It was pretty much a nothing day in the markets. With Bernanke talking to Congress as they contemplate whether to give him another four years (they will) and the Copenhagen talks starting, you would have thought that either one would set off fireworks. No. Well, the truth be told, the market is still trying to digest the employment numbers from last Friday. How much to believe, how much will be revised, is this a start to a trend and other such questions will be rolled around it the minds of investors like a gumball under the tongue.
Don’t forget it is December 7th, too. It was a day that was to live in infamy, as you may recall if you are as old as I am. If not, it’s just another Monday to face the lions and bears in the “jungle” out there. But, I remember that day at the age of 5 quite well. All the grown-ups were very quiet. All but my uncle Bob, who decided to get into the Navy that night. In the end all the men in our family under 40 at that time did go, including my dad who had four kids at the time. It was a different world. They really were afraid their world was about to end. And it almost did.
Not much else to report today. We are still over 40 points above the Keyline on the S&P and bonds gained a bit today, removing some of the inflation fears they held last Friday. Reality is that inflation is still not the problem; deflation remains the gorilla in the room. He is quiet, true, but still a threat. Hummmmm. Don’t forget to buy some gold this month. Just put it away for the next 5 years. You will be glad you did.
So, until tomorrow, hope your investing day was a good one. Will be here again tomorrow, Lord willin’ and the creek don’t rise.
Need something to talk about tonight?
7 REASONS THE MARKET WAS FLAT TODAY
1. Bernanke reluctant to declare we are out of the woods. Jobs still the problem he says.
2. Conference Board goes the other way saying jobs data shows fourth month in row of growth.
3. Crude oil prices slump 4th day as investors fear slower growth expectations for economy.
5. Consumer Credit slips again and investors get a bit concerned they will be slow to spend
6. Copenhagen-Doha-WTO all weigh on market as fears of new taxes one day soon spread.
7. Told you so stuff –- Obama says maybe use stimulus for other things beside stimulus.
Take your pick. Surely you can find one of them to talk about at dinner, over a beer, at the club, or while working out. Each one is sure to bring some kind of response from those that will listen to you.
Closes as of Friday 11-27-09 CHANGE (cash index prices)
DOW Indu. 10,390.11 +1.21 points
S&P 1,003.25 – 2.73 points
NASDAQ 2,189.61 – 4.74 points
30 YR BONDS 119 12/32 +18/32
GOLD 1,215.00 -9.80
OIL 75.81 -$.15
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