Monday, stocks fell 0.3% in Asia, rose 0.6% in Europe, and rose 0.3% in the U.S. on low volume. Tuesday, stocks fell 0.3% in Asia, 1.6% in Europe, and 1.1% in the U.S. on low moderate volume. All three major stock indices again relinquished their latest benchmark levels. The 10-Year U.S. Treasury bond yield rose 2% to close at 2.18% and crude oil closed above $60 per barrel.
Wednesday, stocks fell around the world dropping 0.4%, 0.5%, and 0.3% in Asia, Europe, and the U.S. respectively on low moderate volume. Janet Yellen caused a bit of a stir among the perpetual bulls (likely securing for her the understatement of the year crown) when she declared that stocks valuations are quite high. followed by Lockhart’s statement that the Fed will likely raise rates in September.
But “trading” in the last hour brought a rebound in stocks to cut the day’s loss in half. The 10-Year U.S. Treasury bond yield rose 3% to close at 2.24% and the VXO rose 7% to close at 16. To top it off, we had a very appropriate partnership just announced. Two turkey-stock companies, IBM and Facebook, agreed to march hand-in-hand as they proceed together off of the cliff.
Thursday, stocks fell in Asia 0.8%, closed nearly unchanged in Europe, and rose slightly in the U.S. on low volume. Oil dropped below $60 per barrel, and the 10-Year U.S. Treasury bond yield finally reversed direction and fell over 2% to close at 2.14%. Here’s a good reason to think twice before buying more AAPL, TWTR, or most other stock for than matter.
The release of dismal payroll data apparently was just the ticket propel U.S. stock “investors” to bid up stocks 1.5% on low volume and send the VXO fear gauge plummeting 22% to 12.57. This nonsense brought all three major U.S. stock indices back over their recent benchmarks again.