Just Hangin’ On

While there are some signs of declines in certain segments of stock markets, the major stock indices continue to bump up to new highs. This was another less-than-memorable week, with the major indices churning mainly sideways. Could this sideways movement indicate the bull is about out of steam? Here’s and interesting article that gives reasons for caution, and here’s another.

Monday, stocks in Asia and in the U.S. barely moved on low volume. In Europe, they declined 0.3%. Tuesday, Asian stocks rose just slightly while stocks in Europe fell 0.3%, and uncharacteristically for a Tuesday for U.S. stocks, they fell 0.6% on low volume.

Wednesday, stocks in Asia plummeted 1.4%, but in Europe, they were nearly unchanged. In the U.S., stocks gained 0.4% on low volume, but precious metals fell over 1% and their miners about twice that as gold again broke below $1300 an ounce. Thursday, Asian stocks rose 0.7% while European stocks gained 1.1%. U.S. stocks also gained most of the day, but by the close, they had lost their steam and closed down slightly on low volume. Friday, stocks closed up slighly in Asia and down 0.3% in Europe and nearly unchanged in the U.S. on low volume.

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