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Richards Thoughts ... Indicators Not in Sync

Daily Recap

Today saw a reversal from yesterday's action in most markets. The notable exception was crude oil, up slightly today to complete its strongest week in over five months.

 

Right in the thick of vacation season, traders aren't interested in doing too much, but continue to fixate on the Fed and on oil prices. Concern about hawkish (raising interest rates) comments from the Fed today trumped strength in oil prices, and so stocks were mostly lower in the US. Near the close, the Dow is down 45 points, the NASDAQ down 2 and the S&P down 3 points..

 

World markets finished mostly lower as well, with the STOXX600 down 0.84%. The Global Dow lost 0.22%. Bonds were mostly lower, while the US dollar index was up 0.23%.

 

Precious metals got slammed today, ostensibly because of the stronger dollar and the prospect of the Fed raising rates again soon. Gold was down $12, platinum down ... Log in or subscribe to continue reading.


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