Here’s an interesting article that makes the case for this crazy market finally topping. Monday in Asia stocks moved up 0.4%, in Europe up slightly and in the U.S. up 0.3% on low volume. The VXO once again dropped below the 12 mark, falling over 6% to close at an unsustainable 11.81. Precious metals and their miners gained about 5%.
Stocks in Asia rose 1.1% Tuesday in response to more banker talk. In Europe, stocks fell 0.3% and in the U.S. they closed flat on very low volume. Precious metals miners gained another 3%. Wednesday, stocks rose in Asia slightly. In Europe, (false) hope lifted buying spirits to support a 0.6% gain in stocks. In the U.S., the gain was 0.4% Precious metals dropped over 2% and their miners declined about twice that amount.
Thursday, stocks in Asia closed down 0.7% and in Europe 0.5%. In the U.S., stocks bucked the trend with a 0.3% gain on low volume while the 10-Year U.S Treasury Bond rate again crept up over 2.6%. Facebook rose nearly 30% after reporting positive earnings of 13 cents per share or a P/E over 65 — lending further support to the greater fool theory of investing.
In Asia Friday stocks fell 0.4%, in Europe they fell 0.3%, in the U.S. they fell just slightly on very low volume. Stocks were virtually unchanged for the week.