Daily Content
Fleck's Thoughts
IndexClose% Change
Dow Transports14234.151.67
Dow Utilities893.56-0.5
S&P 5004448.941.21
Nasdaq 10015316.580.92
Russel 20002259.841.86
VIX Index18.77-10.06
10 Year Gov't Yield1.428.63
Spot Gold1748.18-1.13
Spot Silver22.57-0.55
GDX-Gold Miners29.89-2
Crude Oil73.241.4
Dollar Index93.06-0.43
Euro Spot1.170.46
Japanese 10 Year0.05-17.54
Shanghai SE3642.220.38
Long Bond 20-year161.97-1.09

Market Snaps Back


Asia was stable to higher last night, as the Chinese try to control the process of unwinding Evergrande. I bring that up because the indices screamed higher, gaining more than a percent through midday, and I'm only guessing that was the proximate cause. Obviously, the prospect of the Fed reducing QE doesn't disturb stock bulls one iota. Of course, when half of the money is a blindly allocated passive buy decision, it's not as though every buy ticket is written with any thought.

In the afternoon, the market tried to move higher again, but gave that rally back closing around its midday levels.

Taking Their Lumps Away from stocks, green paper gave up all of yesterday's rally and then some, while the bond market was thumped, particularly at the long end. I couldn't begin to explain why, as fundamentals haven't mattered to the bond market in an eternity. It seems even more impervious to information than the stock market.

The metals came in for some rough sledding, as overnight gains in gold and silver were eradicated in New York and gold was quickly pushed about a percent lower while silver hung on around unchanged. After stabilizing around $1,750, gold traded near that level the rest of the day. Silver softened up some late in the session, as it fell 0.5%. The miners were weak overall, but lumpy, as some were much weaker than others, with no particular pattern that I could see.