Volume Shrivels, Stocks Go Dormant, And Gold Surges AGAIN: Here's What You Need To Know


Photo: Wikimedia Commons

This was perhaps the quietest day all year with no Nikkei, no bond market, and an anemic stock market. But even on this light volume the robots that control our market couldn’t make stocks rise.But first, the scoreboard:

Dow: up 0.02%
NASDAQ: up 0.02%
S&P 500: up 0.01%

And now, the top stories:

  • The overnight start to things in Asia was very quiet. Japan was closed on a holiday. China surged to a four-month high, as the country emerged unscathed after a weekend of constant talk (and yes, talk is the key word) regarding currency manipulation. In the end, world governments could do nothing.
  • The news out of Europe was also quiet. There was chatter about a Greek debt rescheduling, and the euro did slide a little, but actually CDS were narrower across the board, even in Greece.
  • And it was very quiet in the US, where the Columbus Day holiday prompted a lot of folks to take a three day weekend. Everything was pretty flat, though the dollar rallied against other commodities and currencies, while gold ended above $1350 for a new closing high. The week begins in earnest tomorrow. Volume was horrible, with the SPY trading less than half of what it usually does.

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