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Fleck's Thoughts
IndexClose% Change
Dow Transports11020.95-0.63
Dow Utilities724.460.13
S&P 5002821.96-0.4
Nasdaq 1007401.17-0.1
Russel 20001677.35-0.56
VIX Index14.7612.16
10 Year Gov't Yield2.880.06
Spot Gold1193.58-1.5
Spot Silver14.99-2.11
GDX-Gold Miners19.98-2.82
Crude Oil67.35-0.41
Dollar Index96.380.03
Euro Spot1.14-0.13
Japanese 10 Year0.1-8.7
Shanghai SE2785.87-0.34
Long Bond 20-year144.31-0.24

In the Eye of the Storm


Concern over problems in Turkey, as well as other emerging markets and and troubled countries, caused overnight markets to be weak, and the SPOOs traded about 0.5% lower. However, once New York opened, for some reason, which I couldn't even begin to guess, the market chugged higher, led by the Nasdaq, which gained 0.5% at one point, with the Dow and S&P lagging way behind.

When Reasons Escape You As I say, I have no idea what the catalyst was that prompted people to charge into stocks, given the turmoil everywhere, but then again, all the various pockets of chaos haven't made any difference to the stock market thus far anyway.

After the initial upside flurry subsided the market began to leak and by midday it was in the red. In the afternoon, the downside momentum was arrested and the indices limped into the close just modestly lower, as you can see in the box scores.

What's the Opposite of "Pay Dirt"? Away from stocks, green paper was stronger, although not dramatically so against most currencies, except the yuan and some of the already weak minor ones. Oil lost 0.5%, fixed income was lower, and the metals were trashed again, with silver dropping 2% to gold's 1.5%. The miners were duly clubbed as well.