escape, all of it in completely fabricated, made-up-out-of-thin-air fiat money.
Fake money, produced by creating debt to bankers, is valuable, but real money, gold and silver, is supposed to be near-worthless. This is not reality; it is pure fantasy, conjured by central bankers and sold by the mindless trolls of Wall Street and the media. All that's left is farmland, and that's becoming scarce, and they will eventually come for that, or, drive its price so high none but the connected or extremely well-heeled can afford it.
A few years ago, I thought that a condition such as we have today (insolvent banks financing companies to all-time stock market highs while the real economy contracts - and forget the "official" data - the global economy has grwon over the past six years only in terms of inflation) would have fomented a revolution. However, I have become resigned to the idea that Americans have lost their spine, are completely disorganized and suffer greatly from the pervasive normalcy bias (thank you, CogDis) created by the bankers and politicians.
Nobody wants the party to end, and it certainly will not, unless the bankers want it to, and, at the time of their choosing, and not a momet before, they will surely end it, impoverishing even more of the population of the world.
We are ruled by the most pernicious, evil, conniving group of men and women to ever walk the planet... and, we like it.
So sad."
"Yesterday, I picked up a can of tuna, thinking I might include it in a macaroni salad later in the day. Looked at the label and saw the word "Pacific" on it. Put it back.
A few days ago, I was buying vegetables and began to wonder where they came from. I live in upstate NY, so all winter vegetables are obviously coming from warmer climates. Bought a few peppers, a red onion and some broccoli, and thought that one day, perhaps soon, people will be asking where the vegetables come from.
Personally, I'm pretty freaked out about Fukushima. It's been nearly three years, and radiation of varying amounts and forms are still spilling out. I am not a nuclear scientist, but I know enough to realize that Fukushima needs to be contained and that the ongoing silence and probable coverup by various governments and the media are a sure warning sign that all is NOT well.
Sure, maybe I'm paranoid, but once February comes, and I move to my land in South Carolina, I'm growing as much as I can, as fast as I can, getting off the grid, eating only non-GMO vegetables and meats from locally-raised animals or fish from local waters. Not that I'm afraid of dying - I'm 60, and I'm not - but I like to think I have maybe 15-30 good years left and surely don't want to die from cancer because I ate food that was contaminated and our beneficent government didn't have the common decency to inform us.
Fuku may or may not be an ELE, but, if it proves to be, I plan on trying like hell to outlive it, and, if I can't, taking a bankster or two along with me on my final ride into Hades.
Happy New Year. Fight back."
DOW 16,576.66, +72.37 (+0.44%)
NASDAQ 4,176.59, +22.39 (+0.54%)
S&P 1,848.36, +7.29 (+0.40%)
10-Yr Note 97.59, -0.45 (-0.46%) Yield: 3.04%
NASDAQ Volume 1.29 Bil
NYSE Volume 2.30 Bil
Combined NYSE & NASDAQ Advance - Decline: 3533-2201
Combined NYSE & NASDAQ New highs - New lows: 458-50
WTI crude oil: 98.42, -0.87
Gold: 1,202.30, -1.50
Silver: 19.37, -0.245
Corn: 422.00, -1.50
Showing posts with label Fukushima. Show all posts
Showing posts with label Fukushima. Show all posts
Tuesday, December 31, 2013
Tuesday, April 12, 2011
Stocks Take Another Hit, But, Why?
Major US indices fell for a fourth consecutive session - with the exception of the Dow, which eked out a 1-point gain on Monday - and there are likely several reasons why this downtrend has continued and actually accelerated, with the biggest drop coming today.
After all, it is the beginning of earnings season, and first quarter results are expected to be pretty good. But is the market looking down the road, or could investors be wary of margin squeezes caused by runaway commodity prices, or consumer depression caused by over-the-top gas prices?
One thing's for sure: the winter was a long and cold one, and nobody got a break from high heating bills in a majority of the heating states of the Northeast and Midwest. That certainly couldn't have helped household budgets much and a Gallup poll released today suggests that Americans are as displeased with current and future conditions as they were this time in 2009 and through the middle of 2010.
The poll showed that only 33% of respondents in March think the economy is "getting better." That's a drop from 36% in February and 41% in January.
Another possibility is that the now-month-old tragedy in Japan is also worsening, as officials raised the level of the Fukushima Daiichi nuclear plant accident to 7, on a par with the disaster at Chernobyl, 25 years ago.
