Political conditions in Libya appear to be deteriorating. The rest of the Middle East and North Africa continue to be buffeted by protests. President Obama warned Libyan strongman Moammar Gadhafi yesterday that the “US was outraged by the violence.” This is good old fashioned saber rattling, but it indicates an escalation of global tensions. Crude oil prices have responded in expected fashion – rising to over $100 per barrel. The Dow Jones Industrial Average? Up close to $200 yesterday. Seems that the bull market in common stocks persists.
Robert M. Bilkie, Jr., CFA