Stock markets caught a bid yesterday, with the S&P 500 rising back towards the middle of its three-week trading range and almost even for a year of trading. The New York Composite NYA (the inside of the stock market) -4% for a year of trading and 8% below its all-time high-water mark reached on 21 January 2018.
Crude rallied back near $56 a barrel and gold eked out a move of 0.13% to settle at $1,540 an ounce, while silver added 0.26% to its impressive gains since mid- May to settle at $18.34.
Bitcoin moved down falling below the $10,000 mark for the first time in four weeks. Volatility calmed down with the VIX down almost 5%.
The 10-year yield 1.46% is creeping towards its all-time low of 1.37% July 5th, 2016, while the 30-year long bond now yields 1.93%, well below the 2.12% effective Fed Funds rate. The yield curve is inverted and the impressive gains for bond investors since October 2018 suggest fear.