Perhaps the stock market wasn't really sold on the late-night budget deal reached on Friday night (We had expected this was only a continuing resolution and were right) and the potential that the deal could fall apart. Details are just beginning to trickle out that the cuts amount to much less than the $38.5 billion reported and that members of both parties, in bouth houses of congress, are displeased.
At Business Insider, Joe Weisenthal reports that the government might still shut down, this Friday. The AP has details from just where the phantom cuts are coming.
So, here we go again? The 2011 fiscal year ends September 30 (about 5 1/2 months from now), and the budget is still being trimmed, debated and flayed? This is no way to run a country, especially one as on the financial ropes as the USA. Get ready for more drama from the queens on Capitol Hill and at the White House.
The Hill has more detail on the cuts, which will go to a House floor vote on Thursday. The legislation is known as H.R. 1473, for those wishing to keep score at home.
Notwithstanding the aforementioned possibilities and potentialities, the Fed's ending of thier policy of handing over free money to Primary Dealers in June, via QE2, might be on the minds of many in the investment world. When that nearly $100 billion a month stops, so might Wall Street's 2-year-long party. In a related note, the Fed released it's schedule of banker handouts (POMO) for the remainder of April through May 12.
All of this news added up to some big drops in the equity markets, centered around just about 1% overall. Commodities were hit even harder (see below).
Dow 12,263.58, -117.53 (0.95%)
NASDAQ 2,744.79, -26.72 (0.96%)
S&P 500 1,314.16, -10.30 (0.78%)
NYSE Composite 8,360.46, -85.31 (1.01%)
Declining issues clobbered advancers again, 4883-1663, a nearly 3:1 ratio, the largest of the past four sessions. On the NASDAQ, new lows overtook new highs, 56-39, but it was the other way around on the stubborn NYSE, with new highs holding a slim edge over new lows, 41-20. A similar pattern was witnessed in March, with the new lows overtaking new highs on both indices for 4-6 days, but the supposed correction was cut short by a surprise rally that now seems to have run up against resistance and is failing fast. Volume was not spectacular, and would most accurately be described as moribund. Another few days of this, and another row over continuing funding to the federal government could put the kibosh on 2011 gains, short and long term.
NASDAQ Volume 1,798,176,500
NYSE Volume 4,735,433,500
Oil took another massive hit in price on Tuesday, with WTI crude futures falling $3.67, to $106.25, and even lower after NYMEX trading closed. That's a two-day drop of $6.52 per barrel and motorists can only hope the trend continues. There are a lot of speculators in the market, and estimates range from them making up anywhere from 10-40% of the oil price.
Of course, in a real world, with real world consequences coming from an actually-functioning Justice Department, that would otherwise be known as price-fixing. Since the Attorney General hasn't been seen in six or eight months, and is generally regarded as the worst ever, don't expect anything like even an investigation to commence any time soon. We hear the name of the AG is Eric Holder, but nobody's been able to confirm that.
Along with oil, a good number of food and grain commodities are coming off their highs. Corn, soybeans and wheat were down the most, with lean hogs and live cattle following the trend. Gold slipped $14.50, to $1,453.60. Silver fell 55 cents, to settle in at $40.07 per ounce.
It has been said that one day does not make a trend, and there's truth in that, but maybe four straight declines in major indices are significant enough for somebody to take notice. It's no secret that the US system is largely bankrupt and operating on fumes and smoke, so it might be just a matter of time for the markets to correct. Naturally, the meddling Fed has kept the rally going with oodles of cash, and just to be sure, they gave some to the wives of some already-rich bankers, as Matt Taibbi reports for Rolling Stone.
Fair warning: reading Taibbi's latest story might lead to vomiting or breaking of inanimate objects. Strap in securely, as this story reveals just how corrupt and unbalanced the entire bailout process has been and continues to be.
Paging Ron Paul, paging Ron Paul. The country is calling on you to run for president.
After all, it is the beginning of earnings season, and first quarter results are expected to be pretty good. But is the market looking down the road, or could investors be wary of margin squeezes caused by runaway commodity prices, or consumer depression caused by over-the-top gas prices?
One thing's for sure: the winter was a long and cold one, and nobody got a break from high heating bills in a majority of the heating states of the Northeast and Midwest. That certainly couldn't have helped household budgets much and a Gallup poll released today suggests that Americans are as displeased with current and future conditions as they were this time in 2009 and through the middle of 2010.
The poll showed that only 33% of respondents in March think the economy is "getting better." That's a drop from 36% in February and 41% in January.
