| Index | Close | % Change |
|---|
| Dow | 46758.28 | 0.51 |
| Dow Transports | 15840.61 | 0.58 |
| Dow Utilities | 1124.6 | 0.98 |
| S&P 500 | 6715.79 | 0.01 |
| Nasdaq | 22780.51 | -0.28 |
| Nasdaq 100 | 24785.52 | -0.43 |
| Russell 2000 | 2478.97 | 0.83 |
| VIX Index | 16.64 | 0.06 |
| 10 Year Gov't Yield | 4.12 | 0.89 |
| Spot Gold | 3886.29 | 0.77 |
| Spot Silver | 48 | 2.15 |
| GDX-Gold Miners | 77.08 | -0.03 |
| Crude Oil | 60.64 | 0.26 |
| Dollar Index | 97.71 | -0.14 |
| Euro Spot | 1.17 | 0.24 |
| Japanese 10 Year | 1.68 | 0.72 |
| Shanghai SE | 3882.78 | 0.52 |
| Long Bond 20-year | 116.94 | -0.29 |
|
Mechanical Forces Keep Voting
10-03-2025The indices were powered higher once again by the mechanical forces that have been at work for quite some time, which I don't need to describe yet again. The net of that was a slightly less than 0.5% gain by midday. Obviously, today's non-farm payroll report was not released, but the ISM survey was, and it was weaker than expected. However, that was deemed to be good news because the market is now once again infatuated with rate cuts.
In the afternoon, the market rolled over and with an hour to go, when I had to leave, the Nasdaq was slightly lower while the S&P was a touch higher.
Demanding An Answer
Away from stocks, green paper was just slightly weaker, as was fixed income. The metals were motoring again, with silver leading the charge, as it gained 2% compared to 1% for gold. The miners, though, were mixed, as they have acted rather oddly the last few days. There are still few signs of heavy U.S. participation, as open interest is quite low in the futures and, despite some gains in shares outstanding for the GLD ETF, the GDX continues to be nowhere.