Quoting from Friday's post: "Monday may, in fact, turn into a real blood-bath."
Well, it may not have been real blood, and it was more of a dousing rather than a bath, but stocks got hit pretty hard on Monday, following the less-than-impressive sell-off after the dismal non-farm payroll report which ended last week's rally in rather abrupt fashion.
The poor start to the new week was blamed - according to most pundits and exclamatory TV barkers - almost entirely on debt issues related to Italy, though there are more issues and problems popping up every day. The scapegoat Italians seem to be having the same problem most Western nations are: too much debt and not enough revenue.
What has the EU concerned is the not the size of the bailout which might be needed to shore up Italy's evolving debt crisis, it is the size of Italy's economy, the third largest in the European Union. Halping out smaller countries like Greece or Ireland are mere child's play by comparison. Italy is a nation of 60 million people, or, about 1/5th the size of the United States. That's a big problem, akin to having Texas, New Mexico, Arizona, Colorado, Wyoming and Louisiana all threaten to default on public debt at once.
The absolute fact of the matter is that the EU simply cannot go about printing up more Euros to bail out nation after nation. Sooner or later, the currency will become worthless and the nascent "grand experiment" of a unified Europe will fall completely apart. Already, there are signs of trouble in Germany, which has been acting - along with the US Federal Reserve - as the main funding source for bailout money, but in the end the major European banks will become victims of their own Ponzi scheme.
You see, money really doesn't grow on trees and just whipping it up out of thin air makes for instability and eventual anarchy. This is the situation in which we all are headed, and in a hurry. Would the financiers of the leading nations have confessed to their sins during the Lehman debacle in 2008, much of this would not be occurring, but, being the type of people who are prone to lie and cover up crimes and major blunders, world leaders would rather play this silly game of bailout rather than face the music (and jail time or guillotines).
Eventually, it's all going to implode into a global depression, rivaling or exceeding the pain and suffering of the 1930s. By some accounts, parts of the world, such as the Middle East, the Horn of Africa, certain counties in Georgia and Florida, along with Greece and Ireland, are already in a deep, never-ending depression. All that's keeping the rest of the world from falling apart is the non-stop printing of US dollars and the helping hand of uncle Ben Bernanke at the Fed.
While there are those who believe we in America will suffer a bout of hyper-inflation a la the Weimar Republic, the fact remains that wage growth is stagnant, money supply is insufficient to handle all claims in a mass default and the other income-producing part of the great capitalist triangle (money, labor, materials), that being materials, are still rather abundant.
We should all be preparing for the "great reset" in which everything becomes worth less than it was the day before, except maybe food, for that is the only requisite commodity essential to sustaining human life. One hates to be the messenger for bad news, but starvation and death may indeed become preferable, for some, to living under the thumb of a global police state in a condition of abject poverty. It's coming, and, as today's evidence and that of the past three years can attest, it's gaining momentum.
Incidentally, only eight stocks in the S&P 500 were winners today, and all 30 Dow components finished on the downside. Financials led the way, with Bank of America (BAC) and Morgan Stanley (MS) hitting new 52-week closing lows.
Here are the sad facts from fat-cat Wall Street:
Dow 12,505.76, -151.44 (1.20%)
NASDAQ 2,802.62, -57.19 (2.00%)
S&P 500 1,319.49, -24.31 (1.81%)
NYSE Composite 8,228.73, -181.46 (2.16%)
Losing issues trampled gainers, 5494-1122, the largest margin of losers to winners in quite some time, probably not since 2008. On the NASDAQ, there were, hard to believe, 49 new highs and 32 new lows. On the NYSE, a little closer to reality, 34 new highs and 30 new lows. The combined total of 83 new highs and 66 new lows masks the fact that many of the new highs were nothing but bear funds, inverse, triple leveraged ETFs and other derivative products. Even looking through the listings of new highs on the NYSE shows most stocks finishing well below their stated 52-week high. Surely, we can trust the Rupert Muchdoch-owned Wall Street Journal to not fudge statistics, right?