Another possibility is that the now-month-old tragedy in Japan is also worsening, as officials raised the level of the Fukushima Daiichi nuclear plant accident to 7, on a par with the disaster at Chernobyl, 25 years ago.
Perhaps the stock market wasn't really sold on the late-night budget deal reached on Friday night (We had expected this was only a continuing resolution and were right) and the potential that the deal could fall apart. Details are just beginning to trickle out that the cuts amount to much less than the $38.5 billion reported and that members of both parties, in bouth houses of congress, are displeased.
At Business Insider, Joe Weisenthal reports that the government might still shut down, this Friday. The AP has details from just where the phantom cuts are coming.
So, here we go again? The 2011 fiscal year ends September 30 (about 5 1/2 months from now), and the budget is still being trimmed, debated and flayed? This is no way to run a country, especially one as on the financial ropes as the USA. Get ready for more drama from the queens on Capitol Hill and at the White House.
The Hill has more detail on the cuts, which will go to a House floor vote on Thursday. The legislation is known as H.R. 1473, for those wishing to keep score at home.
Notwithstanding the aforementioned possibilities and potentialities, the Fed's ending of thier policy of handing over free money to Primary Dealers in June, via QE2, might be on the minds of many in the investment world. When that nearly $100 billion a month stops, so might Wall Street's 2-year-long party. In a related note, the Fed released it's schedule of banker handouts (POMO) for the remainder of April through May 12.
All of this news added up to some big drops in the equity markets, centered around just about 1% overall. Commodities were hit even harder (see below).
Dow 12,263.58, -117.53 (0.95%)
NASDAQ 2,744.79, -26.72 (0.96%)
S&P 500 1,314.16, -10.30 (0.78%)
NYSE Composite 8,360.46, -85.31 (1.01%)
Declining issues clobbered advancers again, 4883-1663, a nearly 3:1 ratio, the largest of the past four sessions. On the NASDAQ, new lows overtook new highs, 56-39, but it was the other way around on the stubborn NYSE, with new highs holding a slim edge over new lows, 41-20. A similar pattern was witnessed in March, with the new lows overtaking new highs on both indices for 4-6 days, but the supposed correction was cut short by a surprise rally that now seems to have run up against resistance and is failing fast. Volume was not spectacular, and would most accurately be described as moribund. Another few days of this, and another row over continuing funding to the federal government could put the kibosh on 2011 gains, short and long term.
NASDAQ Volume 1,798,176,500
NYSE Volume 4,735,433,500
Oil took another massive hit in price on Tuesday, with WTI crude futures falling $3.67, to $106.25, and even lower after NYMEX trading closed. That's a two-day drop of $6.52 per barrel and motorists can only hope the trend continues. There are a lot of speculators in the market, and estimates range from them making up anywhere from 10-40% of the oil price.
Of course, in a real world, with real world consequences coming from an actually-functioning Justice Department, that would otherwise be known as price-fixing. Since the Attorney General hasn't been seen in six or eight months, and is generally regarded as the worst ever, don't expect anything like even an investigation to commence any time soon. We hear the name of the AG is Eric Holder, but nobody's been able to confirm that.
Along with oil, a good number of food and grain commodities are coming off their highs. Corn, soybeans and wheat were down the most, with lean hogs and live cattle following the trend. Gold slipped $14.50, to $1,453.60. Silver fell 55 cents, to settle in at $40.07 per ounce.
It has been said that one day does not make a trend, and there's truth in that, but maybe four straight declines in major indices are significant enough for somebody to take notice. It's no secret that the US system is largely bankrupt and operating on fumes and smoke, so it might be just a matter of time for the markets to correct. Naturally, the meddling Fed has kept the rally going with oodles of cash, and just to be sure, they gave some to the wives of some already-rich bankers, as Matt Taibbi reports for Rolling Stone.
Fair warning: reading Taibbi's latest story might lead to vomiting or breaking of inanimate objects. Strap in securely, as this story reveals just how corrupt and unbalanced the entire bailout process has been and continues to be.
Paging Ron Paul, paging Ron Paul. The country is calling on you to run for president.
Tuesday, March 29, 2011
While Japan Melts Down, US Stocks Melt Up
Though many doubted the thrust and wisdom of the Federal Reserve's QE2 and ZIRP efforts, the Fed can now claim some success.
