Dell Disappoints

The market decided to turn that frown upside down Thursday as the Dow pushed up to that 10,700 mark it tried to hold onto on Wednesday. Today was one of those remarkable days we have seen quite often, as a matter of fact, when the markets are ALL up. Bonds were up, stocks were up, gold was up $9, oil made a new world record high at $66 but the dollar did have a bit of a down day. Still, with all the other markets up, who was noticing the dollar waste away?

After peaking in early July, the dollar has traded sideways and down. The dollar (index) traded over 90 in early July and now it is just under 87. Gold on the other hand is at a 4 1/2 month high. Would somebody tell silver to run a little too. It is badly lagging gold at the moment even though PAAS is trading firm. We mentioned a few days ago that it looked like the precious metals sector was tired of going down and that little drop was the spring board to today's big $9 up move. We have such a nice profit in BGEIX right now but we will continue to hold for now.

After the bell, DELL, rhyming is good...pardon me. After the bell, Dell presented a pile of information (that was kind wasn't it?) that suggested the next quarter wouldn't probably be quite as good as they had thought. And, by the way, while revenues were up they were on the thin side this quarter. Now, you know that DELL can not be set aside as a one off problem due to the heavy reliance on DELL in the tech world(even though it only makes boxes). If they are saying revenues are going to be scaled back, the rest of tech land needs to take note.

And, the market traded down after the report such that the NASDAQ 100 lost about two thirds of what it had gained today. Several other computer stocks had some air taken out after hours. This is not to say that there can still be some partying but the air is thin up here and many stocks need to come back down a little bit to get some oxygen if nothing else.

Dow Industrials: 10,685.89 +91.48
Bgeix: 12.09 (twelve, wow, nice day, who recommended that at 9.71?)

PS Happy Birthday, Son