Soaring in Hot Air

Monday, stocks rose 0.8% in Asia and fell 0.6% in Europe as U.S. markets were closed for Independence Day. Tuesday, stocks in Asia fell 0.6%, in Europe 1.5%, and in the U.S. 1% on moderate volume. The VXO rose 6% to close at 14.70. The 10-Year U.S. Treasury Bond yield plummeted 6% to close at 1.37 while precious metals gained 1% and their miners rose twice that amount.

Wednesday, stocks fell in Asia 0.7%, fell in Europe 1.6%, and rose in the U.S. 0.3% on moderate volume. Precious metals gained 1.5% while their miner gained about twice that amount. Thursday, stocks rose 0.3% in Asia and 1% in Europe but retreated 0.3% in the U.S. on light volume. Precious metals fell 1% while their miners dropped about three times that amount.

Friday, stocks closed 0.3% lower in Asia, and rose 1.5% in both Europe, and the U.S. on light volume. The VXO dropped 13% to close at 12.35. Precious metals fell 1.5% while their miners dropped twice that amount. And as if the world is not in enough trouble already, Ben Bernanke will be meeting with the chair of the Bank of Japan. With the 10-year U.S. Treasury Bond yield down nearly 40% this year and major stock indices bumping up against all-time highs again, what could possibly go wrong? 

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