That success, however, is limited to one's perception. If higher commodity, food and energy prices, a completely collapsed housing market and a stock market rally in which almost nobody participates is one's idea of success, then a big hand for Chairman Bernanke and his merry band of idiots otherwise known as the Board of Governors of the Fed.
It was reported yesterday in this space that trading volume had sunk to its lowest level of the year. Today's numbers were a mirror image, marking the two slowest trading days of the year, for sure, and possibly the lowest two-day total volume since sometime in 2009.
So much for the so-called wealth effect we hear so much about. The only investors actually trading are the Primary Dealers with their virtually-free POMO money. It's almost as though the markets have lost the confidence of the individual investor forever. Surely, those with pension funds tied to the market must be seeing better returns, but how long they will last is anyone's guess, though it's fair to say that as long as the Fed continues to throw $100 billion or more into the fray, stocks will keep rising. It's been about the easiest trade ever.
There isn't much more to say about today's gains other than they completely disregarded the situation at the Fukushima Daiichi nuclear plant in Japan, which is now almost completely out of control, as one reactor appears to have melted through its containment vessel.
The wild-eyed buyers of today also paid no heed to the S&P/Case-Shiller 20-city index, which confirmed that housing has entered the double-dip phase, falling for the sixth consecutive month. Of course, that would assume that one believes the first dip ever ended.
And everybody simply looked the other way when the Conference Board showed its index of consumer confidence fell to 63.4 this month, from a revised 72.0 in February.
Apparently, we mere mortals simply don't understand the stock market, where news is always bullish, no matter how bad it is. Supposedly, a comet obliterating all of Europe would be cause for a 1000-point rally according to the current metrics.
Whatever is going on down on the trading floors and at the desks of the biggest brokerages, it simply doesn't jibe with reality, but that's what we've got, a rogue market on its very own illogical trajectory.
Dow 12,279.01, +81.13 (0.67%)
NASDAQ 2,756.89, +26.21 (0.96%)
S&P 500 1,319.44, +9.25 (0.71%)
NYSE Composite 8,345.38, +48.86 (0.59%)
Advancers led decliners, 4381-2145. The NASDAQ reported 114 new highs and 27 new lows. On the NYSE, there were 117 new highs and 12 new lows.
NASDAQ Volume 1,610,826,875
NYSE Volume 3,856,315,250
Commodities were mixed, with oil up 81 cents on the front-end WTI contract, to $104.79. Gold slipped $3.70, to $1,416.20 and silver fell 10 cents, to $36.99 per ounce.
This represents one of the more confusing markets in history. Bad news simply will not move stocks to the downside, and any downward move is met with a rally in short order, wiping away any and all losses in a matter or days, or hours.
Hardly mentioned is the upcoming non-farm payroll data courtesy of the BLS on April 1, this Friday, though prior to that, on Wednesday, ADP will report their proprietary survey of private sector employment. That little nugget will be released at 8:15 am, EDT, though it's generally not a market mover, being widely discredited as being unreliable.
This is fun for somebody, but who that might be remains a mystery.
That success, however, is limited to one's perception. If higher commodity, food and energy prices, a completely collapsed housing market and a stock market rally in which almost nobody participates is one's idea of success, then a big hand for Chairman Bernanke and his merry band of idiots otherwise known as the Board of Governors of the Fed.
It was reported yesterday in this space that trading volume had sunk to its lowest level of the year. Today's numbers were a mirror image, marking the two slowest trading days of the year, for sure, and possibly the lowest two-day total volume since sometime in 2009.
So much for the so-called wealth effect we hear so much about. The only investors actually trading are the Primary Dealers with their virtually-free POMO money. It's almost as though the markets have lost the confidence of the individual investor forever. Surely, those with pension funds tied to the market must be seeing better returns, but how long they will last is anyone's guess, though it's fair to say that as long as the Fed continues to throw $100 billion or more into the fray, stocks will keep rising. It's been about the easiest trade ever.
There isn't much more to say about today's gains other than they completely disregarded the situation at the Fukushima Daiichi nuclear plant in Japan, which is now almost completely out of control, as one reactor appears to have melted through its containment vessel.
The wild-eyed buyers of today also paid no heed to the S&P/Case-Shiller 20-city index, which confirmed that housing has entered the double-dip phase, falling for the sixth consecutive month. Of course, that would assume that one believes the first dip ever ended.
And everybody simply looked the other way when the Conference Board showed its index of consumer confidence fell to 63.4 this month, from a revised 72.0 in February.
