| Index | Close | % Change |
|---|
| Dow | 37711.15 | 0.04 |
| Dow Transports | 15534.9 | -0.44 |
| Dow Utilities | 879.7 | -2.19 |
| S&P 500 | 4780.27 | -0.07 |
| Nasdaq | 14970.18 | 0 |
| Nasdaq 100 | 16820.9 | 0.17 |
| Russel 2000 | 1953.66 | -0.84 |
| VIX Index | 12.44 | -1.97 |
| 10 Year Gov't Yield | 3.98 | -1.22 |
| Spot Gold | 2027.68 | 0.16 |
| Spot Silver | 22.74 | -0.69 |
| GDX-Gold Miners | 28.89 | -0.76 |
| Crude Oil | 72.44 | 1.5 |
| Dollar Index | 102.36 | 0 |
| Euro Spot | 1.1 | -0.02 |
| Japanese 10 Year | 0.62 | 1.14 |
| Shanghai SE | 2886.65 | 0.31 |
| Long Bond 20-year | 122.69 | 0.43 |
|
Lots of Motion to Go Nowhere
01-11-2024Today's anticipated CPI report was slightly higher than expected, as December registered a 0.3% gain versus expectations of 0.2%. Net-net, however, I don't believe a 0.1% difference in a series like the CPI -- which has so many estimates in it -- really means that much.
Old Habits Die Hard
Having said that, as I noted the other day, markets are going to trade the news the way they want to, and the way they wanted to initially caused a kneejerk reaction in both directions for most everything. However, by midday a trend appeared to have been established that saw the stock market about 1% lower. Then in the afternoon, the indices rebounded to finish about unchanged.
Away from stocks, fixed income was heavy initially, particularly at the long end, as there was a 30-year auction, but it went pretty well and the entire curve rallied. Green paper was slightly stronger, as the out-of-control spending, a porous border, and rampant crime haven't really impacted the dollar yet, partly because similar problems are occurring most everywhere in the world that's not totalitarian, with the exception of maybe Japan. The metals were dragged lower early on as well (after having been higher in Asia once again), with silver losing almost 2% compared to 0.5% for gold. Then they bounced hard to close down 0.5% and plus $3, respectively. The miners were mostly weaker.
Nothing in Mined at the Moment
In the case of individual companies, I neglected to mention on Wednesday that New Gold reported its production and it was at the higher end of expectations. Last night Alamos reported its production and the same was true there, not that there's much of an audience for the details of the miners at the moment. Equinox also reported production figures, though theirs were slightly below expectations. (I trade EQX rather often but don't currently have a position, having sold it recently. I bring this up in anticipation of questions as to why I don't own it, based on my position disclosure below. I do plan to rebuy it.)
Positions in stocks mentioned: long AGI and NGD.