Sentiment Pivots to Fear

Monday, stocks fell 1.0% in Asia but gained slightly in Europe, and rose 1.1% in the U.S. on 10B shares traded. The VIX fell 11% to close at 17.21. The 10-Year U.S. Treasury bond yield advanced 2% to end at 4.71. Precious metals slipped about 1%.

Tuesday, stocks ended little changed in Europe but rose 0.9% in Asia and 0.4% in the U.S. on 10B shares traded. The 10-Year U.S. Treasury bond yield rose 3% to end at 4.85. Precious metals gained about 1%. IBM closed above its 140 benchmark.

Wednesday, stocks declined 0.3% in Asia, 1.0% in Europe, and 1.4% in the U.S. on 11B shares traded. The VIX advanced 7% to end at 19.22. Precious metals moved up another 1%. IBM closed below its 140 benchmark.

Thursday, stocks fell 1.8% in Asia, 1.2% in Europe, and 0.8% in the U.S. on 12B shares traded. The VIX rose 11% to close at 21.40 and pivot from the greed to the fear zone. The 10-Year U.S. Treasury bond yield rose 2% to end at 4.99. Precious metals gained about 1%. The S&P 500 Index ended below the 4300 level.

Friday, stocks lost 0.4% in Asia, 1.4% in Europe, and 1.1% in the U.S. on 11B shares traded. The NASDAQ ended below 13,000. Precious metals advanced 2%. Finally, the Federal Reserve balance sheet declined 19B to 7.93T.

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