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!


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