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09:25PM (15 mins delay)
Oct 21, 2009 - 9:01 AM EDT
Jim Delaney submits:Round numbers can be a tricky thing for markets. On its previous run up, gold hit $1,000/oz. on 2/20 of this year and then retreated, making another near attempt in early June before shying away again. If you include the one day close at 999.50 the day after its latest break though, the yellow metal has now spent 16 days above the 4 figure mark. Like gold the Dow’s initial attempts to get through 10,000 back in 1999 were an advance then retreat sort of movement as investors got used to a DJIA with 5 figures. This latest move through that level has seen the index move back and forth across the line as if it didn’t exist.
So with the S&P nearing the 1100 mark, the Euro touching $1.50/ yesterday in Europe and oil doing the same with the $80/bbl number, three became the charm and the markets took a breather; leaving until today or later to decide if the Fed is going to risk stepping on the paint which it has used to liquify itself into a corner.
Source: Seeking Alpha (Oct 21, 2009 - 9:01 AM EDT)
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