June 11, 2009
Before the day was done, the S&P
reached an intra-day high of.956,
then fell rapidly below 944,
to rebound slightly with heavy buying in the last few minutes of the day. Oil
rose above $73
a barrel but fell back at the close.
I saw confirmed today the fact that the price of oil is
rising, as are other commodity prices, in anticipation of a global
economic recovery. Of course, mild inflation, which the World's central
banks can control, is what they are seeking as an antidote to deflation,
which they can't control.
8,770.92, and the S&P 500 increased 5.74
to close at 944.89.
mentioned above, Oil closed
a barrel, while gold
VIX fell to a "new" low of 28.11.
In short, the stock markets' general direction is still up.
In case you were wondering, the stock market has quietly, sneakily reached a new
post-March high of not-quite
so far today, topping its June 2nd and June 10th intra-day highs of not-quite 950.
Incidentally, there is alleged to be hidden resistance at
S&P = 950, so clearing this hurdle should open the door to further advances.