Bulls Get Huge MORAL Victory: Here's What You Need To Know

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Photo: Jason Hutchens via Flickr

It could have been a lot worse! Thus, today the bulls won a huge moral victory, even if in reality they lost money.First, the scoreboard:

Dow:-41.49 or down 0.42%
S&P 500: -3.34 or down 0.32%
NASDAQ: -7.88 or down 0.37%

  • The day started off benignly. Despite a selloff in Europe and Asia overnight, US futures were looking fine heading into the open. Don’t miss these charts that show Chinese growth is finally starting to roll over >
  • Early on, however, there were signs of an unusual day in the works. The euro was rallying, and it wasn’t really being accompanies by any corresponding over in US equities, a correlation we’ve come to expect.
  • Things took a big leg down after a weak weekly jobless claims report at 8:30. Ugly pending home sales also hurt. A snoozy ISM at 10:00 didn’t help things much either.
  • All day, the lack of correlations proved to be the dominant theme. The euro surged, the dollar sold off, even the yen was wobbly.
  • And gold! Gold just got crushed, giving up over $45/oz. Other commodities were badly bloodied as well, with oil losing a few dollars per barrel. Industrial metals did poorly.
  • At one point, the markets were down around 2%. So in the end, the sub-1% declines are a nice “win”
  • Also: Doug Kass called the bottom today.

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