If Warren Buffet is losing on turkey-stock IBM now, he hasn’t seen anything yet. Wait till we have a stock market decline. I wonder how much Facebook he owns?
Monday, stocks fell 0.4% in Asia, 1.1% in Europe, 0.9 in the U.S. on moderate volume. This dragged the Dow, S&P, and NASDAQ back down below 17,800, 2100, and 5100 respectively. The VXO shot up 14% to close at 15.87, and crude oil slipped below $44 per barrel. While precious metals fell 1%, miners gained 3%.
Tuesday, in Asia stocks continued their slide — this time 0.6%. Stocks in Europe and the U.S. finished up slightly on light volume. Precious metals miners fell 2%. Wednesday, stocks changed little in Asia, rose 0.7% in Europe, and fell 0.3% in the U.S. on low volume. The Veterans Day holiday likely had something to do with the low volume. Crude oil continued its slide falling another 1% to close at 43.83.
Thursday, stocks in Asia rose 0.7%, but they fell 1.6% in Europe and in the U.S. on light volume. Crude oil slid 3% to close at 41.59, and the VXO shot up 16% to close at 18.42 as four Fed speakers each failed to satisfy the monetary doves. Friday, stocks lost 1.1% in Asia and 0.8% in both Europe and the U.S. on moderate volume. That dragged the NASDAQ back below the 5000 level. The VXO rose 12% finishing above the watershed 20 mark to close at 20.53 for a stunning 37% weekly rise while the 10-Year U.S Treasury Bond yield fell 2% to end the day at 2.28%. Crude oil also slid 2% to end a very negative week at 40.73 per barrel.