Despite the downward spiral you may be seeing on stock tickers tonight, last week actually wasn’t bad for the stock market, with the Nasdaq leading the pack at 2.26% and the S&P 500 bringing up the rear with gains of just .52%. Treasuries continued to do well, with 30 year bonds jumping 1.71% and ten year notes up 1.58%. In currencies, results were mixed. The Swiss Franc continued with its 2011 ascent, up 1.42% to just below its all-time high. The Euro slid 1.82%, while the dollar gained 1.12%. How long that trend continues is anyone’s guess.
In metals, copper surged to a 3 month high with gains of 2.55%. Silver posted the biggest jump of the week, though, up 8.41%. In energies, Natural Gas was the only loser, dropping 2.46%. Aside from that, both crude and RBOB gasoline, much to the chagrin of commuters, was headed up again. Agricultural commodities were up, with corn jumping 6.77%, but softs, by and large, were sliding downward, with cotton dropping 3.34% to a 6+ month low.
It was the return of the trendfollower last week, as systematic multi-market programs seemed to come of their shells with mixed results. Discretionary, spread and option traders, on the other hand, seemed to struggle to find their footing, especially in the world of agriculture, where volatility was far from friendly.
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