June 8, 2009
The indices marched in place again today. After bursting out of their
trading ranges last week, the indices have temporarily stalled just above
the tops of their ranges. The immediate causes given for this behavior are
rising interest rates and rising oil prices. However, the rumor that the
Fed may start raising rates late this year suggests to me that the Fed
feels assured that a recovery is in the works.
a negligible 1.36
8,764.49, and the S&P 500 subtracted 0.95
to close at 939.14.
a mite to $68.51
a barrel, while gold
minced up 0.15
In short, nothing happened today.
In the meantime, the three major indices are
significantly above their 200-day moving averages, and are continuing to
work their way upward.
I have prepared a recap of the super-bull/super-bear
market pattern here for friends.