| Index | Close | % Change |
|---|
| Dow | 41794.6 | -0.61 |
| Dow Transports | 16287.87 | -0.39 |
| Dow Utilities | 1011.35 | -0.75 |
| S&P 500 | 5712.73 | -0.28 |
| Nasdaq | 18179.98 | -0.33 |
| Nasdaq 100 | 19963.6 | -0.35 |
| Russell 2000 | 2221.72 | 0.52 |
| VIX Index | 22.01 | 0.59 |
| 10 Year Gov't Yield | 4.29 | -2.07 |
| Spot Gold | 2737.57 | 0.04 |
| Spot Silver | 32.5 | 0.03 |
| GDX-Gold Miners | 39.9 | 0.13 |
| Crude Oil | 71.71 | 3.19 |
| Dollar Index | 103.9 | -0.36 |
| Euro Spot | 1.09 | 0.39 |
| Japanese 10 Year | 0.95 | -1.46 |
| Shanghai SE | 3310.21 | 1.17 |
| Long Bond 20-year | 117.91 | 0.94 |
|
The Quiet Before the Storm
11-04-2024Here we are, the day before the election and three days before the next FOMC meeting, which, combined with more earnings reports, is liable to generate some severe volatility. But first, over the weekend it was disclosed that Berkshire Hathaway has continued its sales of Apple stock. My guess is Buffet will have Berkshire out of that name by year end, as he seems to view it the same way that I and many others do.
That news didn't impact AAPL's price too much, however, and the indices at large were not too far from unchanged through midday. I think they were boosted by a little strength in the bond market. In the afternoon, the market leaked about 0.5% lower in very dull trading
To the Victor Goes…Who Knows?
Away from stocks, green paper was weaker while, as noted, fixed income was stronger. I'm seeing more chatter online about the Fed losing control of the long end (which is another way of saying the bond market is taking the printing press away), along with a lot of big opinions about how bonds and other markets will trade in the wake of the election. Quite frankly, even if I knew who the victor was going to be I wouldn't put any money in any market based on that view, as I can see so many different permutations.
Turning to the metals, they were roughly unchanged, while the miners were slightly red. Later this week more companies will report earnings, including Alamos Gold and Wesdome.
Positions in stocks mentioned: short AAPL, long AAPL puts, long WDOFF and AGI.