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Richard’s Thoughts on the Third Speculative Phase

Daily Recap

Stocks outside of the US rallied for the most part today. Both Chinese and Indian markets were up 1%; in Europe, exchanges were up about a third of that overall. But in the US, selling pressure held up most of the day, and accelerated near the close.

The US dollar slipped today, trading under 102 at one point, before rallying to close at 102.32, up on the day. It was up much more vs. the Russian ruble, which fell by nearly 2% after US sanctions were announced.

Energy markets were very quiet, with crude oil, natural gas, and gasoline all down a smidgen. Bonds rose somewhat, as the 10-year Treasury yield fell to 2.447%.

The precious metals sold off for the most part, on profit taking following several days of good price advances. Gold fell $7 to $1151, and silver dropped 22 cents. Both platinum and palladium bucked the trend, and showed ... Log in or subscribe to continue reading.

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