Apparently, there’s just no stopping stocks. They just keep on trucking higher as investors forget about the recent troubles in the financial sector and focus on Merrill Lynch’s note that ‘credit markets may be “past their worst”’.

The Commodity Futures Trading Commission announced yesterday that they are looking very hard at possibly closing a regulatory loophole that allowed some extremely large commodity index funds to get around position limits.

Gold peaked at $935 in Hong Kong, and declined from there pretty steadily, right through the NYMEX session on Thursday, before edging a bit higher in the Globex and finishing at $920.40/oz., down $11.40. Overnight, gold has edged higher.

And as to the notion that the Fed has sold half of our nation’s gold, I think that is being generous as hell, as I see no reason why the Fed would stop at only half.

With the recent volatility, it’s hard to say if the market will stay down. But that’s where the futures are. And trading overseas also suffered.