Monday, stocks in Asia rose 0.3%, but in Europe and the U.S. they moved little on abysmal volume, but the VXO ramped nearly 7% higher to close at the still fearless level of 11.67. Precious metals and their miners tumbled another 3% as gold closed just below $1200 per ounce. Tuesday, stocks in Asia and in Europe rose 0.3%. In the U.S. they rose 0.4% on low volume. The VXO tumbled 5% to 12.25.
Wednesday was New Year’s Day 2014, and the markets were closed for the holiday. Of course, 2013 was a banner year for stocks. Personally, I didn’t participate in the wild speculation associated with this euphoric nonsense. I did pick up a few bargains along the way though as buyers shunned value to bid up garbage. This was the year that new all-time highs became the norm as buyers, margined as never before, geedily stepped in to buy each dip as well as every all-time high. It will be fun to watch as these geniuses have their heads handed to them when this farce of a stock market finally unwinds.
Thursday, stocks fell in Asia 0.6%, in Europe 0.8%, and in the U.S. 1.1% on low volume. This dragged the 10-Year U.S. Treasury Bond yield down below 3% to close at 2.99%. Precious metals shined gaining over 2% and their miners about 5% as the VXO shot up about 5%. Friday stock were little changed in Asia and in the U.S. on very low volume. They did rise 0.5% in Europe though as Politburo chief Bernanke gave what may be his last speech as head.
Speaking of greater fools, here’s an article that shows the humor in what can happen to true believers in junk science.