Thanks to the Fed's dovish comments today the market closed flat and had little price action. Mark from MarketMontage put it best today, "Clearly QE3 is getting 'baked in' as are ECB actions. If the central banks do not follow through it risks making the market 'angry' at this point." To say I am eager to see what happens in September and October when this realization comes to terms is an understatement.
Fed aside, a reader emailed in asking for updated analysis on Oil tonight, so that is where I am kicking off. Oil continues to climb in price as risks over a war in the middle east causes tension. Whether Israel will attack Iran or not is still to be seen.
The other highlight today was Gold, which we have been tracking here on the site since its double bottom in May. Well, driven by news regarding Pimco's latest bullish outlook, Gold was on the rise again today. From DowJones "The Pimco Commodity Real Return Strategy Fund, which has about $20 billion in assets, has increased its gold holdings to 11.5% of total assets recently, from 10.5% two months ago..."
Updated indices below. See you back here tomorrow.
And one last fun chart to round off tonight's post. This from the Economist, oh Apple how you've grown...
Could there be a war in the mid-east(Isreal vs. Iran) in an election yr in the U.S? I am sure both major parties don't want to see that!
Without a doubt they do not want to have that, would probably favor Romney but not sure though.
No there will not be a war right before elections although Israel is extremely determined to strike. However there is fear and tension all around the MidEast of a chance at any time... Due to these panic fears the price of oil is going up, but as of now seem to have trimmed a bit.