evening wrap

market vibes

April 3… )

“I’m just pain covered with skin.” Ma Joad, Grapes of Wrath

This was a very tough day for everything. The cascade that started at 4 PM yesterday accelerated this afternoon. High to low, yesterday to today, S & Ps were down 350 points or 6 %. From February 21 to now, the NDX 100 is down ca 4000 points or 18%. I heard Liz Claman a few minutes ago say, “ $2.5 trillion today.”

Losses, especially in the stock market, are a type of reality that have far less pity than gains have envy.

In the markets

Since everyone has been staring in somewhat disbelief at the charts of commodities and equities, I’ll show a you chart you may not have seen today.

The gold-silver ratio has rallied 11% from Wednesday, March 26, to settlement today, a variation Pn L for a single GSR pair (long 1 lot of June gold, short 1 lot of COMEX May silver) equaling $34,650. This stunning surge in the relative value of gold is ubiquitous across all other assets tonight, whether stock indexes, oil, or other commodities.

It is a powerful incentive to buy and hold gold.

We’re going to dig into a technical nuance in gold tonight and briefly check on stocks and the dollar. It’s been a long week today.