Dow 11,897.27 -178.84
Nasdaq 2,631.46 -47.26
SP500 1,265.42 -22.45
10-YrBond 2.9730% -0.0126
GLD 149.12 +0.45
SLV 34.88 +0.21
PTM 20.81 -0.23
XLE 72.02 -1.69
XLF 14.73 -0.32
VXX 24.43 +1.91 (8.48%)
Dollar 75.53 +1.06. Big move higher on euro weakness.
Considering dramatic move higher in dollar, metals held up very well.
Consumer Price Index numbers were released today. Higher numbers surprised some people, while the lower and middle class workers and those on fixed incomes are well aware of higher prices for necessities.
The NY Empire State Manufacturing Survey numbers released today were poor and confirm an economic slowdown. Until the real issues are fixed (such as recognizing and defaulting debt), liquidity from the Fed only delays resolution of the problems.
Some market commentators are calling for stagflation. In February 2008 Ron Paul said he expects an "inflationary depression". For the average American, Ron Paul was right.
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