If this morning's opening rally holds, U.S. equities -- after a rough start -- will eke out a gain for the week. Commodities on the other hand are (save for oil) following through this morning on what I -- per my recent video messaging -- view (for now) as some necessary (healthy) corrective action.
Asian equities leaned green overnight, with 10 of the 16 markets we track closing higher.
Europe's having a nice go of it this morning, with all but 2 of the 19 bourses we follow in the green as I type.
U.S. major averages are up across the board: Dow up 307 points (0.90%), SP500 up 0.67%, SP500 Equal Weight up 0.89%, Nasdaq 100 up 0.42%, Nasdaq comp up 0.52%, Russell 2000 up 1.27%.
The VIX (SP500 implied volatility) is down 3.10%, VXN (Nasdaq 100 i.v.) is down 1.82%.
Oil futures are up 2.66%, gold's down 0.16%, silver's down 0.47%, copper futures are down 1.05% and the ag complex is down 0.57%.
The 10-year treasury is up (yield down) and the dollar is up 0.21%.
Led by ALB (lithium miner), AT&T, bank stocks, water stocks and oil services stocks -- but dragged by MP (rare earth miner), emerging market equities, gold miners, silver and ag commodities -- our core mix is up 0.32% to start the day.
My closing comment at the end of virtually every client review meeting of late is:
"Our goal these days is to simply, and smartly, compound returns at a decent rate while killing ourselves to mitigate big downside risk."
Operative words there being "these days" and "mitigate risk."
Have a great day!
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