New Highs and More Lies

Monday, stocks in Asia fell 0.5%, but rose in Europe they 0.3% and in the U.S. rose slightly on moderate volume. The VXO fell over 7% to close at 12.86, while precious metals lost about 1%. Tuesday, stocks moved little in Asia, but in Europe they ramped higher 1.2%. Of course, we also had a Tuesday ramp in the U.S. where stocks gained 0.5% on low volume. Precious metals miners gained about 1.5%.

Wednesday, stocks in Asia fell slightly, but in Europe they barely moved. The FOMC direction statement changed little. In the U.S., stocks rose 0.4% on low moderate volume to close up near record territory again. Thursday, stocks rose 0.5% in Asia, in Europe they rose just slightly, and in the U.S. they closed virtually unchanged on low volume.

Friday, stocks in Asia rose slightly, but in Europe they fell 0.3%. In the U.S., stocks changed little on low volume despite positive headline numbers on the jobs report. The VXO fell almost 5% for the day and 16% for the week to close at the unsustainable 11.82 level. Gold again clawed its way back to close the week above the $1300/ounce level.

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