Tuesday, September 11, 2007

Dollar Index Down .14 to 79.67; S&P Up 17; Dow Up 185

It was a combo of rising oil, rising gold, falling dollar and rising stocks. Just another day in the neighborhood with low volume.

Bernanke said nothing today about the direction of rates during a speech in Berlin and perhaps no news was good news for the stock market.

Crude advanced even as the OPECers announced a 500,000 barrel per day output increase. As explained earlier, that merely sops up recent OPEC cheating.

Gold rallied another $9: Gold Draws Attention Amid Rate Woes.

More trouble, meantime, on the dollar front: Dollar Tumbles on Fed Rate Cut Expectations, but is the Move Overdone?. RSI does show the buck getting a bit oversold near term.

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