Morning Note: No Limits

Asian stocks traded mostly higher overnight, with 10 of the 16 markets we track closing in the green. Europe’s nearly across-the-board weak this morning, with all but 2 of the bourses we track in the red. U.S. major averages are mixed: Dow down 45 points (-0.15%), S&P 500 flat, +0.02%, Nasdaq up 0.55%, Russell 2000 down 0.21%.

The VIX (SP500 implied volatility) is down 1.47%, VXN (Nasdaq vol) is down 1.09%.

Oil futures are down 0.47%, gold’s down 0.40%, silver’s down 1.02%, copper futures are up 0.17% and the ag complex is down 0.26%.

The 10-year treasury is up (yield down) and the dollar is up 0.24% so far this morning.

Our core portfolio, with base metals, Asia-pac equities, materials, emerging market equities and tech stocks leading our 8 positions in the green, is being weighed down by the rest, although just barely; off 0.07% as I type.

In keeping with this week’s main message, have a look at this graph which vividly illustrates the extent (infinite) to which the Fed (blue line is the Fed’s position in treasury debt) is, and will continue, facilitating government borrowing:

Have a great day!
Marty

Share:
Share on linkedin
Share on facebook
Share on twitter
Share on email
Share on pinterest

Recieve Between the Lines Posts to your Inbox

Sign up for lorem ipsum delores sin.

We care about the protection of your data. Read our Privacy Policy.