Market Brief — Wednesday 9/12/18

The stock market was flat for the day on above average volumes. Apple’s new iPhones weren’t enough to push Apple stock to new all-time highs.

Treasury yields were down slightly on the day. This week will be the second largest Treasury auction in history, with $73 billion being sold off. Today’s reopening of last month’s 10-year Treasury auction saw very strong interest from foreign investors. Foreign bidders took over 64% of the auction, which should continue to put pressure on all the Treasury short-sellers.

Physical gold and the large gold miners were both up today as sellers haven’t been able to push prices lower. One day does not change the trend. I still think there’s one, maybe two more moves down before a bottom is set. I continue to monitor the situation daily.

Agricultural commodities were up slightly in early trading, then shot up on news of a potential trade talk with China, then quickly faded. Buyers stepped in to push prices up in late trading.