Volume was pretty weak, even for a massive down day, though this low level of trading has by now morphed into a new normal, so lower and lower volume figures should not be cause for alarm as market participants exit or are destroyed.
NASDAQ Volume 1,778,419,250
NYSE Volume 3,843,530,000
WTI crude oil traded down again, losing $1.05, to $95.15. Gold gained $7.60, to $1,549.20, close to an all-time high, though silver was punished once more for attempting to be regarded as money, dipping 85 cents, to $35.70 per ounce.
Not all the news was bad... well, yes it was, as Alcoa (AA) reported after the bell that it missed LOWERED estimates by a penny, at 32 cents per share as opposed to the consensus of 33 cents. Share were lower all day, preceding the after-hours announcement and continued to slide.
That is not a good way to kick off 2nd quarter earnings season.
Monday, July 11, 2011
Friday, July 8, 2011
Dismal, Huge Miss on Payrolls; Market Response: So What?
Normally, a NFP (non-farm payroll report like the one released today would have sent investors fleeing for a place to hide and stocks into a free-fall, but, since the people who manage YOUR money could care less if any American has a job or whether or not America even survives as a country, the response from market participants was a wide-open yawn.
Following Thursday's overly-rosy ADP private payroll report (+157,000 on expectations of +70,000), the BLS could produce a report showing only 18,000 net new jobs created in the month of June. Expectations ranged from as high as 125,000 (Mark Zandi) or (175,000) Joe Lavorgna to a low of 88,000 (Rick Santelli), though both proved to be too high by orders of magnitude.
On top of the already dismal-sounding report for the current month, the numbers for April and May were also revised lower, by a total of 44,000 more jobs that were not created. Adding to the catastrophe were the lower readings on hourly earnings, which fell 0.01, and average workweek, which dropped from an already low 34.4 to 34.3. So, not only are there not enough new jobs being created to even keep pace with nominal growth in the labor force, the jobs people do have are barely able to provide sustenance and are getting worse.
The immediate response was for the Dow futures to reverse, from +35 to -123 in a matter of minutes. The 10-year note fell from 3.18 to 3.05 in a flash. However, the pre-market shock and awe were the worst the market would feel from one of the worst post-crash jobs reports ever, and incidentally, the second in a row.
Markets opened lower, but not dreadfully, and as the day wore on the Dow sank by as much as 150 points but recovered over the course of the afternoon to close down a mere 62 points. This, after a two-week run-up of over 900 points on the Dow and similar percentage gains on the other major indices.
It should come as no surprise that Wall Street is a crooked place run entirely by deceitful individuals whose only purpose is to pad their wallets. This shameful example of market manipulation ought to serve as a wake-up call to those not already fully aware that when anyone in Washington talks about a "recovery", they mean it only for bankers, their clients and the corporations listed on the exchanges and not the average working man or woman.
Simply put, Wall Street and the US economy are a complete farce.
Dow 12,657.20, -62.29 (0.49%)
NASDAQ 2,859.81, -12.85 (0.45%)
S&P 500 1,343.80, -9.42 (0.70%)
NYSE Composite 8,410.19, -65.94 (0.78%)
Declining issues did lead advancers, 4520-1998, though on the NASDAQ there were 62 new highs and only 22 new lows. There were 57 new highs and 15 new lows on the NYSE, which puts the combined total at 119 new highs and 37 new lows, a far cry from the overly positive figures just yesterday. Volume was absolutely destitute, close to being the worst of the week, in a week that was already under-traded. The volume numbers attest to the fact that there are fewer and fewer market participants every day and only those who chose to sell today after the opening minutes of trading were the real losers, though in the end, with manipulated, tightly-controlled markets, nobody ends up a winner. Monday may, in fact, turn into a real blood-bath.
NASDAQ Volume 1,576,445,500
NYSE Volume 3,554,617,250
It was a good day for automobile drivers as the price of crude oil fall sharply, down $2.67, to $96.20. It was also profitable to be in gold, as the price increased $11.00, to $1,541.60, but not so great for silver holders, as the price is again highly suppressed, gaining only a penny, to $36.54.
