STOCKS GO NOWHERE, SILVER GOES INSANE: Here's What You Need To Know

straightjacket

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:

Dow: -27.51
NASDAQ:  +4.88
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 >

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