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IndexClose% Change
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The Robot Bids

10-30-2023

The market bolted out of the gate to gain over 1% early on for no particular reason, other than the passive robot was, I assume, buying stocks because it had been allocated money. The mindlessness of passive investing and the amount of misallocated capital and damage (yet to be tabulated) when we look back is going to be mind-boggling, but for the moment it rules.

At any rate, the market backed off a bit after its initial burst upward, but it was still almost 1% higher at midday. In the afternoon the rally kept going, led by the Nasdaq, which gained 1.25%.

New Trading Symbol for PM Complex: IDGAF Away from stocks, fixed income was weak again, as was green paper, while the metals were both higher and lower overnight before silver finished with a 0.75% gain as gold fell 0.5%. The miners were almost all lower, giving back the bulk of their gains from Friday, as Americans still couldn't care less.