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Tuesday, February 16, 2010

King Tut Rallies Global Markets

In a quietly bullish session that enjoyed a broad-based rally from the get-go, a strange mix of news headlines may have contributed to the market's spirited advance. The U.S. dollar finally attracted some sellers, gold soared higher, a Taliban military leader was captured in the stepped-up offensive in Afghanistan, JP Morgan headquarters in Athens was bombed, Hillary Clinton pissed off Ahmadinejad, and Team USA is off to a good start in the Winter Olympics. But by far the most market-moving news event of the day may have been the ground-breaking discovery by scientists that Egypt's famous 'Boy-King,'  King Tut, whose life and death had up until now been shrouded in considerable mystery, actually suffered from a cleft palate and a club foot, walked with a cane, and ultimately perished from complications of a broken leg exacerbated by malaria. Global markets, widely known to loathe uncertainty, celebrated the closure brought to centuries of rampant speculation that was made possible by the miracles of modern science. The frail 'Boy King' had apparently been barely able to walk, let alone dance-- I wonder if Steve Martin got the memo.

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