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Commodities Down on Stronger Dollar: Dave's Daily

Planted rumors, by Iran evidently, of an explosion to a critical Saudi oil pipeline were evidently false. But some still believe it occurred. And, just before the close Friday another rumor appeared suggesting an oil complex explosion in Yemen via Bloomberg.

German retail sales fell 1.6% instead of an expected gain while Spain raised its projected budget deficit to 5.8% of GDP versus previous 4.4%. These events combined to rally the dollar rally and cause a drop in commodities (priced in dollars). Gold (GLD), silver (SLV), oil (USO) and base metals (JJC). U.S. 10-year Treasury bonds (IEF) was stronger with the yield once again below 2%.  

It is a little surprising the dollar rallied (.80%) on this news since both Goldman Sachs (GS) and Bank of America (BAC) downgraded their expectations for U.S. GDP to 1.8% from 2.2%. Meanwhile, respected ECRI (Economic Cycles Research Institute) is also on record seeing a recession ahead.    

Another internet commerce company Yelp (business rating service) went public Friday and soared 60% even though the 8-year-old start-up has yet to turn a profit. There are buyers programmed to buy this stuff no matter how crazy it may appear.

Stocks were weak most of the day Friday and not seeing much encouragement from either economic data or earnings. Maybe it's just traders, with several 4 day trading weeks since 2012 began, aren't used to a full week. For myself, if we only traded Tuesday-Thursday it would make me a happy camper.

Volume overall was ridiculously (needing new adverbs) light while breadth was negative.

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