Loading ...Funny, I’m used to saying that after an up day, not after a down one. Usually, we do get downside follow thru, especially after a day like yesterday.
The dollar is down again, although not as much as yesterday and the 10 yr. is up 2.5 bips. Oil recovering 1%.
I hadn’t really paid much attention to the market yesterday while we were getting clubbed, so I missed the big move down in Bitcoin. It was down more than gold % wise. It continues down a bit this am another 1/2%. I think it is important that Bitcoin got hammered with pm’s, are investors placing them in the same asset category now? Gives me some hope that yesterday was not as big of a deal as it looked. Gold basically did a 50% retrace of the move of the last couple weeks, and silver went to retest the recent lows for the third time.
Now we’re seeing a small bounce this am, at least to start the day. I kinda think that’s a good thing, especially if I’m right about this being an orchestrated attack at an opportune time and nothing much more than that. I also didn’t think the shares were hit as hard as maybe they should have been yesterday. It also explains why the shares performed so poorly last week; they knew the slam was coming. That’s my hope anyway, and that we resume the upward momentum.
The dollar might be finally turning, same with bonds. Been a long time coming, but we’ll see.
All JMHO of course.