Not much happened with stocks this past week. On the contrary, the month of November booked a hefty 2.6% gain while precious metals cratered nearly 10% and 10-Year U.S. Treasury Bond yields rose 20% to end the month at 2.47%. Just in time for the season, over-stuffed turnkey stocks abound.
The constant market obsession with the next move of the Federal Reserve has become more than wearisome. Here’s an article that speculates how the taper may proceed. One of the most dangerous and destructive aspects of centralized power is when it ends up in the hands of those unaccountable for their failures and those whose motives and character are less than honorable. Here’s and article that delves into this line of thinking as it relates to actions of central banks and corporate heads in particular.
Monday, stocks rose 0.3% in Asia and 0.4% in Europe, but they fell slightly in the U.S. on low volume. The VXO fell another 2% to an unsustainable level of 11.20. Tuesday, stocks in Asia and in the U.S. closed flat but in Europe dropped 0.6%. Volume in the U.S. was low moderate. Margin debt continues to soar as the flood of lemmings continues to chase stock prices higher.
Wednesday stocks in Asia closed off slightly, but they rose 0.5% in Europe and slightly in the U.S. on very low volume. This was enough though to raise the NASDAQ index up above the 4000 level. Thanksgiving Day stocks in Asia closed up 0.4% and in Europe 0.5%. Friday, was a big nothing. Asian stocks closed down slightly. Stocks in Europe and the U.S. closed flat on very low volume. Interestingly, at the U.S. close the VXO shot up nearly 9% to end the week at 12.71.