evening wrap
market vibes
October 8…)
“They won’t leave. get the Yoko ono records.” Cocktail napkin from the 80s…
Considering billions of new cash in the system from rate cuts here and in China, today’s deflationary tantrum in commodities was unexpected. Not just the symmetry of the plunge but its ferocity. BCOM down 2%. Oil down 5.5% on its lows.
Silver fell 4.5 % on modest volume and a miniscule drop in futures OI. My hunch this morning that the source of selling might be SLV option related was probably correct. A surge of calls on millions shares equals millions of ounces. Copper was lower in sympathy with nickel and tin. Gold was lower in sympathy with everything including oil but as always, with palpable reluctance.
In stocks and other markets
