Little Movement

Monday, stocks in Asia and Europe closed flat while in the U.S. they dropped 0.5% on low moderate volume and again taking the Dow Jones Industrial Average below the 13,000 level. Despite all of the froth still in stock prices, IBM nudged below the 190 mark again. Tuesday was more of the same in Asia, Europe, and the U.S. with just slight losses in stocks. In the U.S., NASDAQ again closed below the 3000 level. Gold closed below 1700.

Wednesday, euphoria in Asia resumed as stocks tacked on another 0.6% gain while stocks in Europe moved just slightly higher. In another sign of the times, an interesting survey and article came out today confirming the moral decline in the U.S.—this time from a business perspective. Also, in a fitting gesture of the season, our number-one turkey stock will be added to the NASDAQ 100 Index before the open next Wednesday. Facebook gained nearly 1%. Apple tumbled almost 6.5%. Gold again closed below 1700, while the Dow Jones Industrial Average again moved above the 13,000 level powered by optimism in banking stocks.U.S. stocks gained 0.5% on moderate volume.

Thursday, Asian stocks closed flat despite a 0.8% gain in the NIKKEI. Stocks in Europe closed with moderate gains. In the U.S., stocks gained about 0.2% on low volume. Friday, stocks in Asia and U.S. rose 0.4%. In Europe they were flat. Volume in the U.S. was light.

For the week, U.S. markets moved little. Next week with the U.S. politburo meeting Tuesday and Wednesday, expect more non-movement into Wednesday. With loose-cannon Bernanke at the helm it’s impossible to predict what he will come up with for an encore to QE-Infinity. I expect just a lot of words and little action other than extending the $45 billion per month Operation Twist program slated to expire this month.