Photo: Wikimedia Commons
After six straight days of gains, the Dow finally fell.But first, the scoreboard:
S&P 500: -3.29
And now, the top stories:
- After last week’s insane week (the election, FOMC, etc.) we’re experiencing something of a news vacuum right now. There’s very little economic data, and earnings season is basically over. It’s time to find a new wall to worry to climb, and today the market couldn’t find it.
- Well, Asian markets did fine. Japan jumped 1.11%. Shanghai gained just less than 1%. All good.
- The scene was not quite as pretty in Europe, where the euro finally appears to be succumbing under the weight of the PIIGS. Right now the biggest danger spot in Europe is Ireland, whose 10-year debt is now yielding 7.8%. The spur of today’s panic was a piece from economist Morgan Kelly predicting that the Irish government would imminently run out of cash.
- In the US, stocks basically meandered to the downside, though not decisively so. The really big story was the surge of precious metals. Gold broke decisively above $1400, Silver went absolutely nuts.
- There were some interesting aspects of gold’s rise today. One was that the dollar was up, so this wasn’t just about a weak dollar. Also, the Swiss Franc fell today, and that’s been pretty tightly correlated with gold of late, so that’s worth watching.