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Fleck's Thoughts
IndexClose% Change
Dow Transports16825.91-0.29
Dow Utilities922.920.03
S&P 5004701.540.23
Nasdaq 10016367.810.37
Russel 20002333.550.24
VIX Index18.58-4.13
10 Year Gov't Yield1.64-1.86
Spot Gold1788.42-0.04
Spot Silver23.54-0.52
GDX-Gold Miners32.42-0.25
Crude Oil78.23-0.34
Dollar Index96.820.34
Euro Spot1.12-0.38
Japanese 10 Year0.08-4.82
Shanghai SE3592.70.1
Long Bond 20-year160.220.53

Market Stabilizes, More or Less


The indices were a little lower through midday, but with a fair amount of motion back and forth. Beneath the surface, the high-flyers that have been roughed up were a little more stable (although Autodesk fell 20% after losing at beat-the-number). In the afternoon, the indices continued their modest rally and closed with the small gains that you see in the box scores.

Away from stocks, green paper was stronger while fixed income was mixed, a touch weaker at the front end and stronger at the back. The metals were higher overnight, but were sold early on in New York, with silver losing a percent and gold half that. From there they rallied, with silver closing 0.5% lower and gold about flat. The miners were mixed with small changes.

Strike One on Speculation The intense speculation that I thought we would see today and on Friday, which would corroborate that the bulls were still completely in charge, didn't really get started, although we still have to see what takes place on Friday. Nonetheless, I think that is another negative, along with the way the average stock has performed for months now and also how so many of the wildly overvalued high-flyers have been beat up recently.

It really feels like the market has exhausted itself to some degree. Were it not for the passive bid, I feel like it would already have tanked hard. But that bid is there, so are structured products, and we're still doing QE. Despite all that, the market doesn't seem to have the same sort of bounce in its step that it had up until, say, last spring.

Positions in stocks mentioned: none.