Despite a rather strong market open, things took a sharp turn for the worse around 1pm as bears brushed off central banker bullishness and came out hungry for some bullmeat.
The S&P 500 and NASDAQ have nosed into negative territory while treasuries are rallying and gold is down.
Oil has so far managed to stay positive but perhaps it’s only a matter of time before this too goes lower. If this happens, then once again the market will be banging the deflation drum.
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