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A Week of Global Significance

Daily Recap

If yesterday's rally in most markets represented a sigh of relief over the Fed finally pulling the interest rate trigger, then today's somber mood may reflect a more realistic assessment of where things stand.  European shares rallied strongly in the early morning hours, as expected, as our continental (and British) friends viewed Yellen's move, a la Goldilocks, as just about perfect.

But then oil had to ruin the fun, dropping to new multi-year lows and dragging gold along with it.  Under $35/bbl, oil is now down 31% in just the last two months and rapidly approaching its historic, crisis low from 2009.  So welcome back to reality, markets, after yesterday's brief celebration.  

The Dow, S&P 500, and NASDAQ gave back all of yesterday's gains today, while gold, silver, and the miners dropped nearly twice as much today as they were up yesterday.  Trendless, choppy markets may be our fate for the coming months or ... Log in or subscribe to continue reading.

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