President’s Day Sneak-Attack

Every time there’s a US banking holiday the rest of the world tries to light a fire under the markets.  Here is a snapshot of what we’re seeing today: gold and crude futures rising, and S&P 500 futures falling as “tension in the Mideast escalated.”

Libya, Bahrain, and Yemen are all on fire today as US military leaders meet with officials of various Mideast regimes to “urge restraint.”  My take of it is that if widespread turmoil spreads to Saudi Arabia, things will get very ugly on a global scale.

If we don’t see buyers come in early in Tuesday’s session, selling could accelerate, especially with many investors buying into this market so late in the game.


Oil Jumps to Two-Year High, Gold Reaches $1,400 on Mideast; Stocks Decline (Bloomberg)

Mullen defends plans to meet with Middle East leaders (SnS)

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