Every Market Up Except Stocks, from Steve Ellison
I had a friend in high school who had a habit of answering a question with the negative form of the same question.
"Who was at the party?"
"Who wasn't at the party?"
In this spirit, it seems appropriate to ask what markets are not making new highs. The following markets made new highs on Friday (some have already printed a Monday new high as well as of 9:40 EST):
Gold
Silver
10-year bond
Crude oil
Corn
Soybeans
Sugar
Cotton
The euro, pound, and natural gas narrowly missed new highs on Friday after making new highs on Thursday. Only the despised U.S. stock market is below the midpoint of its 20-day range.
Steve Leslie wonders:
Commodities in general are making a huge run. I am hearing now the drumbeats that portend $150/barrel oil, and higher commodities in general, most notable foodstuffs. On the other ledger, the U.S. dollar is making new lows, the Federal Reserve is lowering rates further and the stock market is caught in a band. Is this a natural coupling or are we heading into dangerous waters of a stagnant economy and higher inflation? If this is the case, is there much of anything the Federal Reserve can do to change the course of this ship and bolster the greenback and stem inflation, other than raise rates?