| Index | Close | % Change |
|---|
| Dow | 39171.55 | -1 |
| Dow Transports | 15846.85 | -1.15 |
| Dow Utilities | 875.71 | 0.08 |
| S&P 500 | 5205.88 | -0.72 |
| Nasdaq | 16240.45 | -0.95 |
| Nasdaq 100 | 18121.78 | -0.94 |
| Russell 2000 | 2061.48 | -1.97 |
| VIX Index | 14.59 | 6.89 |
| 10 Year Gov't Yield | 4.36 | 1 |
| Spot Gold | 2276.8 | 1.12 |
| Spot Silver | 26.05 | 3.84 |
| GDX-Gold Miners | 32.44 | 1.28 |
| Crude Oil | 85.09 | 1.65 |
| Dollar Index | 104.8 | -0.21 |
| Euro Spot | 1.08 | 0.23 |
| Japanese 10 Year | 0.76 | 2 |
| Shanghai SE | 3074.96 | -0.08 |
| Long Bond 20-year | 117.88 | -0.53 |
|
Tech Takes a Day Off
04-02-2024Today featured a great deal of volatility. It took all of about an hour for the S&P to lose 1% and 1.5% for the Nasdaq, although then the indices stabilized even as plenty of tech stocks were quite weak. In the afternoon, the indices bounced a bit off the lows but didn't get too far.
Top Drawer
Today's gap opening in the Nasdaq 100 and S&P convinced Milton Berg that some sort of a top has been established. Whether this is just a correction or the end of the party remains to be seen. (I sort of doubt it's the latter because any sort of stock market damage will put the Fed on red alert to cut rates.)
Away from stocks, green paper was weaker, as was fixed income, though most of the damage was at the longer end of the curve (which makes sense to me). Turning to the metals, at one point silver was up 3% before it was thumped but then roared back to close almost 4% higher. Gold was a little higher overnight, back almost to unchanged in New York, before it sprinted 1% only to give that up almost immediately. After that line job in both directions, the gold market chopped around but then sprinted higher late in the day to gain 1%. The miners (especially silver) were lame: mixed with small changes.
65K-Bit Computing
On a related note, I don't mention Bitcoin very often because I just have no interest in it, but I know a lot of people think it is an alternative to gold. And I suppose for daily trading purposes one can pretend that is the case, although the reality is that it trades more like a cousin to the maniacal tech stocks than any sort of currency or store of value.
I suspect a lot of the people who are essentially religious about technology would own Bitcoin when they're trying to do something FX-related, but after all, people like that don't really think the Fed has done a bad job because it's what has helped their beloved tech stocks go to the moon. In any case, Bitcoin was hit pretty hard along with tech stocks today.