Monday, stocks fell in Europe 0.5% and in the U.S. 0.4% on abysmal volume. Precious metals lost 2% and their miners gave up 3% Tuesday, stocks rose 0.4% in Asia, 1.5% in Europe, and 0.9% in the U.S.on extremely low volume. The VXO fell 7% to close at 15.87. The 10-Year U.S.Treasury Bond yield fell 4% to end the day at 2.31% while oil slid 2% to close at 37.19.
Wednesday, stocks in Asia rose slightly but fell 0.5% in Europe and the U.S. on abysmal volume. The VXO rose 7% to close at 16.93. Thursday, stocks ended the day nearly unchanged in Asia, down 0.6% in Europe, and down 0.8% in the U.S. on extremely low volume. The VXO rose 7% to close at 18.17. The NASDAQ managed to stay just above the 5000 benchmark and the NYSE Index above 10,000. Friday, markets were closed for the new year. Happy new year to all!
For the year, stocks went nowhere despite furious buybacks of overpriced stock as corporations played games to increase earnings per share by compromising their balance sheets. With no QE in the U.S., China selling U.S. Treasury bonds, and a late-year interest rate hike, the headwinds continued to build against the relentless upward momentum of stocks. Sentiment continued to deteriorate as breadth evaporated. Precious metals and oil also declined for the year as real business activity dried up.