Monday, stocks in Asia gained slightly, but in Europe they posted a strong 0.7% gain and in the U.S. they powered 0.9% higher on low volume. Both the Dow Jones Industrial Average and the S&P 500 Index closed at record highs for no particular reason. Tuesday, the momentum in stocks from the West apparently kept moving around the globe as Asia logged a 1.1% gain. Things slowed down in Europe though with just a 0.3% gain and by the time of the U.S. close they died down completely with virtually no change from the previous day on low volume.
Wednesday, Asian stocks kept moving higher despite other world markets cooling off. This time they rose 0.7%. Stocks in Europe went nowhere while stocks in the U.S. dropped 0.5% on low volume. Gold climbed back over the $1300 per ounce mark while precious metals and their miners moved up about 1.5%.
Thursday, stocks in Asia levelled off to close virtually unchanged. Could it be that Tepper moved the markets in the West? In Europe and the U.S., stocks slid 0.8% on low volume. The VXO fear index moved from fearless to very complacent, rising over 9% to close at the still benign level of 12.85. Despite increasing fear, gold again dropped below the $1300 per ounce level. The 10-Year U.S Treasury Bond yield continued its persistent slide, tacking on another 2% drop to close at 2.50. Friday, Asian stocks slid 0.5% while those in Europe and in the U.S. logged a modest 0.3% gain on low volume for an options expiration day. Markets returned to fearless zone as the VXO tumbled 7% to again close below 12.