Pre-Holiday Market Malaise 1 comment
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[Excerpted from Bill Cara's Daily Report]
Drifting lower all day long, the equity markets posted their fifth consecutive losing session, albeit on extremely low turnover. Crude oil continued to fall, dropping to a new low four and a half year low, but oil stocks were mixed, and despite a decline in precious metals, gold mining stocks were firm, finishing near the highs of the day.
The DJIA (-100.28 -1.18%), S&P 500 (-8.47 -0.97% to 863.16) and NASDAQ Composite (-10.91 -0.71% to 1521.54) were weak.
The Toronto Composite index recovered from Monday’s thrashing (+62.38 +0.76% to 8311.91), and the Venture Board was up again (+6.29 +0.91% to 698.31).
Earlier Wednesday, the international markets were mostly down, with Asia-Pacific markets (ex-Australia, which lifted) all down, later followed by further weakness in Europe: Australia (+1.35% to 3515.0), Japan (-2.37% to 8517.1, after being closed the prior day), Hong Kong (-0.26% to 14184.1), Shanghai (-1.76% to 1863.8) and India (-1.22% to 9568.7).
In a pre-Christmas shortened session, the European bourses were weaker at 6am ET: the French CAC, German DAX and UK FTSE were -0.71%; -0.21%; and -0.97%, respectively.
Tuesday in NY, the Energy sector (XLE +0.2%) was the leader even though Crude Oil prices sank -$0.39/bbl in the futures market to close at 39.51. There was further weakness this morning.
The worst hit sector in NY yesterday was the Financials (XLF -2.4%).
There was very low volume with thin trading in almost all Cara 100 company stocks.
The stocks of the Cara 100 that lifted were led by MBT +6.5%, VIP +5.0%, and TGP +4.8%. The biggest losers in the Cara 100 were BC -10.1%, KB -6.9%, IBN -6.5%, and SNDK -6.3%.
The US long bond ($USB) apparently gained +0.22% to 141.00 if my data source is accurate. All the yields, however, also lifted. The T-Bill yield stayed at 0.005%.
Gold and silver precious metal prices were weaker yesterday, dropping for 60-90 minutes just before noon. The platinum and palladium remained unchanged.
There was a modestly weaker Euro (-0.15% to 139.21). The $USD lifted (+0.14% to 81.24). The Yen, and Pound closed lower (-0.75% to 109.94 and -0.61% to 147.30, respectively), but the Loonie gained (+0.20% to 82.01.
This morning at 6:00am ET, the Euro was at 139.59, almost exactly where it was yesterday morning.
Except for the modest 60-90 minute pull-back in gold and silver, precious metal prices have not moved much compared to this time yesterday (in brackets): gold at 836.3 (844.20), palladium at 170 (171), platinum at (850) 850, and silver at 10.36 (10.74). Silver was 10.81 yesterday at 6:00am ET.
The Euro is up to 139.75 and the $USD down to 81.875 in the futures market.
US equity futures are indicating a modestly stronger open, but, really, most traders have departed for the holiday break.
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