Today was a great day in the markets. Well actually the Dow, Transports, Industrials and Russell sank on inflation worries. Gold spiked up $23 and Oil closed above $60.
Novastar Financials(ticker: NFI), another mortgage lender, tanked 42%.
And the Bank of Japan raised interest rates a quarter of a percent. I didn’t think they had the back bone to do it! The BoJ’s prime lending rate is now a whopping 0.5%! But they said they’ll take their own sweet time in considering future rate increases so the Yen didn’t spike on that news.
Well a good day for gold and oil is a good day for my portfolio!