Now, when I say "rocked a bit", I indeed mean just "a bit". S&P futures couldn't get quite to 1% cheaper. Again, as I suggested herein last night, nothing of the sort matters till somebody gives a hoot.
Asian equities leaned green overnight, with 11 of the 16 markets we track closing higher. Europe's looking good this morning as well; 16 of the 19 bourses we follow are currently in the green. U.S. major averages, however, are off a smidge; Dow down 94 points (0.32%), S&P 500 down 0.27%, Nasdaq down 0.17%, Russell 2000 down 0.77%.
The VIX (SP500 implied volatility) is down 1.51%. VXN (Nasdaq vol) is up 0.67%.
Oil futures are down 0.21%, gold's up 0.53%, silver's up 1.34%, copper futures are up 2.74% and the ag complex is up 0.39%.
The 10-year treasury is trading higher (yield lower) and the dollar is flat, -0.01%.
Led by silver, base metals, Asia-Pac equities, gold and emerging market equities -- but dragged by banks, energy, financials, industrials and tech -- our core portfolio is down 0.17% to start the morning.
I'll leave you here with THE ultimate Hyman Minsky careful-what-you-ask-for message, that, sadly, those (read the Fed) who are so desperate to literally manufacture stability in markets simply refuse to understand:
"Stability leads to instability. The more stable things become and the longer things are stable, the more unstable they will be when the crisis hits."
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Next up our weekly macro update...Have a great day!