The lesson to be learned from today's tenor of trading is not only that numbers cannot be trusted, but those who use them can be trusted not at all.
Thank goodness it's the weekend and we can forget all the thievery, trickery and false hope for at least a few days.
Following Thursday's overly-rosy ADP private payroll report (+157,000 on expectations of +70,000), the BLS could produce a report showing only 18,000 net new jobs created in the month of June. Expectations ranged from as high as 125,000 (Mark Zandi) or (175,000) Joe Lavorgna to a low of 88,000 (Rick Santelli), though both proved to be too high by orders of magnitude.
On top of the already dismal-sounding report for the current month, the numbers for April and May were also revised lower, by a total of 44,000 more jobs that were not created. Adding to the catastrophe were the lower readings on hourly earnings, which fell 0.01, and average workweek, which dropped from an already low 34.4 to 34.3. So, not only are there not enough new jobs being created to even keep pace with nominal growth in the labor force, the jobs people do have are barely able to provide sustenance and are getting worse.
The immediate response was for the Dow futures to reverse, from +35 to -123 in a matter of minutes. The 10-year note fell from 3.18 to 3.05 in a flash. However, the pre-market shock and awe were the worst the market would feel from one of the worst post-crash jobs reports ever, and incidentally, the second in a row.
Markets opened lower, but not dreadfully, and as the day wore on the Dow sank by as much as 150 points but recovered over the course of the afternoon to close down a mere 62 points. This, after a two-week run-up of over 900 points on the Dow and similar percentage gains on the other major indices.
It should come as no surprise that Wall Street is a crooked place run entirely by deceitful individuals whose only purpose is to pad their wallets. This shameful example of market manipulation ought to serve as a wake-up call to those not already fully aware that when anyone in Washington talks about a "recovery", they mean it only for bankers, their clients and the corporations listed on the exchanges and not the average working man or woman.
Simply put, Wall Street and the US economy are a complete farce.
Dow 12,657.20, -62.29 (0.49%)
NASDAQ 2,859.81, -12.85 (0.45%)
S&P 500 1,343.80, -9.42 (0.70%)
NYSE Composite 8,410.19, -65.94 (0.78%)
Declining issues did lead advancers, 4520-1998, though on the NASDAQ there were 62 new highs and only 22 new lows. There were 57 new highs and 15 new lows on the NYSE, which puts the combined total at 119 new highs and 37 new lows, a far cry from the overly positive figures just yesterday. Volume was absolutely destitute, close to being the worst of the week, in a week that was already under-traded. The volume numbers attest to the fact that there are fewer and fewer market participants every day and only those who chose to sell today after the opening minutes of trading were the real losers, though in the end, with manipulated, tightly-controlled markets, nobody ends up a winner. Monday may, in fact, turn into a real blood-bath.
NASDAQ Volume 1,576,445,500
NYSE Volume 3,554,617,250
It was a good day for automobile drivers as the price of crude oil fall sharply, down $2.67, to $96.20. It was also profitable to be in gold, as the price increased $11.00, to $1,541.60, but not so great for silver holders, as the price is again highly suppressed, gaining only a penny, to $36.54.
The lesson to be learned from today's tenor of trading is not only that numbers cannot be trusted, but those who use them can be trusted not at all.
Thank goodness it's the weekend and we can forget all the thievery, trickery and false hope for at least a few days.
Thursday, July 7, 2011
ADP Surprise Sends Stocks Into Stratosphere
At 8:15 am today, it was game, set, match for the bulls, because the ADP employment report for June showed an increase of 157,000 jobs, more than double the 60-70,000 most economists were expecting. A surprise this large occurs seldom, despite the fact that economist "experts" are generally nothing more than professional guessers, so, the futures leapt forward and stocks opened the trading day strong to the upside.
Incidentally, initial unemployment claims came in at 418,000, the 13th straight week over 400,000, though the market shrugged that data off completely the moment it was released.
