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IndexClose% Change
Dow26190.20.04
Dow Transports10661.57-0.49
Dow Utilities743.81-0.44
S&P 5002806.81-0.25
Nasdaq7530.88-0.53
Nasdaq 1007158.59-0.62
Russel 20001574.53-0.48
VIX Index16.722.2
10 Year Gov't Yield3.240.11
Spot Gold1224.04-0.2
Spot Silver14.44-0.93
GDX-Gold Miners19.380.34
Crude Oil60.56-1.8
Dollar Index96.670.7
Euro Spot1.14-0.58
Japanese 10 Year0.13-3.03
Shanghai SE2635.63-0.22
Long Bond 20-year137.03-0.25

FOMC Nonevent

11-08-2018

The early going saw the market a little lower, with no particular verve to it. I suppose folks could have been waiting to see the results of the FOMC meeting, but given nothing new was expected, that might be a bit of a stretch.

In the afternoon, after the FOMC press release (which was "as advertised"), the market stumbled around for a little while, but then started slipping, with the Nasdaq 0.75% lower and the Dow/S&P holding up much better.

Away from stocks, green paper was stronger, fixed income was weaker (again), oil fell 1.5%, and the metals were lower as well, led by silver, which lost 1% compared to a 0.2% drop for gold. The miners were mixed.

On Firmer Ground? Lately there has been a slight change in character, in that the miners with the biggest market caps, which until very recently seemed to be leading the decline lower, now seem to have dug in. I don't know whether that is a consequence of more serious money accumulating in the more liquid names or just noise, but there does seem to have been a change in the pattern. Whether it sticks and/or becomes meaningful, should become clearer pretty quickly.