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IndexClose% Change
Dow27992.381.18
Dow Transports11379.680.86
Dow Utilities810.981.38
S&P 5003383.451.27
Nasdaq11056.651.87
Nasdaq 10011277.761.72
Russel 20001536.412.61
VIX Index25.7-4.35
10 Year Gov't Yield0.681.23
Spot Gold1958.190.91
Spot Silver27.171.66
GDX-Gold Miners42.83.98
Crude Oil37.29-0.11
Dollar Index93.02-0.33
Euro Spot1.190.15
Japanese 10 Year0.03-12.12
Shanghai SE3278.810.57
Long Bond 20-year176.5-0.05

Just Another Day of Ramp-O-Rama

09-14-2020

The market erupted right out of the blocks, led by the Nasdaq, which gained 2.5% in about two hours. There was once again no proximate cause for the action, but as we all know, the market needs basically no information to bolt higher. After the initial ramp to upside, the gains were nearly cut in half before the tape rallied again, closing about 0.5% off of its best levels.

A Long for the Ride Away from stocks, green paper was weaker while fixed income was about flat. The metals erupted as well, led by silver, which gained almost 2% compared to a 1% gain for gold, with the miners scalding hot along with the metals. But then the complex backed off only to rally again, with both metals almost back to the day's highs and the miners very strong.

I continue to suspect a lot of people are going to turn out to have been way too cute in terms of trying to trade the metals complex, but that isn't a new thought of mine.