They stayed in positive territory for the remainder of the session, stretching the latest ramp-job bill run to eight days, though Tuesday and Wednesday of this week did see some deterioration.
With the government's non-farm payroll data due out at 8:30 am on Friday, there was little to fear into the close, as US markets put in another stellar performance. Stocks finished the day approaching the highs of the year (which are also three year highs, and in the case of the NASDAQ, nearly a four-year high), just two weeks after the gloom and doom crowd seemed to have set the tone for the rest of the year.
Now, this set-up, coming directly prior to earnings season, could be a mammoth double or triple top, but if it's not, expect the markets to go careening upwards without much resistance. Dow 13,000 is well within sight and there's nothing the Fed and the banks and the federal government would like to see more than some record-setting gains on the major indices.
Never mind that the equities game is as crooked and manipulated as they can possibly be, the idea is that the "wealth effect" will create more confidence in the average Joes and Janes, leading to more spending and a more robust economy. It actually could work, though there are doubters, especially the 15 million Americans who cannot find jobs, or the millions who have been foreclosed upon and subsequently lost their homes, or the 45 million on food stamps.
With those groups in consideration, there seems to be a massive disconnect between Wall Street and Main Street and it is precisely why a growing number of Americans have pulled out of stocks entirely and are investing in more down-to-earth investments like back-yard gardens, gold, silver and ammunition. This crowd does not trust the bailout queens of Wall Street nor the Sugar Daddies in the nation's capitol. Instead, they see a hollowed-out shell of a nation, pinning its hopes on paper pushers and overpriced, over-hyped securities that derive a major share of their profits outside the United States.
While a rising stock market may look good on paper, the inner workings of the US economy are badly damaged goods. States are struggling to meet budgets and there's been little to nothing done to address the root causes of the national slow-down: housing and jobs. we are living in a bifurcated economy and nation, and it is not likely to sustain itself well without some serious setbacks. But, for the time being, the status quo has carried the day, though its proclamations of recovery and prosperity (nobody actually saying that yet) don't ring true to many people.
Dow 12,719.19, +93.17 (0.74%)
NASDAQ 2,871.95, +37.93 (1.34%)
S&P 500 1,353.07, +13.85 (1.03%)
NYSE Composite 8,474.88, +78.40 (0.93%)
Advancing issues absolutely buried decliners on the day, 5126-1473. On the NASDAQ, 227 new highs and just 22 new lows. The NYSE had 287 new highs and 8 new lows, making the combined total 514 new highs and 30 new lows. These are the kinds of numbers that would signal a renewed bull market, indicating that there is more upside in the very near future, despite the low volume, which was at its high point of the week, not saying much.
NASDAQ Volume 1,793,291,000.00
NYSE Volume 3,860,334,750
Crude oil galloped ahead to the tune of a $2.02 per barrel gain, finishing at $98.67, which ensures high gas prices through the remainder of summer unless there's a sudden reversal (don't count on it). Gold posted a slight gain of $1.40, to $1,530.60; silver was up 62 cents, to $36.54, though it still seems range-bound and probably is, with the shorts still in control.
The gain in crude has outstripped the gains in the precious metals today, though it's difficult, if not impossible, to draw any sound conclusions from this except that the global central bank cartel likes higher oil prices much more than they like gold or silver. If they had it their way, gold and silver would not have any value at all.
Friday's non-farm payroll report should prove interesting, especially if it's an "official lie" of over 150,000 new jobs.
Incidentally, initial unemployment claims came in at 418,000, the 13th straight week over 400,000, though the market shrugged that data off completely the moment it was released.
They stayed in positive territory for the remainder of the session, stretching the latest ramp-job bill run to eight days, though Tuesday and Wednesday of this week did see some deterioration.
With the government's non-farm payroll data due out at 8:30 am on Friday, there was little to fear into the close, as US markets put in another stellar performance. Stocks finished the day approaching the highs of the year (which are also three year highs, and in the case of the NASDAQ, nearly a four-year high), just two weeks after the gloom and doom crowd seemed to have set the tone for the rest of the year.
