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Richard’s Thoughts on the Great Dow Theorists

Daily Recap

With plenty of excitement today, it was a bit surprising that markets finished with mostly small gains or losses. The Syrian missile strike and the employment report were both absorbed – after initial shocks – as mostly par for the course. A remarkably low job creation number and poor wage growth were mostly offset by a 0.2% decline in the US unemployment rate, now clearly at the full-employment level.

 

Asian stock markets were surprisingly calm, with small gains or losses – except for the Indian SENSEX, which fell 0.74%. European shares were a little stronger, the STOXX 600 adding 0.13%.

 

The general consensus seems to be that the missile strike was a good move, and prompted a 0.43% rise in the US dollar index. Bonds rallied earlier, but then sold off to finish lower, leaving the 10-year note with a 2.38% yield. 

 

Gold rose sharply, up $20/oz. to the key $1265 area. ... Log in or subscribe to continue reading.


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