Update: And we’re finally open, down not surprisingly. The S&P 500 is at 891, down about 7, and the Dow’s down 65.
Original post: Somehow this feels like it might be fun week. And by fun we mean scary and volatile.
Thursday’s horrendous jobs reporting, followed by a vicious selloff, combined with Crazy Joe Biden’s commentary about misreading the depths of the economy ought not to inspire much confidence in anyone.
Trading overseas was generally negative, with the big loser being India (down 4%), followed by Japan (down 1.4%, its fourth straight day of declines). Hong Kong was also down.
Moving closer, Europe’s getting whacked too, with all the major indices off between 1-1.5%.
Oil, which had been trying to break solidly over $70, is now below $65 again meaning a) the speculator/manipulators are taking a holiday or b) nobody’s anticipating any fresh demand, either from real economic activity or Chinese stockpiling. We favour the later.
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