Volatility continues to be the watchword today. After yesterday's minus 300 points on the Dow Industrials, the market is up about that same amount today. Nobody knows what to make of it, as there's no earth-shattering news to account for these kinds of moves, merely extreme nervousness and uncertainty worldwide. Big name analysts argue for the S&P 500 to drop by 75%, while equally big-name analysts point out that bearishness is the highest at any time in 3 years, and that now is the time to buy.
It's the same with oil. After yesterday's competition to predict oil's ultimate low - $20? $10? $0? - today comes talk of $60 oil by year end. Energy prices did firm up today, and that ended up being the catalyst for strength in most world equity markets.
The precious metals won't have any of it, however. Gold was down $10-15 an ounce most of the day, finishing towards the lower ... Log in or subscribe to continue reading.