The Mysteries of Point and Figure
Today was a tough one for most markets, driven primarily by continued weakness in energy markets, but also by a report that Chinese exports declined for the fifth straight month. Oil prices dropped to $37/barrel, partly in continued reaction to OPEC's decision last week not to cut supply, and leading some to argue for $20 oil before it's all over. Soft energy markets impacted all commodity-related equities, which in turn led to losses in European shares this morning. The Stoxx 600, which we earlier mentioned as outperforming US equities so far this year, was down 2%, to its lowest level in 7 weeks. An hour before the close, US shares are mostly lower, but range from the Transports down 2.3% to the NASDAQ actually up a shade. Gold prices are about unchanged, with the mining shares down 2%. Our possible bottom scenario in the metals is still credible, although further ... Log in or subscribe to continue reading.
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