Click Here to Subscribe Now! Try a 3-month trial for only $68 Let's Connect:    

Richard’s Thoughts on Whether Dow Theory is Outmoded

Daily Recap

Turkish turmoil grabbed all markets' attention today, capping a week of increasing concern over the country, its leader, and its central bank's independence. US tariffs added to the country's worries, which sent the lira tumbling 7% today alone, a fall that was itself dwarfed by an 18% collapse of the Turkish ETF's value. Now the ECB is worried about contagion from Turkey impacting European banks – and that's just not good.

The STOXX 600 dropped 1.07% on that, after the Asia Dow fell 0.99% for much the same reason. Gold rallied, until contagion worries sent the US dollar soaring, which pulled the plug on the not-ready-for-prime-time precious metals. Meanwhile, money poured into the risk-off fixed income markets, and well – that's basically the story.

The final numbers showed the US dollar up 0.72%, the US 10-year note up half a point, with its yield down to 2.871%. Gold was down a dollar, ... Log in or subscribe to continue reading.


Premium Content Notification

A subscription is necessary to access premium content.

Please use the button below to subscribe in order to access all premium articles