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Richard's Thoughts on the Bear Market

Daily Recap

Heading into the close, it looks like this will be the first up-week in a month. Despite the correlation between oil and stock prices being very low historically, they've moved in lock-step for the last month or so. Oil was up sharply today, + 8%, or more than $2/bbl.

 

That, along with signs of coordinated central bank action worldwide to boost economies, sent European markets up in their largest gain in 4 months. The STOXX 600 was up 3% today, with the Global Dow Index up 2.3%

In the US, the NASDAQ led the charge, up 2.3%, followed by the S&P 500 up 1.8%. Just before the close, the Dow Industrials are up over 150 points, or about 1%. US investors have taken $24 billion out of equity funds since January 1st, perhaps a sign of excessive fear currently gripping the market.

Gold and silver prices were both about 1/2% lower today, with the ... Log in or subscribe to continue reading.


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