As noted in the previous post, stocks were poised - via lower futures pricing - for a major downdraft on Tuesday, but, oddly enough, or, thanks to the good folks at the PPT, that never actually occurred to any great extent.
Instead, stocks did indeed start the session lower, but quickly reversed course and ended mostly on the upside. Additionally, the dollar dropped then popped on the widely-watched dollar index, crushing the gains in gold, silver and bonds, with the 10-year note ending at 2.14% yield.
It's amusing to see such theatrics carried out by those mostly "in charge" of global finance, i.e., the central bankers and government operatives in the Treasury Department, SEC and State. It's going to get more amusing, if that's what one wants to call outright market manipulation via direct, clandestine equity purchases, once congress comes back from vacation following the long Labor Day holiday.
One obvious feature of late has been the decline of the dollar over the past six months. It's been steady and in a bear market since July, but yesterday's rapid descent was apparently too much, too soon.
At the Close, Tuesday, August 28, 2017:
Dow: 21,865.37, +56.97 (+0.26%)
NASDAQ: 6,301.89, +18.87 (+0.30%)
S&P 500: 2,446.30, +2.06 (+0.08%)
NYSE Composite: 11,791.88, -8.34 (-0.07%)
Wednesday, August 30, 2017
Tuesday, August 29, 2017
Stocks Flat, Gold, Silver, Bonds Explode Higher
Editor's Note: Money Daily is eventually going to move to its own server at dtmagazine.com, but issues implementing the blogging platform while integrating ad serving has kept the blog from being fully integrated. Thus, for the time being, until these issues resolved, the blog will appear here.
Stocks were relatively unmoved as the world's central bankers wrapped up their annual economic symposium at Jackson Hole, Wyoming over the weekend.
What did move were precious metals and bonds, both boosted by ambiguous speeches by Fed Chair, Janet Yellen, and ECB president, Mario Draghi.
Both speakers failed to address the bubbling equity markets, and instead opted for a can-kicking, all is well, "stay the course" approach. Markets were effectively unimpressed, though fixed investments saw massive gains.
The benchmark 10-year note was bid, knocking the yield down to 2.16, and to levels not seen since before last year's November elections, at 2.09% just prior to the Tuesday open.
Gold has blown through resistance at the psychologically-important $1300 level, kicking up to $1325 in early Tuesday futures trading. Silver also advanced, blasting through $17, hovering in the $17.60 range at this time.
Stock futures are down massively, setting Tuesday up for a massive downdraft.
With congress coming back to debate the debt ceiling and federal budget and the FOMC meeting in September, the final days of August appear to be presaging the volatile days and weeks ahead.
Hang on to your hats. This looks to be a wild ride.
At the Close, August 28, 2017:
Dow: 21,808.40, -5.27 (-0.02%)
NASDAQ: 6,283.02, +17.37 (+0.28%)
S&P 500: 2,444.24, +1.19 (+0.05%)
NYSE Composite: 11,800.22, -11.81 (-0.10%)
Stocks were relatively unmoved as the world's central bankers wrapped up their annual economic symposium at Jackson Hole, Wyoming over the weekend.
What did move were precious metals and bonds, both boosted by ambiguous speeches by Fed Chair, Janet Yellen, and ECB president, Mario Draghi.
Both speakers failed to address the bubbling equity markets, and instead opted for a can-kicking, all is well, "stay the course" approach. Markets were effectively unimpressed, though fixed investments saw massive gains.
The benchmark 10-year note was bid, knocking the yield down to 2.16, and to levels not seen since before last year's November elections, at 2.09% just prior to the Tuesday open.
Gold has blown through resistance at the psychologically-important $1300 level, kicking up to $1325 in early Tuesday futures trading. Silver also advanced, blasting through $17, hovering in the $17.60 range at this time.
Stock futures are down massively, setting Tuesday up for a massive downdraft.
With congress coming back to debate the debt ceiling and federal budget and the FOMC meeting in September, the final days of August appear to be presaging the volatile days and weeks ahead.
Hang on to your hats. This looks to be a wild ride.
At the Close, August 28, 2017:
Dow: 21,808.40, -5.27 (-0.02%)
NASDAQ: 6,283.02, +17.37 (+0.28%)
S&P 500: 2,444.24, +1.19 (+0.05%)
NYSE Composite: 11,800.22, -11.81 (-0.10%)
Friday, August 25, 2017
Thursday, August 24, 2017
Stocks Uncertain With Congress Due Back In Two Weeks
Continuing the migration to dtmagazine.com/money, today's post is available HERE.
Wednesday, August 23, 2017
Dow Up Most Since April On Bounce
Since Money Daily has been publishing on Google's blogspot platform for far too long, and, being unable to port this blog over to our own servers, we thank the giant Goog for their insouciance in allowing us to find the WordPress alternative.
This post can be seen in full at:
http://dtmagazine.com/money/index.php/2017/08/23/dow-up-most-since-april-on-bounce/
We will be moving this blog to the Downtown Magazine website over the next few weeks, though archives are likely to be retained by Blogger (owned by Google). Thanks to all our loyal readers.
This post can be seen in full at:
http://dtmagazine.com/money/index.php/2017/08/23/dow-up-most-since-april-on-bounce/
We will be moving this blog to the Downtown Magazine website over the next few weeks, though archives are likely to be retained by Blogger (owned by Google). Thanks to all our loyal readers.
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