Gold has risen every day except one so far in 2017, building on the 8.1 percent gain in 2016. Fears of "calamitous self-harm" and contagion in the EU from BREXIT and Trump dollar comments pushing gold higher ahead of "I Day" - Inauguration day ...
"We’ve been confident the last three weeks we would not break 20,000... it’s so unanimous, it’s almost as if the election were being replayed within the market. Everyone’s confident the market’s going to break 20,000. If it does break, it may go quite a bit higher. But I don’t think it’s going to happen.”
Huge market euphoria in the absence of economic improvement, promised tax changes giving rally winners reason to wait to take profits until 2017, Obama scorching the earth everywhere, and numerous other forces mean the stock rally is going down.
Global markets continued their levitation with the UK returning from vacation, pushing the MSCI Asia Pacific Index higher for the first time in seven days, while oil headed for the longest winning streak in almost seven years ahead of the promised OPEC production cut which is set to begin in just days. The USDJPY rose for a second day, pushing US equity futures higher and the DJIA is once again teasing with the 20,000 mark.
Most world markets have reopened following the holiday weekend, but trading volumes remain significantly muted. Asian and European shares advance modestly amid low volumes with U.K. and Ireland closed; S&P futures are little changed while the dollar rose and oil extended its longest winning streak in four months.
European stocks halted two days of declines, with the Stoxx 600 fractionally in the green and Italy’s bonds climbing after Monte Paschi requested a bailout and Italy pledged to provide support for its other ailing lenders. S&P futures were little changed among extremely thin volumes while Chinese stocks dropped amid concerns on higher borrowing costs.
European, Asian stocks and S&P futures all declined amid collapsing volumes, after the Wednesday drop in the S&P500, and after oil prices held losses amid an unexpected increase in supplies, as traders close out trades ahead of the holidays. European stocks edged lower, led by miners, and U.S. stock futures stagnated after the Dow Jones Industrial Average failed to make progress toward 20,000 Wednesday.
Gallup’s U.S. Economic Confidence Index has never been higher than it is today. The “Trumphoria” that has gripped the nation ever since Donald Trump’s miraculous victory on election night shows no signs of letting up. Tens of millions of Americans that were deeply troubled by Barack Obama’s policies over the last eight years are feeling optimistic about the future for the first time in a very long time. But of course not everything is rainbows and unicorns...
US equity futures and Asian stocks were unchanged while European stocks declined after touching the highest level in almost a year, as Italian and Spanish banks dragged indexes lower. The dollar eased back from 14-year highs as bond yields fell on Wednesday and oil extended its advance in increasingly thin trading.