Market Does a Whole Lot of Nothing

Wednesday, February 17, 2010

  • The Dow gained 40 points (0.39%) in an uneventful session. Stocks closed at nearly the exact same prices at which they opened the day making it an unenjoyable day for active traders hoping for extended moves.

  • The International Monetary Fund caused some stir in the gold market late in the day by announcing the open market sale of 191.3 tons of gold, equivalent to about $6.2 billion worth of gold at current prices. The IMF had previously announced the planned selling of 400 tons of the shiny metal. Several months have now passed with central banks around the world having first pick for bulk orders but only about half of the gold has been sold. Most notably, India's central bank bought 200 tons at $1,040 an ounce. It will be interesting to see how much of this sale is priced into the market. The IMF said "it would stagger the sales in order not to affect the markets too much". We'll see.

  • I just got my CFA books today and the panic is already starting to set in. I've only got 3 1/2 months to get through about 2,000 pages of material. Man, the mental anxiety this test causes is pretty amazing. I thought I already graduated college. Ha! Apparently that didn't matter.
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