Now, this set-up, coming directly prior to earnings season, could be a mammoth double or triple top, but if it's not, expect the markets to go careening upwards without much resistance. Dow 13,000 is well within sight and there's nothing the Fed and the banks and the federal government would like to see more than some record-setting gains on the major indices.
Never mind that the equities game is as crooked and manipulated as they can possibly be, the idea is that the "wealth effect" will create more confidence in the average Joes and Janes, leading to more spending and a more robust economy. It actually could work, though there are doubters, especially the 15 million Americans who cannot find jobs, or the millions who have been foreclosed upon and subsequently lost their homes, or the 45 million on food stamps.
With those groups in consideration, there seems to be a massive disconnect between Wall Street and Main Street and it is precisely why a growing number of Americans have pulled out of stocks entirely and are investing in more down-to-earth investments like back-yard gardens, gold, silver and ammunition. This crowd does not trust the bailout queens of Wall Street nor the Sugar Daddies in the nation's capitol. Instead, they see a hollowed-out shell of a nation, pinning its hopes on paper pushers and overpriced, over-hyped securities that derive a major share of their profits outside the United States.
While a rising stock market may look good on paper, the inner workings of the US economy are badly damaged goods. States are struggling to meet budgets and there's been little to nothing done to address the root causes of the national slow-down: housing and jobs. we are living in a bifurcated economy and nation, and it is not likely to sustain itself well without some serious setbacks. But, for the time being, the status quo has carried the day, though its proclamations of recovery and prosperity (nobody actually saying that yet) don't ring true to many people.
Dow 12,719.19, +93.17 (0.74%)
NASDAQ 2,871.95, +37.93 (1.34%)
S&P 500 1,353.07, +13.85 (1.03%)
NYSE Composite 8,474.88, +78.40 (0.93%)
Advancing issues absolutely buried decliners on the day, 5126-1473. On the NASDAQ, 227 new highs and just 22 new lows. The NYSE had 287 new highs and 8 new lows, making the combined total 514 new highs and 30 new lows. These are the kinds of numbers that would signal a renewed bull market, indicating that there is more upside in the very near future, despite the low volume, which was at its high point of the week, not saying much.
NASDAQ Volume 1,793,291,000.00
NYSE Volume 3,860,334,750
Crude oil galloped ahead to the tune of a $2.02 per barrel gain, finishing at $98.67, which ensures high gas prices through the remainder of summer unless there's a sudden reversal (don't count on it). Gold posted a slight gain of $1.40, to $1,530.60; silver was up 62 cents, to $36.54, though it still seems range-bound and probably is, with the shorts still in control.
The gain in crude has outstripped the gains in the precious metals today, though it's difficult, if not impossible, to draw any sound conclusions from this except that the global central bank cartel likes higher oil prices much more than they like gold or silver. If they had it their way, gold and silver would not have any value at all.
Friday's non-farm payroll report should prove interesting, especially if it's an "official lie" of over 150,000 new jobs.
Wednesday, July 6, 2011
Market Struggles for Gains; Gold, Silver Continue Higher
US equity markets are, in a word, blah.
They struggled on low volume for a second consecutive day to find smallish gains, with nothing much to go on other than the Challenger, Gray and Christmas report on planned layoffs, which came out prior to the market open.
The report showed that planned job cuts were up by 5.3% as compared to June, 2010, another sign that the US job market is weak and may be deteriorating further.
With the ADP private employment report pushed back to Thursday, that's all investors, speculators and traders had to go on, which really wasn't much, but still managed to pull out gains in all but the NYSE Composite.
Things should get a bit more interesting in upcoming days and weeks, as first, the ADP report comes out prior to the market opening Thursday, then the big one, the BLS non-farm payroll survey on Friday. Following the weekend, it's straight into 2nd quarter earnings reports, kicked off by Alcoa (AA) following the close on Monday, July 11.
Of course, nobody wants to talk much about the stalemate in Washington over the debt ceiling. Republicans have tied it to a demand for deep budget cuts and no new taxes, while the Democrats seek to salvage their favorite hand-out, er, entitlement programs, financing them with an increase in taxes on top wage earners and the elimination of some tax loopholes.
