[Chart courtesy of MarketWatch.com]
- Moving the Markets
Today, it was the Dow’s turn to lead the way with the Nasdaq lagging behind, but it still managed to hang on to the plus side despite a last hour sell off. The S&P 500 and the Nasdaq closed at record highs as the VIX was slaughtered again to 9.04 intraday and has now not closed above 10 for 9 straight days. This is its longest closing period below 10 in history; in other words, as I posted yesterday, Wall Street traders are displaying total complacency and are assuming there is no risk in the markets.
Google’s 2.93% loss did not help the Nasdaq and pulled the FANG stocks down for their first loss in 13 days. Crude oil helped the overall bullish tone as the black gold rallied +3.43%.
With the Fed’s FOMC statement looming tomorrow, nervousness prevailed, and interest rates shot up 7 basis points with the 10-year bond yield settling at 2.33%.
Here’s something to think about. As ZH reports, since the lows reached immediately after the Brexit vote in 2016, the S&P 500 has seen over 270 consecutive trading sessions without a 5% peak-to-trough drawdown. This is the 4th longest stretch since 1928…
Talk about manipulation at its best.