More Euphoria Needed

Monday, stocks fell hard in Asia — closing 1.4% lower. Stocks rose 0.3% in Europe but surged 1.1% higher in the U.S. on light volume. The euphoria raised the Dow, S&P, and NASDAQ above 17,800, 2100, and 5100 respectively. The VXO fell 11% to close at 13.79. The 10-Year U.S Treasury Bond yield rose 2% to end the day at 2.19%. This article has little to do with investing but is a good article regarding freedom.

Tuesday, stocks rose 0.5% in Asia, 0.4% in Europe, 0.3% in the U.S. as the Dow Jones Industrial Average marched within striking distance of the 18,000 level. Stocks have risen steadily and dramatically for just over a month. As the S&P nears its upper bound plateau and all-time highs again, it sure feels like last-gasp topping action. The 10-Year U.S Treasury Bond yield rose 2% to end the day at 2.22%.

Wednesday, stocks shot up 1.1% in Asia, rose 0.5% in Europe, and fell 0.4% in the U.S. on light volume. The VXO moved up 6% to close at 15.01 while crude oil fell 3% to close at 46.54. Precious metals lost 1% while their miners fell twice that amount as the carnage in that sector continues. From the turkey stock report department Facebook hit an all-time high of 105 per share on a stellar quarterly report for those who believe things like that from companies like that. Perhaps the auditors that caught IBM will eventually catch up with this turkey.

Thursday, stocks fell in Asia 0.3%, in Europe 0.4%, and just slightly in the U.S. on light. That was just enough though to bring the S&P 500 Index below 2100 and IBM below 140 for the close. Friday stocks in Asia changed little. In Europe, they rose 0.3% while in the U.S. they fell the same amount on moderate volume. The VXO lost 7% to close at 13.87. Precious metals were hammered down 1.4% and their miners fell three times that amount. The 10-Year U.S Treasury Bond yield rose 4% to end the day at 2.33%. The big mover for the day was the glowing jobs report adding more weight to the belief that the Fed may raise rates in December. Don’t hold your breath.

Leave a Reply

Your email address will not be published. Required fields are marked *