Tuesday, February 10, 2009

Market Reflections 2/9/2009

Markets held in mostly narrow ranges awaiting the outcome of the 2009 stimulus package and details of the Treasury's plan to overhaul TARP. The day did see the resignation of the SEC's enforcement chief and a civil agreement with Bernard Madoff. The criminal case against the suspected Ponzi giant, the giant who slipped by the SEC, is still open.

The Dow industrials slipped slightly on the day while Treasury yields were little changed. The pending stimulus news didn't help the value of the dollar which fell back 1-1/2 cents against the euro to end at $1.3016. Oil, benefiting from talk of OPEC quota compliance, is holding near $40. Benefiting from talk of post-stimulus inflation, gold is holding near $900, ending just under on the day.

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