Posted on 02/05/2010 2:32:26 PM PST by blam
STUNNING COMEBACK: Stocks And Commodities Back Into The Black
Vince Veneziani
Feb. 5, 2010, 4:02 PM
The Dow was in the 9800s earlier today as all the major indices and commodities plummeted amid sovereign debt concerns, similar to yesterday.
But unlike yesterday, a late afternoon reversal rallied the market and we're back to 10,000. The Dow gained 11 points to close at 10,012, the NASDAQ gained 16 points to close at 2141, and the S&P 500 gained 3 points to close at 1066.
Commodities staged a comeback as well, though not as well as equities. Soybeans, copper, and energy did well while soft goods remained down several percentage points in various markets (coffee, OJ, cocoa, etc.).
Oil closed at $71.91 a barrel, down $1.23.
Gold, in a stunning comeback, managed to squeeze out a gain of $4.40, rallying to $1067.40 an ounce. Silver is down $0.29 to $15.07 an ounce.
(Excerpt) Read more at businessinsider.com ...
Yes very stunning, but nothing unusual. (sarc)
I wonder if Obama’s goons in the Treasury and at Goldman bought futures at 2 pm.
Today’s market was like a bar fight.
sucker hole
The snowstorm descending on Washington, DC is supposed to bring 30” of new snow and shut the town down until mid-next week, counting clean-up. I think the market is happy about the prospect of literal gridlocked government for at least the next few days.
Consider me stuned!
Government stock plunge protection operation. Things are not what they appear to be. It is happenining quite often I hear.
Was the Fed buying?
D.C. needs 30ft of snow, which would probably take the DOW to 20,000 ;-)
bears in the woods
It may be so bad the PPT can not hold it off.
Sure the play is to buy at the 1 o’clock low and sell in to the afternoon PPT rally.
Whenever I see that kind of movement up or down in the afternoon I can always scan the news and see that somebody gave a press release or something and the market responded. This time I searched and searched, with no results. It just sort of happened.
Interesting.
Stock Market Manipulation and Gold Trading
http://www.marketoracle.co.uk/Article17019.html
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