Here’s an article that quantifies how narrow the support for stocks is now. Monday, stocks fell in Asia 1.9% and in Europe 2.6%, but closed flat in the U.S. on high volume. The VXO fell 8% to close at 35.07. Precious metals miners gained 2%. Apple closed above 290.
Tuesday, stocks rose in Asia 0.8%, in Europe 2.2%, and in the U.S. 0.7% on very high volume. Precious metals miners gained 3%. The 10-Year U.S. Treasury bond yield moved up 3% to close at 0.66.
Wednesday, stocks rose 0.4% in Asia, fell 0.4% in Europe, and declined 1.2% in the U.S. on very high volume.
While deflation is a good thing, the “powers that be” work to eradicate any signs of it. The U.S. Treasury bond yield shot up 8% to close at 0.71. Precious metals fell 1% and their miners dropped back three times that amount. The NYSE closed just one cent below the 11,000 benchmark.
Thursday, stocks in Asia fell 0.3%, but gained 1.1% in Europe and the U.S. on very high volume. The news included the worst jobs report in history. Precious metals rose 1% while their miners shot up four times that amount. The NYSE closed back above the 11,000 benchmark while Apple closed above 300.
Friday, stocks gained 1.2% in Asia, 1.9% in Europe, and 2.1% in the U.S. on very high volume. The VXO fell 12% to close 28.85. The Dow, NASDAQ, and S&P 500 closed above the 24,000, 9000, and 2900 benchmarks receptively. Apple closed above 310.