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In the Eye of the Storm

08-13-2018

Concern over problems in Turkey, as well as other emerging markets and and troubled countries, caused overnight markets to be weak, and the SPOOs traded about 0.5% lower. However, once New York opened, for some reason, which I couldn't even begin to guess, the market chugged higher, led by the Nasdaq, which gained 0.5% at one point, with the Dow and S&P lagging way behind.

When Reasons Escape You As I say, I have no idea what the catalyst was that prompted people to charge into stocks, given the turmoil everywhere, but then again, all the various pockets of chaos haven't made any difference to the stock market thus far anyway.

After the initial upside flurry subsided the market began to leak and by midday it was in the red. In the afternoon, the downside momentum was arrested and the indices limped into the close just modestly lower, as you can see in the box scores.

What's the Opposite of "Pay Dirt"? Away from stocks, green paper was stronger, although not dramatically so against most currencies, except the yuan and some of the already weak minor ones. Oil lost 0.5%, fixed income was lower, and the metals were trashed again, with silver dropping 2% to gold's 1.5%. The miners were duly clubbed as well.