Monday, stocks in Asia and Europe rose slightly. In the U.S., stocks closed little changed on moderate volume. That was still enough juice though to keep the record close party going for major indices except the Dow.
Tuesday, stocks gained 0.3% in Asia, 0.5% in Europe, and slightly in the U.S. on moderate volume. The VXO moved up 5% to close at 9.04. While major stock indices continued with the closing record high syndrome, the more important move came from the 10-Year U.S. Treasury Bond yield gaining 3%, to close above at 2.55. Some believe this is a level of return that will begin to eat away at interest in stocks in favor of the assured return of treasuries.
Wednesday, stocks closed in Asia up 0.3%, in Europe down 0.3%, and in the U.S. nearly unchanged on strong volume. The VXO fell 5% to close at 8.74. While Warren Buffett says he does not understand cryptocurrencies, he advises that they will end badly. Despite his comment, the price of ether continued its relentless 5% per day ramp higher.
Thursday, stocks fell slightly in Asia and 0.3% in Europe but caught fire in the U.S. with a 0.8% gain on moderate volume. Major stock indices posted record closing highs. Major cryptocurrencies declined. Psuedo-crypto, ripple, gained on a news of a deal with MoneyGram. Late in the day, South Korea’s Ministry of Justice sent shocks through the crypto world with a proposed trading ban.
Friday, stocks rose 0.6% in Asia, slightly in Europe, and 0.6% in the U.S. on strong volume. The VXO moved up 5% to close at 9.30. Precious metals gained 2%. Their miners gained twice that amount. Major stock indices again logged record closing highs. It sounds like a broken record doesn’t it? One has to wonder why equity markets still need all of this artificial support from the central banks of the world.