Monday, stocks fell 0.4% in Asia, but rose slightly in Europe as the U.S. markets were closed. According to this article Germany is taking their gold while they still can after all. Have we finally reached the tipping point with can kicking?
Tuesday, stocks rose in Asia 0.8% and in Europe 0.9%. In the U.S., they closed nearly unchanged on low moderate volume although major indices ticked higher giving market bulls a little hope as they awaited word from the European Central Bank in less than two days. As expected, IBM logged another dismal quarterly report. Meanwhile, oil slid over 5% to close at $46.13 per barrel and precious metals miners chalked up another 3% gain as gold knocked on the door of $1300 per ounce.
Wednesday, stocks rose in Asia 1.2%, in Europe 0.6%, and in the U.S. 0.6% on low moderate volume as hope springs eternal that the ECB will further fuel the euphoria in stocks. The 10-Year U.S Treasury Bond yield fell almost 3% to close at 1.85%. Thursday, stocks rose slightly in Asia, 1.6% in Europe, and 1.3% in the U.S. on moderate volume as the ECB announced a 1 trillion euro QE program. The VXO plummeted 18% to close at 15.07, and gold closed above $1300 an ounce.
Friday, stocks rose 0.8% in Asia and 1.8% in Europe. But in the U.S., they fell 0.6% on low moderate volume. The VXO rose 5% to close at 15.89 and gold fell below the $1300 mark. Oil dropped another 2% to close at $45.43 per barrel, while 10-Year U.S Treasury Bond yield fell almost 4% to close at 1.82%. Precious metals miners lost 3%. Finally, the king of Saudi Arabia died, and his brother took over.