Stocks And The Dollar Sell Off, As Investors Go Crazier For Gold: Here's What You Need To Know

buffalo gold

Following yesterday’s reflation day, today saw a sharp reversal, especially in tech.

But first, the scoreboard:

Dow: +15.78
S&P 500: -1.77

And now, the top stories

  • Following Tuesday’s big gains in the US, Asia had a hot night with Japan leading the way forward. The dollar continued slide (especially against the yen) and gold — which is sometimes quiet when the US isn’t open — had another huge night.
  • And the good times continued in Europe. Stocks rallied strongly across the board, and the euro performed very well against the dollar despite another downgrade of Ireland. Everyone knows this point that credit downgrades don’t mean anything anymore.
  • The macro data in the US was fairly light today, but we did get jobs data from the ADP, and it was pretty ugly, indicating that perhaps this Friday’s jobs report could be worse than anyone expects.
  • As noted above, tech was a big loser. Various cloud computing stocks got killed after some bad numbers from Equinix. Apple was weighed down all day despite news that it would be selling the iPhone on Verizon early next year.
  • As for big macro numbers: Gold is near $1350, oil is over $83, the dollar index in sub-78.

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