These issues will remain in focus until somebody blinks, and it appears that everybody in the nation's capitol have their eyes wide shut whilst the nation careens into another recession, or, at best, an era of slow to no growth. Naturally, neither side will admit that the bigger issues of Medicare and Social Security need to be dealt with now, rather than later, but the usual posturing on both sides will almost certainly prevent any substantive discussions on what's eventually going to bankrupt the country.
Nonetheless, traders trudged on to moderate gains on Tuesday.
Dow 12,626.02, +56.15 (0.45%)
NASDAQ 2,834.02, +8.25 (0.29%)
S&P 500 1,339.22, +1.34 (0.10%)
NYSE Composite 8,396.48, -8.15 (0.10%)
Advancing issues led decliners, 3464-2920. On the NASDAQ, new highs led new lows, 143-28, and the same setup appeared on the NYSE, with new highs ahead, 159-12, putting the combined total at an unworldly 202-40. Volume, again, was very, very, excruciatingly weak.
NASDAQ Volume 1,602,326,250
NYSE Volume 3,613,122,000
Oil shed 24 cents on the NYMEX futures market, to $96.65, but the precious metals were where the action was for the second straight session. Gold finished $16.50 higher, at $1,529.20, while silver tacked on 51 cents, to $35.92. Seems there are people out there still who haven't bought into the whole "recovery" story we've been spoon-fed since Spring of 2009.
That's about all there is to know, that it's dreadfully slow, consumers are avoiding both shopping and stocks, and it's the middle of Summer. Head for the beach.
They struggled on low volume for a second consecutive day to find smallish gains, with nothing much to go on other than the Challenger, Gray and Christmas report on planned layoffs, which came out prior to the market open.
The report showed that planned job cuts were up by 5.3% as compared to June, 2010, another sign that the US job market is weak and may be deteriorating further.
With the ADP private employment report pushed back to Thursday, that's all investors, speculators and traders had to go on, which really wasn't much, but still managed to pull out gains in all but the NYSE Composite.
Things should get a bit more interesting in upcoming days and weeks, as first, the ADP report comes out prior to the market opening Thursday, then the big one, the BLS non-farm payroll survey on Friday. Following the weekend, it's straight into 2nd quarter earnings reports, kicked off by Alcoa (AA) following the close on Monday, July 11.
Of course, nobody wants to talk much about the stalemate in Washington over the debt ceiling. Republicans have tied it to a demand for deep budget cuts and no new taxes, while the Democrats seek to salvage their favorite hand-out, er, entitlement programs, financing them with an increase in taxes on top wage earners and the elimination of some tax loopholes.
These issues will remain in focus until somebody blinks, and it appears that everybody in the nation's capitol have their eyes wide shut whilst the nation careens into another recession, or, at best, an era of slow to no growth. Naturally, neither side will admit that the bigger issues of Medicare and Social Security need to be dealt with now, rather than later, but the usual posturing on both sides will almost certainly prevent any substantive discussions on what's eventually going to bankrupt the country.
Nonetheless, traders trudged on to moderate gains on Tuesday.
Dow 12,626.02, +56.15 (0.45%)
NASDAQ 2,834.02, +8.25 (0.29%)
S&P 500 1,339.22, +1.34 (0.10%)
NYSE Composite 8,396.48, -8.15 (0.10%)
Advancing issues led decliners, 3464-2920. On the NASDAQ, new highs led new lows, 143-28, and the same setup appeared on the NYSE, with new highs ahead, 159-12, putting the combined total at an unworldly 202-40. Volume, again, was very, very, excruciatingly weak.
NASDAQ Volume 1,602,326,250
NYSE Volume 3,613,122,000
Oil shed 24 cents on the NYMEX futures market, to $96.65, but the precious metals were where the action was for the second straight session. Gold finished $16.50 higher, at $1,529.20, while silver tacked on 51 cents, to $35.92. Seems there are people out there still who haven't bought into the whole "recovery" story we've been spoon-fed since Spring of 2009.
