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Weakness Finds Buyers, As Usual

09-17-2020

Overnight, there were many markets that were a sea of red as they appeared to react to a modest bit of strength in the dollar. I don't know for sure that was the cause and effect, but that's what it looked like. The net of that was the S&P traded about 1.5% lower at its worst during the evening.

Departing of the Red Sea Today, it opened down a little less than that, then proceeded to ramp higher and cut the loss to about 0.5% in a couple of hours. From there the market rolled over and fell to slightly new lows before trading around at those levels until the last hour, when the indices lifted. By day's end the S&P was down just 0.75%, with the Dow better and the Nasdaq worse.

Away from stocks, as I mentioned, green paper was higher last night, but then turned negative today. Fixed income was a freckle higher and the metals were weaker, although they closed well off their lows. At one point, silver was down almost 3% before closing weaker by just a few pennies, while gold fell about 1.5% before settling roughly 0.5% lower. The miners were quite a bit worse than the metals.