Strange market!!!
Posted on June 29th, 2006 by MoverMike
Strange market! The FED raises interest rates for the 17th time and signals more to come. “They” say rising interest ratwes are not good for Gold but Gold finished the first session at $586 up about $5 and in the afternoon it is now $597 up another $11. OIl is over $73, the USD should be up, is down and the stock market is up 180. Meanwhile Fed has raised the Fed Funds rate to 5.25 and the 10-year treasury is 5.20 down .04. Strange market!!!
Hi Mike,
Yep it certainly was a surprise, but GDP came in strong.
LME stockpiles for nickel, copper and zinc are falling so I was expecting mining stocks to start picking up again.
I don’t think many people thought the market was going to rally.