evening wrap
market vibes
“I hate all hitters. I start a game mad and I stay that way until it's over.” Don Drysdale should have been S&P trader.
What promised to be an interesting day took its sweet time to make up its mind. Gold probed new lows but returned to its opening levels, albeit $40 dollars lower, and stayed there all day. Stock indexes were completely psychotic today. In the first hour, the Dow rallied 400 and NDX sold off 350 simultaneously in one of the most absurd rotations I can ever recall.
Economic Data this morning was mixed. Core PCE inflation was hot, which rallied the dollar and trimmed the highs in bonds, but initial claims were very soft. Bonds rallied and closed for the day when stocks opened.
Oil rallied persistently and exclusively on news that Chevron’s loss of access to Venezuelan oil will have an impact East Coast and PAAD 3 imports. My views on that and other miss steps…straight ahead. Bitcoin continued to trend lower with equities.
Let’s break it all down:
