| Index | Close | % Change |
|---|
| Dow | 34642.1 | -0.56 |
| Dow Transports | 15488.78 | -2.19 |
| Dow Utilities | 851.44 | -1.76 |
| S&P 500 | 4496.79 | -0.42 |
| Nasdaq | 14020.95 | -0.08 |
| Nasdaq 100 | 15508.24 | 0.11 |
| Russel 2000 | 1883.84 | -1.93 |
| VIX Index | 13.93 | 0.8 |
| 10 Year Gov't Yield | 4.27 | 1.98 |
| Spot Gold | 1926.26 | -0.85 |
| Spot Silver | 23.55 | -1.83 |
| GDX-Gold Miners | 28.49 | -2.06 |
| Crude Oil | 86.71 | 1.36 |
| Dollar Index | 104.8 | 0.54 |
| Euro Spot | 1.07 | -0.69 |
| Japanese 10 Year | 0.65 | 2.52 |
| Shanghai SE | 3154.37 | -0.71 |
| Long Bond 20-year | 119.06 | -1.06 |
|
Passive Trickery
09-05-2023Today, the market searched in both directions, although it never got not very far from unchanged until late in the day, when the red ink increased a little.
Away from stocks, fixed income was weaker again while green paper saw a pretty good bounce. That combination pressured the metals, with silver losing 2% and gold 1%, with the miners on the heavy side.
Turning On the Tap
I don't know that there was much information in today's trading. It looked to me to like the beginning-of-the-month inflows once again helped buoy the equity market. I think that if it were not for the passive bid, the market would be a lot lower which could feed on itself and cause other problems. But the passive bid is what we have and therefore it warps the stock market "anticipation function," making deciphering trends all that much trickier.