That's about all there is to know, that it's dreadfully slow, consumers are avoiding both shopping and stocks, and it's the middle of Summer. Head for the beach.
Tuesday, July 5, 2011
Stocks Stall While Precious Metals Soar
Well, that week-long, pre-holiday buying rush seems to have come and gone now that the three-day weekend has passed, which really isn't surprising, considering how vaporous and baseless the entire five days rally was.
Low volume, as usual, was the telling factor in the melt-up last week and now it's gone, maybe for good. There are no more suckers in the market, or at least not as many as there were a few years ago. One look at today's volume numbers will stamp that as fact. Today might go down as the lowest volume trading day of the year, though there have been so many, it may not, and besides, nobody's keeping score.
One the other hand, precious metals did astonishingly well. There seems to be another shift to safety underway and nothing is safer than gold, and maybe silver, if the price manipulation would ever cease.
Other than the obvious, there was little to report from the exchanges. One wonders how the CNBC anchors manage to stay awake on days like this.
Dow 12,569.87, -12.90 (0.10%)
NASDAQ 2,825.77, +9.74 (0.35%)
S&P 500 1,337.88, -1.79 (0.13%)
NYSE Composite 8,404.63, -20.85 (0.25%)
Advancing issues had a slim advantage over decliners, 3278-3231. On the NASDAQ, there were 149 new highs and 27 new lows. The NYSE new highs beat new lows, 173-7. Combined new highs: 322-34. As mentioned, volume was dismal.
NASDAQ Volume 1,569,571,875.00
NYSE Volume 3,676,082,750
The real action was in commodities. Oil surged again, gaining $1.95, to close the day at $96.89. Gold was boosted $30.10, to $1,512.70, while silver gained an inordinate $1.70, to finish at $35.41.
The world still waits for the congress and president to decide on whether or not to raise the debt ceiling. Both houses remain in session, even though the week is usually reserved for yet another undeserved week-long vacation. With any luck, congress will allow the government to borrow to its heart's content before the NFL settles their issues.
Truthfully, more people are concerned about the NFL season than the debt limit. Obviously, one can live without a functioning currency, but Sundays without pro football is an unthinkabel reality that nobody seriously wants to consider.
Low volume, as usual, was the telling factor in the melt-up last week and now it's gone, maybe for good. There are no more suckers in the market, or at least not as many as there were a few years ago. One look at today's volume numbers will stamp that as fact. Today might go down as the lowest volume trading day of the year, though there have been so many, it may not, and besides, nobody's keeping score.
One the other hand, precious metals did astonishingly well. There seems to be another shift to safety underway and nothing is safer than gold, and maybe silver, if the price manipulation would ever cease.
Other than the obvious, there was little to report from the exchanges. One wonders how the CNBC anchors manage to stay awake on days like this.
Dow 12,569.87, -12.90 (0.10%)
NASDAQ 2,825.77, +9.74 (0.35%)
S&P 500 1,337.88, -1.79 (0.13%)
NYSE Composite 8,404.63, -20.85 (0.25%)
Advancing issues had a slim advantage over decliners, 3278-3231. On the NASDAQ, there were 149 new highs and 27 new lows. The NYSE new highs beat new lows, 173-7. Combined new highs: 322-34. As mentioned, volume was dismal.
NASDAQ Volume 1,569,571,875.00
NYSE Volume 3,676,082,750
The real action was in commodities. Oil surged again, gaining $1.95, to close the day at $96.89. Gold was boosted $30.10, to $1,512.70, while silver gained an inordinate $1.70, to finish at $35.41.
The world still waits for the congress and president to decide on whether or not to raise the debt ceiling. Both houses remain in session, even though the week is usually reserved for yet another undeserved week-long vacation. With any luck, congress will allow the government to borrow to its heart's content before the NFL settles their issues.
Truthfully, more people are concerned about the NFL season than the debt limit. Obviously, one can live without a functioning currency, but Sundays without pro football is an unthinkabel reality that nobody seriously wants to consider.
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