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More of Richard's Thoughts on Dow Theory

Daily Recap

It is another one of those déjà vu days. Chinese markets again freaked out, triggering a halt of trading as prices dropped another 7%. Oil prices again plummeted, exacerbating fears in European markets. Naturally, those problems have put American markets on the ropes too. 

So stocks are down hard again, everywhere, with 2% losses the special of the day in European markets and US indices. Key support levels were broken here yesterday, and today's follow-through selling seems to confirm the importance of those. Near the close, the Dow is down 370 points, and with history as our guide, we can probably expect lower prices again tomorrow and Monday barring a huge last-minute rally today. But things are very volatile, so let's just see.

Once more, gold is up smartly, adding another $14 or so to previous gains at least partly on a lower US dollar. Notably, both silver and the mining shares finally kicked it out of ... Log in or subscribe to continue reading.

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