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Richard’s Thoughts on Level Setting Expectations

Daily Recap

Overseas markets followed the US lower today, then the US added to the declines. The Asia Dow lost 1.09%, while the STOXX 600 was a more modest 0.11% lower. In NY, stocks opened about unchanged and then moved steadily lower for most of the day.

Bonds did the opposite, falling gradually as interest rates crept higher. The yield on the 10-year is once again approaching 3%, trading at 2.95% an hour before the close, then closing at 2.96%. The dollar keeps rising, today up another 0.48% at 90.38.

The metals had a rough one, gold losing $9, platinum $8, and silver 12 cents. Crude oil was basically unchanged, holding onto all its big recent gains. XAU wasn’t hit too hard, down just 0.65%.

Stocks finished lower, yet a bit above the day’s lows. The Dow lost 202 points or 0.82%, compared to the S&P’s 0.85% loss. The NASDAQ fell 1.27%, the Transports ... Log in or subscribe to continue reading.

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