Friday, February 12, 2010

Michigan Consumer Sentiment Indicator Down

That's according to Marketwatch, which has the number at 73.7. The number was well below the forecast of 76.

After somewhat of a rally after the retail-sales number was released, gold fell as the U.S. stock market tumbled. That fall has been reversed somewhat as the U.S. Dollar Index tumbled when the news went out. From a stock-market induced high of 80.66, it fell as far as 80.3161 with the climax of the fall taking place as the news hit. Since then, it partially rebounded to the 80.45 level after dipping again. After being pushed down about ten dollars an ounce from 9:20 to 9:40, in sympathy with the lousy open for U.S. stocks, gold has recovered to above $1,082 in reaction to the tumbling dollar. The China tightening move is being blamed for the earlier-morning drops in both stocks and gold.

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