Wednesday, May 20, 2009

Market Reflections 5/19/2009

Housing starts fell a very steep 12.8 percent in April, a reminder that the sea of unsold homes will hold down homebuilders even as sales improve. But the data didn't move the markets with the S&P 500 ending little changed just under 910.

Oil is moving higher, nearing $60 and raising talk of last year's $40-to-$147 super spike. But gold, at $925, is holding steady, enjoying two-edged strength as an inflation hedge against price demand tied to cyclical recovery or the hyperinflation of the doom-and-gloomers.

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