05/19/01 STOP THE PRESSES! The Daily Reckoning
Weekend Edition
May 19-20, 2001
Waterloo, New Hampshire
By Addison Wiggin
MARKET REVIEW: Stop The Presses!
The market Friday paid little attention to a Commerce Dept.
indicating consumers had driven the trade deficit up a
record $31.2 billion, preferring to rest easy following its
Fed-inspired Wednesday run up of 343 points. The Dow closed slightly higher - up 53 to 11,301. The
`blue' chip index enjoyed a whopping 480-point gain for the
week - closing at its highest point since September 6th.
The S&P 500 gained 3 to close at 1291 - up 46 for the week.
The Nasdaq shimmied up 5 on Friday 2198, a total gain of 91
for the week. Running the printing presses full tilt appears to be just
the method Mr. Greenspan prefers for engineering the fabled
`soft landing' for the US economy. On Wednesday, according
Bill King, Easy Al and company goosed the money supply by
$11 Billion - M3 growth has escalated to nearly 14% for the
past 13 weeks… M2 is up +12%. Annualized that's in excess
of 20%. "While Alan Greenspan thinks he's averting a recession,"
said Jim Bianco, of Bianco Research, "He may be causing a
depression." Inflation is already rearing its ugly head -
CPI rose 3% in April. Gold reacted strongly, rocketing up
$13 dollars in the final 3 hours of trading Friday. Our gold mining pick is up 20% on the move. To learn how to
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Markets Around The Globe: Japan slipped 0.2%. Germany,
Britain and France all rose slightly. The Russell 2000 rose to 506, ending the week up 18. ADD'L PRICES FOR THE WEEK: Runaway Bull In Gold? Gold: $287 - up $13 in the last 3 hours of trading Friday
Crude Oil: $30.34
Natural Gas: $4.29
CRB Index: 218
Dollar Index: 116
The Sad, Sad Euro: $.87
British Pound: $1.43
Japanese Yen: $.81
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