Monday, stocks in Asia rose sharply, closing up 1.3%. In Europe, they climbed 0.3%, but in the U.S. they fell 1.1% on low moderate volume. The 10-Year U.S. Treasury Bond yield tumbled 1.2% to close at a yield of 2.83%. The VXO shot up 15% to close at 12.72. Precious metals and their miners rose over 3%.
Tuesday, Asian stocks followed the trend from the U.S. and closed down 1.5%. In Europe, stocks rose slightly. In the U.S., stocks recovered with a gain of 0.9% on low volume. The VXO dropped almost 9% to close at 11.59. Precious metals and their miners dropped about 1.5%. Wednesday, stocks rose in Asia 0.5% but were unchanged in Europe. In the U.S. stocks powered upward another 0.4% on low moderate volume. Thrursday, stocks in Asia and in Erope fell slightly. In the U.S., stocks closed nearly unchanged on low volume.
Friday, Asian stocks rose slightly, but those in Europe rose 0.5%. In the U.S., stocks closed down 0.4% on moderate volume. Considering that it was a options expiration day, the volume actually was not very impressive. Precious metals posted a strong 1.5% gain, and their miners logged about twice that move.
For the week, stocks changed little, despite all of the negative action on Monday. Here’s an an article with three charts that may give pause to momentum traders.