Monday, stocks rose 0.5% in Asia, fell 0.5% in Europe, and fell 0.4% in the U.S. on strong volume as the Dow Jones Industrial Average closed back below 21,000. The VXO dipped to the unsustainable level of 9.76. Snapchat euphoria died down some as it moved back to its offering price.
Tuesday, stocks rose slightly in Asia, fell 0.3% in Europe, and fell 0.4% in the U.S. on strong volume. Wednesday, stocks in Asia and Europe closed little changed. In the U.S., they fell 0.5% on strong volume. This was enough to take IBM closing price below 180. The 10-Year U.S. Treasury Bond yield moved up 2% to close at 2.55 as the interest rate hike reality began to set in.
Thursday, stocks fell 0.7% in Asia but closed little changed in Europe and the U.S. on strong volume. The VXO moved up 6% to close at 11.15 as we inched ever closer to the upcoming FOMC decision on interest rates. The 10-Year U.S. Treasury Bond yield moved up another 2% to close at 2.60.
Friday, stocks recovered 0.5% in Asia, closed virtually unchanged in Europe, and rose 0.4% in the U.S. on strong volume. The VXO reversed course and fell 6% to close at 10.50. Precious metals miners moved up 3% for the day.