Narrow range for the S&P this week with 21 points from high to low. Still the futures index closed 17 points higher at 1754. In October, 2013 we have been looking at historic high prices in the capital markets.
Makes me wonder about the connection of the $2.6 trillion money markets to the capital markets. According to the FT, aside from the 62 MMF that were bailed out in the 2007-2009 crisis, 20 have been bailed out since. What this means is that, as MMF refuse to roll their loans (demanding higher quality assets) the central bank (Fed) is lending dollars to foreign central banks which then lend the money to shadow banks in their countries.
Germany’s blue chip index, the DAX, recorded a historic intraday high at 9010 points.
Below is a daily chart of the emini S&P 500 contract, Year-to-Date. The red line is the trailing 3 month average closing price.
The EURUSD future closed at 1.3807. Below is a monthly chart (1999 - Oct 2013)
Finally ,a money view of the market. In it you can see the price of Gold ($1350 per ounce), Fed Funds effective (bid : 0.08, ask : 0.10), Repo O/N 0.13, 3M Libor 0.23.