Apparently, we mere mortals simply don't understand the stock market, where news is always bullish, no matter how bad it is. Supposedly, a comet obliterating all of Europe would be cause for a 1000-point rally according to the current metrics.
Whatever is going on down on the trading floors and at the desks of the biggest brokerages, it simply doesn't jibe with reality, but that's what we've got, a rogue market on its very own illogical trajectory.
Dow 12,279.01, +81.13 (0.67%)
NASDAQ 2,756.89, +26.21 (0.96%)
S&P 500 1,319.44, +9.25 (0.71%)
NYSE Composite 8,345.38, +48.86 (0.59%)
Advancers led decliners, 4381-2145. The NASDAQ reported 114 new highs and 27 new lows. On the NYSE, there were 117 new highs and 12 new lows.
NASDAQ Volume 1,610,826,875
NYSE Volume 3,856,315,250
Commodities were mixed, with oil up 81 cents on the front-end WTI contract, to $104.79. Gold slipped $3.70, to $1,416.20 and silver fell 10 cents, to $36.99 per ounce.
This represents one of the more confusing markets in history. Bad news simply will not move stocks to the downside, and any downward move is met with a rally in short order, wiping away any and all losses in a matter or days, or hours.
Hardly mentioned is the upcoming non-farm payroll data courtesy of the BLS on April 1, this Friday, though prior to that, on Wednesday, ADP will report their proprietary survey of private sector employment. That little nugget will be released at 8:15 am, EDT, though it's generally not a market mover, being widely discredited as being unreliable.
This is fun for somebody, but who that might be remains a mystery.
Monday, March 28, 2011
Late Selling Sends Indices to Losses
Make no mistake about it, something was up when all the major indices did an abrupt about-face in the final half hour of trading.
There was no earth-shattering news, no announcements, nothing, except some of the big players pulling their bids to see what would happen on what turned out to be the lowest volume day of the year.
It didn't take long for the results to be seen: immediate capitulation. There is absolutely no faith in stocks, in this market, in the US economy or the global economy. Everything has been gliding along on top of bank bailout, trillions of dollars in liquidity injections and stimulus, and yet, the economy is still weak, possibly about to roll over into the second phase of the depression, without the backstop of global money-printing by central banks.
Today was a test run. The test revealed what everybody with at least half a functioning cerebral cortex already knew: we're screwed. Once the Fed stops its daily injection of liquidity through POMO and other behind-the-scenes operations, the market crashes. It's exactly why the Fed would not allow Bank of America to increase its dividend from the absurd (.01) to the ridiculous (.02) last week. They're a victim, about to be sucked under by bad debt, never written down properly and put-backs by the various parties to whom they sold the toxic MBS in the first place.
The death of Bank of America will not be a pretty sight, but it is overdue by some two years and is eventually unavoidable. The only question remaining is exactly when the plug is finally pulled and that is something nobody can predict with confidence.
What was truly remarkable about today's 30-minute nuke test was the overall number of decliners as compared to advancers. The ratio was far out of the range expected in such a small decline. Losers led gainers, 3843-2674.
Dow 12,197.88, -22.71 (0.19%)
NASDAQ 2,730.68, -12.38 (0.45%)
S&P 500 1,310.19, -3.61 (0.27%)
NYSE Composite 8,296.52, -25.26 (0.30%)
On the NASDAQ, there were 109 new highs and 22 new lows. There were 114 new highs and 16 new lows on the NYSE. Be prepared for these numbers to converge again and possibly roll over. The falls from the February 18 highs were truncated when buyers stepped in at support levels over the last two weeks. Capitulation never occurred and the market correction of 10-15% turned out to be only a 4-6% decline. Resumption of the correction could have begun late today, but look for any tell-tale signs in the A-D line (like today) and of course volume and the new high-new low readings.
NASDAQ Volume 1,687,059,000
NYSE Volume 3,583,604,000
Crude oil dipped again today, as the ground conditions in Libya seem to be improving, meaning that NATO air strikes have taken their toll on the rogue government's advances and the rebels are gaining an upper hand. WTI crude fell $1.42, to $103.98. Relief at the gas pump would be welcome, but the Middle east situation is still largely unresolved and volatile. Expect crude to trade around $100 per barrel for the foreseeable future with gas prices in the US hovering in the $3.40-3.80 range through the Spring. Summer could witness a complete reversal due to easing tensions and slack demand.
Gold finished slightly lower, losing $6.30, to $1,419.90. Silver gained 4 cents, holding at $37.09.
