Morning Note: Never Content With “Discoveries Already Made”

Allow me to offer up the opposite to yesterday’s metaphor, as asset prices, the world over, are swimming in a sea of green to start the month of December.

Further positives on the vaccine front along with virtually across the board better than expected November Manufacturing PMIs (Purchasing Manager Index [surveys]) saw all but 1 of the 16 Asian markets we track higher overnight. 

Europe’s following suit this morning, with all but 2 of the 19 bourses we follow solidly in the green. 

As are the U.S. major averages: Dow up 412 points (1.30%), S&P 500 up 1.39%, Nasdaq up 1.20%, Russell 2000 up 1.40%.

The VIX (SP500 implied volatility) is down a paltry (given this morning’s strong rally in stocks) 0.83%. VXN (Nasdaq vol) is surprisingly (and concerningly) up 2.77% as I type. Hmm…

Oil futures are down (on OPEC internal strife) 1.37%, gold’s up 1.75%, silver’s up 4.23%, copper futures are up 1.93% and the ag complex is down 0.19%.

The 10-year treasury is down (yield up) and the dollar is down a notable 0.30%.

Led by energy, silver, banks, financials and Eurozone equities, our core portfolio is up 1.32% to start the day. Ag commodities and the yen being the only drags, but barely; down 0.19% and 0.15% respectively.

About those Manufacturing PMIs; amid what we know about current general conditions, I suspect that the pickup in activity has much to do with accumulating inventories. That speaks to optimism going forward… Let’s hope things play out as expected, as inventory gluts can be ugly things when they have to be worked through an economy.

As I’ve expressed herein many times over the years, I seem to find investing metaphors virtually everywhere I look. Even, as it turns out, in ancient literature.

This from Seneca speaks to the importance of doing our own work (research), particularly as the waters we must navigate going forward are largely unchartered:

“…the truth will never be discovered if we rest contented with discoveries already made. Besides, he who follows another not only discovers nothing but is not even investigating.”

–Lucius Seneca: Letters from a Stoic 

Have a great day!


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.
vulkan vegas, vulkan casino, vulkan vegas casino, vulkan vegas login, vulkan vegas deutschland, vulkan vegas bonus code, vulkan vegas promo code, vulkan vegas österreich, vulkan vegas erfahrung, vulkan vegas bonus code 50 freispiele, 1win, 1 win, 1win az, 1win giriş, 1win aviator, 1 win az, 1win azerbaycan, 1win yukle, pin up, pinup, pin up casino, pin-up, pinup az, pin-up casino giriş, pin-up casino, pin-up kazino, pin up azerbaycan, pin up az, mostbet, mostbet uz, mostbet skachat, mostbet apk, mostbet uz kirish, mostbet online, mostbet casino, mostbet o'ynash, mostbet uz online, most bet, mostbet, mostbet az, mostbet giriş, mostbet yukle, mostbet indir, mostbet aviator, mostbet casino, mostbet azerbaycan, mostbet yükle, mostbet qeydiyyat