Monday, stocks in Asia rose 0.5% and in Europe 0.4%. Markets in the U.S. were closed for President’s Day. Tuesday, stocks were cheered by the BOJ decision to continue stimulative monetary policy. In Europe, stocks closed unchanged. In the U.S., stocks rose 0.4% on low volume, but the VXO shot up over 8.5% to close at 13.16. Here’s an interesting article that lends weight to the idea this stock market bubble is about done.
Wednesday, stocks in Asia and Europe moved little. After the release of the FOMC minutes gave no real hope to the bulls, U.S. stocks declined to close down 0.6% on low volume. Precious metals dropped about 2% and their miners almost twice that. The VXO again rose over 8% to close at 14.24.
Thursday, stocks in Asia fell 1.4%. In Europe, they closed flat. In the U.S., stocks rose 0.6% on low volume for no particular reason. The S&P 500 Index bumped up against the all-time high but seems to be experiencing resistance at that level. Precious metals rose 1.5% and their miners about twice that.
Friday, stocks in Asia jumped up 1.2% as the yen weakened against the dollar. In Europe, they rose 0.3%, while in the U.S. they closed little changed on low volume for an options expiration day. Strangely, the VXO fell over 7% to close at 12.85.
The week showed little change.