There are key releases of economic data this week, beginning with the S&P/Case-Shiller 10 and 20-city indices on Tuesday and the BLS non-farm payroll data on Friday. Of course, Thursday is the end of month and first quarter, so portfolio realignment should cause more volatility and another spike in the VIX is more probable this week than over the past two when it was pounded down by Fed liquidity.
Reality is taking a firm footing here and around the world. The containment of the Fukushima Daiichi nuclear disaster is far from over and needs to be handled much more diligently than it has been to this point. It is not under control still and needs to be handled as a global threat because it is.
The news coming out of Japan on all matters related to the nuclear plant that has become now nothing more than a toxic, nuclear dump site leeching radioactive isotopes into the air, into ground water and the ocean. This should have been completely handled at least a week ago. It is now closing in on three weeks since the quake and the situation is still worsening despite what may be reported by major news sources.
There was no earth-shattering news, no announcements, nothing, except some of the big players pulling their bids to see what would happen on what turned out to be the lowest volume day of the year.
It didn't take long for the results to be seen: immediate capitulation. There is absolutely no faith in stocks, in this market, in the US economy or the global economy. Everything has been gliding along on top of bank bailout, trillions of dollars in liquidity injections and stimulus, and yet, the economy is still weak, possibly about to roll over into the second phase of the depression, without the backstop of global money-printing by central banks.
Today was a test run. The test revealed what everybody with at least half a functioning cerebral cortex already knew: we're screwed. Once the Fed stops its daily injection of liquidity through POMO and other behind-the-scenes operations, the market crashes. It's exactly why the Fed would not allow Bank of America to increase its dividend from the absurd (.01) to the ridiculous (.02) last week. They're a victim, about to be sucked under by bad debt, never written down properly and put-backs by the various parties to whom they sold the toxic MBS in the first place.
The death of Bank of America will not be a pretty sight, but it is overdue by some two years and is eventually unavoidable. The only question remaining is exactly when the plug is finally pulled and that is something nobody can predict with confidence.
What was truly remarkable about today's 30-minute nuke test was the overall number of decliners as compared to advancers. The ratio was far out of the range expected in such a small decline. Losers led gainers, 3843-2674.
Dow 12,197.88, -22.71 (0.19%)
NASDAQ 2,730.68, -12.38 (0.45%)
S&P 500 1,310.19, -3.61 (0.27%)
NYSE Composite 8,296.52, -25.26 (0.30%)
On the NASDAQ, there were 109 new highs and 22 new lows. There were 114 new highs and 16 new lows on the NYSE. Be prepared for these numbers to converge again and possibly roll over. The falls from the February 18 highs were truncated when buyers stepped in at support levels over the last two weeks. Capitulation never occurred and the market correction of 10-15% turned out to be only a 4-6% decline. Resumption of the correction could have begun late today, but look for any tell-tale signs in the A-D line (like today) and of course volume and the new high-new low readings.
NASDAQ Volume 1,687,059,000
NYSE Volume 3,583,604,000
Crude oil dipped again today, as the ground conditions in Libya seem to be improving, meaning that NATO air strikes have taken their toll on the rogue government's advances and the rebels are gaining an upper hand. WTI crude fell $1.42, to $103.98. Relief at the gas pump would be welcome, but the Middle east situation is still largely unresolved and volatile. Expect crude to trade around $100 per barrel for the foreseeable future with gas prices in the US hovering in the $3.40-3.80 range through the Spring. Summer could witness a complete reversal due to easing tensions and slack demand.
Gold finished slightly lower, losing $6.30, to $1,419.90. Silver gained 4 cents, holding at $37.09.
There are key releases of economic data this week, beginning with the S&P/Case-Shiller 10 and 20-city indices on Tuesday and the BLS non-farm payroll data on Friday. Of course, Thursday is the end of month and first quarter, so portfolio realignment should cause more volatility and another spike in the VIX is more probable this week than over the past two when it was pounded down by Fed liquidity.
Reality is taking a firm footing here and around the world. The containment of the Fukushima Daiichi nuclear disaster is far from over and needs to be handled much more diligently than it has been to this point. It is not under control still and needs to be handled as a global threat because it is.
The news coming out of Japan on all matters related to the nuclear plant that has become now nothing more than a toxic, nuclear dump site leeching radioactive isotopes into the air, into ground water and the ocean. This should have been completely handled at least a week ago. It is now closing in on three weeks since the quake and the situation is still worsening despite what may be reported by major news sources.
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