Here’s What Was Different About Today’s Action
The recent correlation between
the markets broke down slightly today, as the metals finished lower, while
oil, bonds and the US dollar finished higher. The equity markets rebounded
off their lows for the day but were unable to close in positive territory.
Equities
Jobless claims fell by 25,000 to 402,000 last
week, instead of climbing 15,000 as the market expected. This helped mitigate
the early losses in the equity markets but wasn’t enough for an up-day. The S&P
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.50 to finish at 867.50; the Dow
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finish at 8180; and the Nasdaq
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down
4.50
at 1065.50.
Fixed Income
Treasuries were up for a third day in a row. The 10 year contract
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closed at 113-295, up 0-060; the 30 year
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up 0-060 to close at 112-27
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Metals
With the exception of palladium, all of the
metals finished lower. Gold was down 1.70, to finish at 328.40
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lost a hefty 2.10 to finish at 73.15
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Energy
The market pushed oil higher today, as the
situation in Nigeria doesn’t appear to be turning around after all. Oil futures were up
1.74 to close at 30.37
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gas closed up .049 at 5.146
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Currencies
The US dollar closed higher against the English
pound and the Swiss franc but finished lower against the euro and the yen. The USD index
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a tiny .05 and
finished at 101.12.