Photo: Wet Napkin on flickr
It really looked as though today was going to be a wild day in the market, but perhaps owing to the fact that Europe took the day off, it was fairly quiet.First, the scoreboard:
S&P 500: -2.36
And now, the top stories:
- The day was really all about silver. It continued its parabolic move late last night, came close to hitting $50 while you were probably sleeping, and then drifted to earth during the day. It was nuts, and certainly had the feel of a peak. On the other hand, the fact that silver did end up recovering was pretty impressive. For more on understanding this market, see here >
- Also overnight, Shanghai tanked again, as it’s suddenly one of the sick markets in the world. There was also a lot of chatter emanating from the PBOC about dollar dumping, though nothing real substantive.
- Meanwhile, Syria is totally going to garbage.
- Again, as we noted, Europe was closed. All the sovereign default talk can resume on Tuesday.
- In the US, there wasn’t that much after silver settled down. Drudge ran a big banner about the end of the America that seemed like it might have been a “cover jinx” for the doomsayers.
- New home sales came in a bit better than expected, though it didn’t move markets a whole lot.
- Mainly today felt like a holiday hangover. Netflix earnings are out, and though the number is fine, the stock is sliding.
- Meanwhile, Jeremy Grantham just came out with a big report on the end of cheap resources >